WHAT YOU WILL LEARN
For years’ procurement has made use of the most rudimentary forms of analytics to extrapolate price predictions. The available technology today can do this much more effectively, using a far greater range of sources and much greater computing power, but not only that, the use of analytics can be applied much more broadly. What’s more, functions are much more aware of the potential of data to fuel their decision-making and underpin strategies in key areas, such as risk management and performance measurement. In a sense, the opportunity doesn’t need explaining, but the techniques and the thinking required to identify, capture, clean, analyse and implement data and data management in any organisation are often new and always nuanced. What then can we learn about the potential of procurement tools and, specifically, data analytics from listening to the vendor community and understanding from sophisticated functions where they’ve seen the most obvious results?
The panel will discuss:
- Identifying the challenges that occur in the implementation of tools and techniques to capture and manipulate data.
- What are the underlying principles that govern an effective data management process and programme? What capability does procurement need to execute that?
- How can the organisation as a whole make better use of data and how can that drive to be data-centric transform procurement?