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Risk roadblock synonym12/9/2023 ![]() Data and analytics must develop beyond spend analysis in a procurement-specific context. To succeed, each solution must be addressed, namely: organizational readiness, information quality, team capacity, and technology deficiencies.ĭata collection and analysis will be useless without clear objectives. To enhance actionable insights, most of the issues faced by existing procurement analytics solution fall under two main categories. Improved technology convergence, richer information sources, and enhanced company models give a route forward. The organizational priorities will then dictate the specific objectives to drive procurement’s adoption and use of analytics. Working in an organization where there is no data-driven decision-making culture could imply that we have little faith in the reliability of the data at our disposal. Concerningly, the Infosys Portland 2017, Asia Pacific CPO 2 survey indicated that, while technology is the fastest growing priority area for CPOs, less than 40% were confident of the success of their procurement technology plans. The 2018 SAP/ Ariba Global CPO survey 1 identified analytics and data quality as the largest roadblock to procurement efficiency. ![]() However, the path ahead for procurement analytics is not without its difficulties, despite the clear possibilities it offers. Technology holds the key to unlocking the ability of procurement to propel enhanced performance, strategically consult and drive innovation across the supply chain. From being a mere support function to becoming a strategic partner in an organization, procurement is surely going through a huge transformation. ![]()
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