will be well-positioned to thrive in an increasingly competitive global market . Intelligent application of data analytics to strategic sourcing decisions , paving the way for more agile , efficient and value-driven supply chains , is the future of procurement .
Robert believes aligning spend analysis with long-term strategic sourcing goals brings both challenges and opportunities : “ Companies face challenges like ensuring data accuracy , relevance and usefulness while dealing with different data sources . It ’ s important to get a complete view of suppliers for 360-degree visibility and to provide timely information . Trusting business partners in the data is also essential .
“ On the opportunity side , companies can improve category management and increase their spend under management . They can also reduce sourcing cycle times , leading to greater productivity . Enhanced compliance , better forecasting and prediction , reduced risk and improved corporate social responsibility all contribute to cost savings . Together , these factors are crucial for achieving long-term strategic sourcing success .”
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