Modernizing Procurement: The Answer is in Data Analytics

In our increasingly data-driven world, many organizations have gained a competitive edge in their marketing departments by adopting artificial intelligence (AI) and business analytics tools. For example, CRM provider Optimove’s use of predictive analytics has improved customer retention by 10-15%.

However, many of those same businesses may be missing out on the payoffs that applying AI and business analytics to the procurement function can deliver. In fact, utilizing advanced analytics for sourcing and procurement can reduce errors, eliminate losses, and enable the CIO and CPO to demonstrate a measurable return on modernizing procurement software.

Author: Michael Krieger

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