Data is everything for today's highly-strategic Procurement departments. Access to reams of real-time data helps organizations make more informed decisions, develop competitive advantages, establish effective supplier relationships, and realize their loftiest business goals.
Throughout the Supply Management space, experts suggest the function's relationship with data is a about to see some monumental changes. The advent of 'Big Data' promises to accelerate Procurement's value generation efforts and help the function enter the next stage in its strategic evolution.
Most organizations have a long way to go before they truly realize the value of Big Data, but that doesn't mean its too early to start thinking about what this value could look like. Here are some of the benefits on the horizon for Procurement teams powered by Big Data analytics.