Data and analytics are among the cornerstones of the future of procurement and provide the foundation for enabling supplier-centricity, customer-centricity and category innovation. In the procurement organization of the future, previously disparate and fragmented data sources will be seamlessly integrated to deliver easily digestible and accurate data points. Procurement professionals will be the resident data scientists delivering powerful, real-time and accurate insights to make better decisions. Integration amongst functional silos will pave the way towards rich analytics, allowing the organization to shift from:
Category managers will utilize on-demand category insights, and real-time supplier risk segmentation based on internal and external (social media, news feeds, etc.) intelligence will be employed. Further, embedding of subscription services will help drive data accuracy and richness.
It’s no longer business as usual for procurement. The scale and speed of transformation required to address the mix of disruptors impacting procurement is unprecedented. The key to success is to proactively develop a blueprint for how your procurement organization can turn these disruptors into opportunity for competitive advantage and growth. Learn more about the future of procurement.