The highly transactional nature of corporate spending combined with the prevalence of digital platforms in use today leads to the creation of massive volumes of data - almost as a byproduct of other business activities and decisions. Mature procurement organizations and corporate leadership teams have come to recognize the value of this data as a strategic asset, as long as they can tame it.
Data quality is always a concern, and this includes a number of factors like standardization, cleansing, and de-duplication before any other analysis can take place. Once the data is ready for use, it can be maintained centrally for any enterprise decision maker or platform (or multiple of each) to integrate it into their processes and systems for further analysis and enrichment.
