TECHNOLOGY
are reliably delivered on time to customers . The continual monitoring of metrics enables organisations to adapt processes quickly to changing market conditions , maximising efficiency and customer satisfaction .”
Heather explains how UST works with clients from across business sectors – typically global enterprises within the finance , retail , CPG , healthcare and technology verticals : “ While procurement activities vary across these industries , all of course have procurement relationships and processes in place and supplier management is a core aspect of any procurement function ,” she says .
Uncovering hidden costs and inefficiencies in procurement with data analytics Data analytics helps uncover hidden costs and inefficiencies in procurement by scrutinising spending patterns , supplier performance and process inefficiencies .
With every penny so vital for a successful procurement operation , discovering those parts of the supply chain which are not working as effectively as possible is key – even more so if money is being left on the table , giving teams the power to reclaim it .
For Barath Narayanan , Global BFSI and Europe Geo Head at Persistent Systems , the analytics have pinpointed discrepancies in invoice processing , redundant purchases , underutilised contracts , overspending , supplier discrepancies and inefficient processes .
He says : “ By uncovering these insights , organisations can negotiate better terms with suppliers , optimise inventory levels and streamline procurement workflows .” Barath also says how the cross-company data now available can work hand in hand to create datasets with the power to create an optimised end-to-end supply chain , a paramount benefit in today ’ s landscape .
Ensuring sustainability and regulatory compliance in procurement through data analytics Sustainability is almost as vital to procurement teams as savings . The need to procure items with the least impact on the planet , as well as working with suppliers through codes of conduct to
162 September 2024