Lists

5 Innovative Ways Procurement Can Use Data Analytics

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.

Source: sourcetoday.com
Author: Bridget McCrea

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s