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Spend Data Analytics for Effective Procurement

How do analytics support a Procurement Organizations? Let us take a look at the challenges of implementation: data is in multiple system, existing data is not analysed, skill set in an organization is not available, right technology is not available and one-off versus operationalised. With the advancement in automation it has completely changed the business world.

A data centric approach, which take over the hectic laborious information compilation, organisation, and dissemination processes that used to take ages to complete. This means the procurement leaders making use of the larger improved quantities analysis collected in real time can improvise the data and enabling smarter and more accurate decisions on spending, managing suppliers and design better strategies.

Sourcing and category management
Image taken from https://sievo.com/resources/procurement-analytics-demystified

Introduction to Data Analytics

Data analytics refers to the two different techniques and process of the measurement of data. The two techniques namely, qualitative and quantitative, are used to improve productivity and business profits. Data obtained are organized to recognize and analyse behavioural data and patterns. The techniques used by different companies varies according to their requirements for data collection.

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Chris Lim Siao Yian, DPSM
Chris Lim Siao Yian has several years of experience in the professional field of procurement, specifically for a global logistics service provider. Chris is a member of the SingaporeInstitute of Purchasing and Materials Management (SIPMM). She completed the Diploma in Procurement and Supply Management (DPSM) on December 2019 at SIPMM Institute, and will pursue the Advanced Diploma in Logistics and Supply Management (ADLSM).

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