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Spend Analysis

Is Big Data Really the Next Big Thing in Procurement?

We all have been hearing it for some while – Big Data is the next big thing in business analytics. But what exactly is Big Data? What does it mean for procurement and supply chain professionals? Isn’t it something they’ve been doing all this while for spend data analysis and mitigating supply risk?

On the Road to "Driverless" Automation

For years Supply Chain Management Technology companies have been striving to achieve automation in spend analysis. Today we use Artificial Intelligence with great results and without human interaction; but, they somehow struggle when applying the Artificial Intelligence to the data received overall, as data itself includes errors.

Three Kinds of Data Every Procurement Professional Needs to Succeed

It should come as no surprise to procurement professionals that they should have the data they need to do their jobs at their fingertips. Relevant data is on their desktops, in books, and on the minds of key people on their teams. But what happens when the data is lost or colleagues leave the company?
Procurement needs discipline—a process—to capture that knowledge, keep it updated and eventually disseminate it. At stake in this competitive environment is nothing less than an efficient procurement operation proficient at supplier management resulting in savings for the company. The right procurement software can help. A blog post at My Purchasing Center.

Spend Visibility: It’s Best in the Raw

The results of spend analysis depend – to a great extent – on where you start. Doing lots of work up front to “cleanse” your data might do more harm than good, as well a take up vital resources. The more “raw” your source spend data is, the better insights and visibility you’ll have into your spend. Read on to know why it might make sense not to cleanse your raw data before you start spend analysis.

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