TECHNOLOGY
Predictive analysis for procurement is now an essential tool for elevating the process . The tool can be used for a range of vital elements through the supply and value chain , from improving supplier management to mitigating risks and managing sustainability goals . Organisations can harness these tools to drive the business forward – achieving better outcomes and supporting long-term goals .
With AI being implemented more and more across supply chains globally , the landscape of harnessing analytics is constantly changing , so how are companies using the tool to advance the procurement process ?
How does predictive analytics transform procurement ? Predictive analytics plays a pivotal role in transforming procurement processes by providing deep insights into future trends and potential outcomes . By analysing historical data , predictive analytics aids in enhancing demand forecasting , optimising costs , reducing spending and managing supplier risks . Jack Macfarlane , Founder and CEO of DeepStream , says the way predictive analytics has transformed procurement is by streamlining its processes . “ It has the power to enhance demand forecasting , optimise costs , reduce spending , analyse and manage supplier risk ,” he says . “ It can also detect fraud before it happens , saving a business on costly legal ramifications .” Keith Hausmann , Chief Customer
Officer , Globality , adds : “ Predictive
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