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As Shira Yoskovitch once stated regarding Peloton’s misreading of the data that could have enabled them to avoid (or at least limit the impact) of the pandemic on their supply chain, having access to data is not the same as understanding it. BUT —clean data alone does not mean insight. KPIs vs operational truth).
Your poor procurement data probably means you’re losing money without even knowing it. Messy procurement data is the invisible fiend lurking in your business operations, silently draining your resources day after day. There are countless examples of how incorrect vendor or material master data can cost your organisation dearly.
In the dynamic landscape of procurement, the road to success is paved with data-driven insights. Yet, all too often, procurement teams find themselves navigating the realm of uncertainty due to a scarcity of data. Scarce supplier performance data: Absence of supplier performance data obstructs supplier evaluation and selection.
Subscribe How Analytics Enhances Data-Driven Decision Making in Supply Chain Training! Supply chain data analytics stands at the forefront of modern logistics and operational efficiency strategies. In an era driven by data, businesses are increasingly leveraging sophisticated analytics to optimize every facet of their supply chains.
This GEP-sponsored report will show you how to leverage data for a collaborative supply chain that delivers results and how to future-proof supply chain management strategies. The C-suite is laser-focused on supply chain performance.
However, these solutions use data analytics, automation, and predictive modeling to streamline operations, enabling procurement teams to make faster and more informed decisions. According to Gartner, organizations that leverage data-driven procurement see a 20% improvement in decision accuracy.
By harnessing the power of data-driven insights, organizations can navigate these challenging waters with precision and grace. Key Strategies for Navigating Tariff Turmoil: Utilize Data Analytics: Leverage advanced analytics tools to gain deep visibility into supply chain dynamics and identify potential areas of vulnerability.
Heres how to fix these issues: Standardize catalog data and supplier onboarding: Implement structured data validation for accurate pricing and seamless supplier integration. Limited data visibility for purchasing decisions: Procurement teams struggle to track supplier performance, risk factors and cost-saving opportunities.
“In financial services for example,” says Stephen, “the biggest risk concerns are around cyber attacks and data breaches. It’s not uncommon for each department to have its own list of suppliers and its own supply of risk data. And that focus has become even greater since we’ve witnessed more of them happening.
Speaker: Jason Chester, Director, Product Management
In today’s manufacturing landscape, staying competitive means moving beyond reactive quality checks and toward real-time, data-driven process control. But what does true manufacturing process optimization look like—and why is it more urgent now than ever?
Coupa, Ariba) Data analytics tools (e.g., Here’s a detailed guide to enhance procurement capabilities across various domains: Strategic Sourcing and Supplier Management Actionable Steps: Analyze Spend Data: Use spend analysis tools to identify areas where costs can be reduced or efficiencies improved.
Automate supplier evaluation using real-time data. Foster Strategic Alliances: Build long-term partnerships with suppliers through joint ventures and co-development projects. It’s still early days, lots of talk but no universal tools yet, but keep an eye out on what’s changing as it’s a fast moving market.
Analytics and insights from procurement data were minimal. Digital Transformation Begins : Increasing adoption of procurement technologies, such as e-sourcing platforms , spend analytics , and contract lifecycle management tools , enhanced procurement’s ability to provide data-driven insights.
GDPR alignment, secure data storage) reduce organizational risk. Making the business case and implementing the solution remains challenging Data integration with existing systems: Integrating procuretech with existing ERP and finance systems is a common challenge. Risk reduction: The platforms compliance features (e.g.,
In response to these challenges, a leading heavy equipment manufacturer selected GEP to redesign its source-to-contract processes and implement a convergent data model to help manage procurement data across its multiple locations.
AI-powered automated data cleansing and classification can instantly correct inconsistencies, remove duplicates and categorize spend data, replacing hours of manual work with accurate, reliable insights. These foundational applications dont require major system overhauls (which IT prefers), making them widely adopted across industries.
SpendHQ is well positioned to accomplish all of the above, as it is able not simply to track spend data but actually create and track savings plans (opportunities/projects) based on that spend data. Additionally, it can model and marry a variety of data alongside the spend, from contracts to risk.
Data analytics tools, e-procurement systems, and AI-driven platforms are all changing the face of modern procurement, so a high level of digital proficiency will help massively with integrating these tools into your organizations procurement operations.
By providing a unique supplier portal that integrates data from various ERP systems, IDAS helps manufacturers maintain on-time delivery rates, ensuring operational efficiency and stability in complex supply chains. It leverages data to provide customers with insights to ensure supply continuity.
From new pricing strategies and material substitutability to alternative suppliers and stockpiling, a new GEP-commissioned Economist Impact report reveals that enterprises are adopting a variety of approaches underpinned by data and technology.
You’ll learn how to review your current approach, pinpoint gaps, and start implementing improvements right away, focusing on automation, data visibility, and stakeholder alignment. Key Takeaways A modern procurement strategy must be tightly aligned with business objectives and supported by real-time data.
Now, we turn to a crucial but often overlooked piece of the AI puzzle: Where do these AI agents get their data, and how do you ensure it’s accurate and compliant? Imagine attempting to navigate a complex road network without accurate GPS data. AI agents operate in much the same way.
Ensuring data security across the supply chain will become paramount, with procurement professionals playing a key role in safeguarding against cyber threats. Data-Driven Decision Making** : The utilization of big data and analytics will be central to procurement strategies.
