Big data. Key performance metrics. Predictive data analytics. Structured and unstructured data. The list of terms used to describe the vast quantities of information being generated by organizations—and the methods for using that data—seems to be proliferating as quickly as the data itself.
Figuring out what to do with all of this information can be downright daunting, but the good news is that procurement is in a prime position to use data to develop reports, perform spend analysis, assess suppliers, and do compliance checks. “While more sourcing and procurement teams have adopted and are employing modern sourcing and procurement tools that facilitate data collection, management, and analysis,” Corrina Owens writes in “Big Data = Big Opportunity for Procurement,” “many teams continue to wrangle their data the old-fashioned way.
Author: Bridget McCrea