Data Analytics can have profound effects on your company’s procurement process.
Most companies spend over 2/3 of their revenue on purchasing goods and services.
Those interested in cost reduction should focus on procurement.
I’ll be taking a closer look and researching Data Analytics with regards to procurement process.
I hope to share my findings soon.
The question is how can your company save money and improve and maybe solve what we’ll call “procurement analytics”
While this is not my area of specialization, I am interested and been asked about this previously and love to learn and share my findings.
I seek to explore new solutions via machine learning, AI and leveraging automation.
Also of interest is Data Driven Actions in terms of procurement and other aspects like pricing, recovery of cash flow, arbitrage and compliance and accountability.