For example, agentic AI can analyze supplier data, evaluate contracts, manage purchase orders, or recommend sourcing strategies. They can learn and improve over time, as they collect new data and feedback. On the other hand, AI agents can analyze data, detect patterns, predict outcomes, and make recommendations in real time.
Speaker: Andrew Skoog, Founder of MachinistX & President of Hexis Representatives
Join industry expert Andrew Skoog as he explores how manufacturers can leverage automation to enhance operations, streamline workflows, and make smarter, data-driven decisions—without losing the value of human insight! But how do you implement these tools with confidence and ensure they complement human expertise rather than override it?
For example, agentic AI can analyze supplier data, evaluate contracts, manage purchase orders, or recommend sourcing strategies. They can learn and improve over time, as they collect new data and feedback. On the other hand, AI agents can analyze data, detect patterns, predict outcomes, and make recommendations in real time.
These modules work together to help organizations reduce risk and ensure compliance, while supporting data-driven decisions that lead to greater cost savings. Such platforms bring together sourcing, contract management, purchasing, invoicing, and analytics under a single unified system, where data flows seamlessly from one stage to the next.
While full-scale digital transformation certainly takes time, organisations can see rapid improvements in efficiency, collaboration, and data accuracy right from the outset. Better Data One of the biggest advantages of digitising your procurement operations is improved data quality.
That’s because procurement professionals like you are under constant pressure to cut costs, reduce risk, and deliver data-backed insights to the business. Key Takeaways Data silos and rigid classification methods limit visibility and erode stakeholder trust, making it hard to scale data analysis or act on insights. Let’s dig in!
What’s Inside: How CPOs are driving strategic decision-making and technology adoption The top priorities and challenges for procurement in 2025 Why AI, sustainability, and data analytics are essential for success Read this essential report to chart your path forward and influence procurement tools and processes.
Signs like fragmented data, reactive firefighting and weak stakeholder alignment are often early indicators of a deeper need for change. Start with data. Data is the foundation of any successful transformation. People, Process, Technology and Data unpacked how these elements need to move together. The stronger advice?
Theoretical Foundation Addresses Real Business Problems Strand Commonality Theory Strand commonality, a theory developed by Jon Hansen, posits that seemingly unrelated data streams possess interconnected attributes.
You’ll learn how to review your current approach, pinpoint gaps, and start implementing improvements right away, focusing on automation, data visibility, and stakeholder alignment. Key Takeaways A modern procurement strategy must be tightly aligned with business objectives and supported by real-time data.
For truly accurate forecasting and strategic alignment, expense management systems must surface upcoming spend before it happens, steer users toward compliant choices and connect fragmented data into a unified financial narrative. Enable automated data flow from booking through reimbursement and into reporting.
What’s Inside: Exploring the importance of having a dedicated buy-side contracting team Leveraging tools to enhance efficiency and empower the legal and sourcing teams Establishing processes to gather and analyze contract data to spot trends
Choices are often made based on incomplete data or gut instinct – not data-driven insights. Teams can shift their focus from administrative work to strategic initiatives and make faster, informed decisions backed by accurate data. This is where AI can make a huge difference.
Spend analytics vendors do what their name implies: they derive insights from spend data. This results in analytical data not just for those areas but also dashboards and opportunities that use hybrid data (spend + another factor) to help determine KPIs and enterprise goals. However, that is not all they are capable of doing.
It empowers procurement teams to make data-driven decisions that go beyond standard commercial metrics. The wealth of data available empowers teams to perform multidimensional analyses of cost, risk, delivery times, logistics, ESG impact, and more.
Supporting financial planning with real-time expense data integration and automated workflows that reduce reliance on manual estimates. Monitoring compliance trends and usage data to identify policy gaps, training needs or areas for policy refinement.
Sales and marketing leaders have reached a tipping point when it comes to using intent data — and they’re not looking back. More than half of all B2B marketers are already using intent data to increase sales, and Gartner predicts this figure will grow to 70 percent. Intent data can be overwhelming if you don’t know how to use it.
Plug data utilisation and knowledge gaps Large amounts of data remain siloed or incorrectly classified across the public sector. This means that organisations lack the ability to leverage their extensive data sets, missing opportunities for insights into procurement, service delivery, and supplier behaviour.
What customers prioritize when investing in procuretech At Prewave, we find that our customers adopt a structured approach to their ESG and sustainability obligations, which is why its important to provide procuretech solutions that provide a clear, data-driven overview on environmental, social and governance issues.
Manual processes are the root cause of most AP inefficiencies – and they often stem from poor data quality, disconnected systems, and lack of visibility. Common AP such as manual data entry or coding, PO mismatches, non-PO workflows, siloed approvals, and supplier confusion create risk, delays, and inefficiency. The result?
Detailed reporting features also provide valuable insights into procurement activities, assisting organizations to make data-driven decisions and improve their Contract management is another critical aspect of. This data-driven approach helps businesses make strategic decisions and improve their procurement strategies.
Data normalization. However, if lead generation, reporting, and measuring ROI is important to your marketing team, then data normalization matters - a lot. At its core, data normalization is the process of creating context within your marketing database by grouping similar values into one common value. Why is this so essential?
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