Procurement is big business—and produces big data. Manufacturer or bank, government agency or restaurant chain, every organization spends significant amounts buying products and services. Raw materials, utilities, office equipment, stationery, and services such as legal advice, advertising, and facilities management. Roll it all together, and the amount is always impressive, equating to a significant percentage of overall revenues.
But what, precisely, is all that money spent on? Procurement analytics shines a spotlight into areas of expenditure that are often murkier than might be desired (and, as in the case of a steel mill that purchased too many parts for its gantry cranes, can waste resources).
Read “Guide to Procurement Analytics,” Data Informed‘s introduction to the subject, including use cases, challenges relating to data quality and other implementation issues, by clicking here.
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Home page photo of Tata Steel mill at Port Talbot, U.K., via Tata Steel.