Procurement analytics is the procedure of gathering and analyzing the data pertaining to procurement to construct meaningful insights and support practical business decision-making. Examples range from conventional procurement spend analysis reports to advanced intelligent analytics to anticipate and budget future decisions. Procurement analysis typically involves accumulating data from different sources such as ERP software, organizing […]
Procurement is an important function that leads the way to organization-wide innovation. It is the procurement professionals who are accountable for determining and selecting innovative vendors (which steer the process and product development), discovering new methods to create value for the company, and working alongside a myriad range of internal and external stakeholders.Adopting innovation and […]
Highly effective strategic sourcing and its potentially huge impact continue to evade many organizations today as outdated business workflows leave data obsolete, siloed, and unusable. Businesses must bridge the gap between finance, sourcing, and operations to discover strategic revenue opportunities. Strategic sourcing and procurement teams are burdened with tedious legacy software, spreadsheets, email chains, etc. […]
Global supply chain sufferings aren’t going to fade any time soon. Aspects such as continued virus outbreaks and trade volatility will persist to stress the market well in the future. AI-powered systems will be in increased demand, due to their advanced analytics capabilities. 1. What is procurement analytics? – Procurement analytics is the methodology of […]
A spend taxonomy is nothing but a hierarchy or a categorical spend structure customized for your business.This hierarchical structure of spending can take a lot of time and effort to get built but a robust category structure will benefit the organization's spend management in the longer run.
A Study from Harvard Business Review According to Eloise Epstein, partner at Kearney, a global management consultancy, digital technologies will automate all the mundane and repetitive procurement processes in the coming years. The organization which will embrace the digital technologies in its procurement function will stay a cut above its competitors while improving the products […]