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Analytical information tools are evolving rapidly. Millions of dollars are being invested, but what is best in class today can become quickly stale or even obsolete tomorrow. This creates an uncertain path for companies as they begin to harness the tremendous potential these new technologies offer.
Today’s companies are often in the embryonic stages of developing procurement analytics capabilities and only the surface has been scratched in terms of potential analysis and insights. Progress is often hindered by data availability and quality issues, which limits the ability to apply predictive analysis beyond the first degree.
Traditionally, most analytics have been based on historical data. The new age of Procurement Analytics will build on that historic procurement data, but combine it with forward looking data, as well as predictive algorithms, to create powerful predictive data and insight. Using new data sources, market intelligence, business forecasts and other corporate, publicly available or social media/news data will converge with traditional Procurement/AP data and provide tremendous, new visibility into current practices to give a much more holistic supply chain view. These tools and connections will transform the future of Procurement.
Join Jason Allukian and Sherri Barnes from ProcureAbility for a deep dive into how the right technology can transform your procurement activities, prepare you for the future and position your team for success in this new, connected world.