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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