Data & Analytics Technology

052: How Real Time & Predictive Analytics Will Fuel the Future of Procurement, with Dr Robert Handfield

I was fortunate to the be in the audience recently to listen to today’s guest, Dr Robert Handfield, give a talk on the future of procurement analytics, and the impact that access to real-time and predictive analytics will have on the procurement function.  I was delighted when Rob agreed to share his thoughts with me on the Art of Procurement.

Rob talks passionately about how procurement is at in inflection point – where our ability to deliver value by using old tools such as leveraging spend is coming to an end.  Rob believes that analytics will be the fuel that propels both the relevancy and maturity of procurement to the next level.

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“Using data and analytics to make your point, and to support your recommendations, is key. I think that is something that procurement has not done a very good job of in the past. We stand on our high horse, and pound our fists on the table. But until we have actual data and analysis to support our points, we are not going to get very far.”

In this episode, you will learn:

  • The importance of pizza in attracting students to the Supply Chain area of study!
  • How the NC State Supply Chain curriculum has evolved to reflect the changing nature of the skills necessary to be successful in procurement.
  • What is predictive analytics?
  • The concept of Innovative Data Leveraging
  • 5 predictions on the impact that predictive analytics will have on the future of procurement
  • What procurement leaders should be thinking about as they consider building greater data and analytic capabilities.

Episode Transcript (PDF):

  • Click here to download a copy of today’s episode transcript (PDF).

Links and Resources:

Thanks for Listening!

About the author

Philip Ideson

Philip Ideson is passionate about the role that procurement professionals and leaders can plan in creating competitive advantage for their organizations in ways that go beyond the traditional value proposition.

Philip founded Art of Procurement as a way for the procurement community to learn from each other, increasing the impact they have on their organizations. In 2017, he co-founded Palambridge, a virtual platform of procurement experts, technology, and intelligence. Palambridge provides a broad range of flexible procurement solutions, available on-demand.

Prior to Art of Procurement and Palambridge, Philip enjoyed a career that spanned the procurement value chain, working across three continents for organizations such as Accenture, Procurian, Ally Financial, Pfizer and Ford Motor Company.

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