Analytics transformations in procurement

Organizations are faced with continuous pressure to improve productivity, accelerate innovation, and drive ambitious environmental, social, and governance (ESG) agendas. “Winning” in the current context requires predicting and reacting to changing conditions: demand uncertainty, hyper volatility, rapidly shifting consumer preferences, and supply disruptions, to name a few.

Typically, more than 50 percent of a company’s value chain depends on third parties, so procurement has a unique role to play in navigating this complex set of drivers by harnessing the power of analytics. More than 86 percent of CPOs lack the ecosystems required for real-time data processing and less than 20 percent of procurement data available is used to inform decision making. By leveraging the large amounts of data available to procurement functions, technology can generate powerful insights that convert to bottom-line impact at speed and scale.