Insight-driven procurement Insight-driven procurement
Data, analytics and insight will power future procurement imperatives: from category innovation to supplier and customer-centric approaches.
Procurement systems will need to seamlessly merge disparate and fragmented data sources, to deliver accurate and digestible information. Integrating functional silos will be critical to this.
Data science will become part of the job. With on-demand insight at their fingertips, category managers will be able to:
- conduct real-time supplier risk segmentation, based on internal and external intelligence
- produce deep, real-time insights, enabling their organisations to shift from:
- descriptive to predictive
- did-cost to should-cost modelling
- auditing to proactive compliance monitoring and mistake-proofing
- reactive to automated sourcing and bid evaluation
Insight-driven procurement in action
An energy and natural resources client is exploring the application of advanced analytics to provide a 360 degree view of value opportunities. Bringing together disparate data sets like spend, supplier performance, input & commodity prices and budget date, and combining that with project and commodity forecast data to support enhanced decision making and improved spend management.
What's next?
It’s no longer business as usual for procurement. The scale and speed of transformation required to address market disruption is extraordinary.
Success requires a blueprint for turning disruptive events into opportunities to drive competitiveness and growth.
This is what the future demands of procurement. Contact us today to start moving forward.
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