The highest performing procurement teams understand how to harness the full potential of data and analytics for improved decision making and value creation. This often includes establishing a centralized data repository that collects, cleans, manages, and unifies data from multiple sources so that procurement can leverage that information to create actionable insights for strategic decision making.
Predictive analytics can help forecast demand, anticipate market fluctuations, or even identify potential disruptions or threats before they happen. Real-time analytics help procurement monitor internal KPIs and goals and can enable optimized sourcing decisions that lead to improved cost and risk assessment. When procurement prioritizes data quality and governance, accuracy and consistency, they’re able to provide significant value to the business that spans well beyond cost savings.
