Procurement Analytics Enabling Journey to Value

Procurement Analytics Enabling Journey to Value

Making Procurement Relevant
In this report, the Innovative Data Leveraging (IDL) process was described in different contexts, but the common thread in each case was that it provided a data-driven approach to driving change. Of course, leveraging analytics is difficult without some prior investment in strategic procurement systems. However, the IDL approach can help organizations at all maturity levels build a solid path toward an analytics-enabled procurement, in their pursuit of value and excellence.
“Fueled by analytics, procurement can derive insight from disparate sources of information and uncover intelligence for competitive advantage. This paves the way for us to develop an even deeper understanding using cognitive technologies that will help us further transform the procurement landscape as we engage across our supply base and with business partners to unlock value from all types of data that have been hidden in the past.”
— Bob Murphy,
Chief Procurement Officer, IBM
Big data and analytics can have a truly transformative effect on procurement — and entire organizations. As companies continue to expand around the globe, supply chain complexity grows — and so does procurement-related risk. Forwardthinking procurement organizations can reduce complexity and risk by using analytics to capitalize on the wealth of data throughout the supply chain. The right analytics approach can provide real-time visibility and predictive insights to enable seamless collaboration with stakeholders across the business. With data analytics fully integrated into every process, procurement can lead the way to a brighter — and more profitable — future.
Fortunately, at Sonic Manufacturing Technologies, the HAL process as well as its automated procurement systems does exactly that and more. Take a moment to learn more about Sonic Manufacturing, its supply chain processes, as well as HAL, its automated supply chain solutions™.
“HAL procures over 30 million parts per year; spending millions of dollars with suppliers… and does it all without human intervention. This gives Sonic the speed to beat the competition in performance and the efficiency to win on cost.”
— David Ginsberg,
VP Supply Chain, Sonic Manufacturing
Tags: Procurement, Procurement Analytics