How data is used is what drives real value for procurement professionals. It can provide insights into spending and supply chain risks through providing real-time information about suppliers.
Intelligent spend-management solutions should be able to identify poor performers, organise payment schedules, and anticipate supply chain disruptions. Once extracted, such data can detect potential delays, identify alternative transport options or suggest alternate suppliers, helping procurement professionals manage complex supply chains, optimise procurement systems, and reduce risk.
Additionally, it can allow companies to understand and adopt the best practices of colleagues and competitors.
We will be covering more on this topic at our Futureproofing Procurement Conference this year, find out more here.