The Role of Data and Analytics in Procurement Excellence - SAMUEL IDIKA (Msc, MCIPS, m.ACSC)

July 29, 2022

INTRODUCTION

• “Procurement helps manage compliance and reduce overall supply chain risk” - ACSC.

• Use of Data and Analytics in Procurement is not new, but its importance has evolved and currently is a business enabler for competitive advantage.

• As vital signs are important to a medical professional, so is accurate procurement data to a procurement professional.

• Procurement accounts for >50% of every organizations spend YOY, so the growth, stability and profitability of any organization depends on the excellent performance of the Procurement team.

• You cannot measure the performance of any organization without an accurate and available data.

• Hence the Role of Data and Analytics in Procurement is imperative for organization excellence and profitability.

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