What is data analytics ?
PROCUREMENT ANALYTICS
What is data analytics ?
“ At Coupa when we think of data analytics , we think about it more broadly . We think about it from the perspective of community intelligence - a leveraged environment across our entire community . Community intelligence leverages data so that our fellow practitioners are better able to drive spend recommendations out of that analytics and insights to benchmark your own performance against that of the broader community . This will allow you to make critical business decisions based upon actual real life data .”
Different types of analytics in procurement :
• Real-time pricing
• Supplier history and performance
• Benchmark spend and performance comparison ( internally and externally )
Technology being used in procurement analytics :
• Artificial intelligence ( AI )
• Robotics Process Automation ( RPA )
• Machine Learning ( ML )
Michael Van Keulen Chief Procurement Officer , Coupa Software
“ [ At Coupa ] we really believe that the power of AI is where things are going . Our community intelligence platform is built on AI and that ' s what really is required to build a much more resilient and a much more agile future for procurement and of course , for the businesses that we serve ”
MICHAEL VAN KEULEN CHIEF PROCUREMENT OFFICER , COUPA SOFTWARE
Why is it important for procurement leaders to adopt analytics ? Latest research from Accenture reveals that 90 % of Chief Procurement Officers ( CPOs ) believe their organisations are under extreme pressure to extend innovation . “ This statistic would have been unheard of a decade ago ,” says Gottesman . Accenture ’ s research further found that over 66 % of procurement organisations struggle with lack of long term investments to transform processes and technology .
procurementmag . com 71