Blogs

All of us in procurement know that procurement non-compliance happens. The bigger the organisation, the more likely the chance that someone, somewhere is making purchasing decisions without consulting procurement or going through the defined process.

Data will enable suppliers to manage their customers better; and, data will enable procurement to manage suppliers better. Detailed analytics will allow teams to track best and worst performers and adjust the supply chain accordingly quickly.

Data is the new oil, but how will it fuel procurement in the future? One way is for data to predict the future. Currently, the focus of data analysis is to examine the past. Spend analysis and management involve processing and analysing data to decrease procurement costs, improve efficiency and monitor compliance.

Big Data is “in”, it is the buzzword of the decade as businesses and organisations in-general become more and more data driven. Yet, what is big data? How does it differ from traditional data and data analysis? Most importantly, are you ready for big data’s encroachment into procurement?