PROCUREMENT ANALYTICS
Gottesman further explains that just as important as diverse data and analytics , is “ building ecosystem partnerships with suppliers to break through one of the greatest barriers to operating model transformation . Suppliers can protect a company from supplier-related risk that could damage its brand and finances , as well as from erosion of hard-won sourced benefits . Strong ecosystem partnerships can also play a key role in helping a company improve its supplier base to drive greater innovation and growth .”
Adding to Gottesman ’ s comments , Saric says that a unified approach to data
“ Emerging technologies such as AI , blockchain and IoT are set to have a significant impact on procurement analytics , offering the potential to improve traceability of supply , identify potential failure points and much more ”
ALEX SARIC CMO AND SMART PROCUREMENT EXPERT ,
IVALUA
analysis is critical . “ Good data analytics requires trustworthy , actionable data to be available when and where it is needed in the procurement process , and a culture and process that reinforces data-based decision-making .”
“ Bringing internal , third party and publicly available data together into a single platform , with a 360 degree view of each supplier and category will provide a complete view of what ’ s happening internally – as well as data on external risk factors and opportunities – allowing for better decision-making at every turn ,” continues Saric . procurementmag . com 77