Originally Published on: SpendEdge |SpendEdge Webinar – Is advanced analytics shaping the way procurement teams will look at data?
Evolution of Procurement in the Digital Era: Traditionally the backbone, the procurement department undergoes a paradigm shift with the surge in digital technology. The rapid development of digital technologies is reshaping the business landscape, presenting new digital opportunities for procurement teams.
Data Analytics Reshaping Strategies: The unprecedented growth in data analytics capabilities empowers companies to process vast amounts of data in real-time, offering valuable insights. Procurement teams leverage these insights for intelligent decision-making in areas like spending, supplier management, and strategic planning.
Competitive Edge Through Analytics: In an intensely competitive era, data analytics is not just an advantage but a survival necessity. Advanced analytics in procurement goes beyond gaining a competitive edge; it becomes instrumental for survival in the evolving business landscape.
Future Opportunities for Procurement Analytics: Historical data transforms into meaningful insights, driving strategic decisions. Big data and advanced analytics enable automated procure-to-pay (P2P) processes, predictive strategic sourcing, and proactive supplier relationship management. The evolving Internet of Things (IoT) further propels a vision of a fully automated future, freeing procurement teams from repetitive tasks to focus on strategic endeavors.
SpendEdge's Procurement Webinar (7th & 8th Feb) Covered:
Predictive, Prescriptive Analytics, and Advanced Data Analytics: Understanding the nuances and impact on procurement processes.
Efficiency Achieved Through Predictive Analytics: Exploring how predictive analytics enhances efficiency across the procurement lifecycle.
Non-Procurement Areas Adding Value with Analytics: Identifying key business areas beyond procurement benefiting from advanced analytics.
Setting Up a Best-in-Class Analytics Strategy: Insights on establishing a robust advanced analytics strategy for procurement excellence.
Uncover the Future of Procurement.
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