Although data is a ‘hard’ asset that most procurement organizations have access to, how procurement thinks about their data can affect how valuable and actionable it is?
For example, some procurement teams fall victim to the temptation to hoard data, believing the old adage that ‘knowledge is power’ and preventing others from getting direct access. Rather than making themselves more powerful, they have the opposite effect. Procurement teams that stand in the way of access to enterprise data position themselves as roadblocks and make it a reasonable choice to simply work around them.
As Flavio Monteleone, an Expert Partner in Procurement at Bain & Company, and Heta Ruikka, Vice President of Product Management at Sievo, will discuss with us in an AOP Live session on January 25th, data democratization and data value go hand in hand.
- It is people – not tools – that turn insights into action
- Providing wide, contextualized access to data empowers everyone in the organization and positions procurement as a hub of insight
- Trust (between procurement and the business) has to be built up before collaboration will succeed, but data can be a key component in this type of partnership journey
Before procurement can actively drive change for ourselves, through technology and analytics, we have to embrace a whole new mindset – one that creates a culture of insight by providing everyone in the organization with open access to actionable data.