Procurement analytics is the process of using quantitative methods to derive actionable insights and outcomes from data. It involves the capture and use of data to support fact-based decision making and gaining competitive advantage. It reports typically on what has happened in the past and creates estimates, using predictive analytics based on historical data to guess what will happen in the future.
Procurement analytics provide organizations and firms with better visualization into their procurement spend using quantitative methods to derive actionable insights and outcomes from data. Predictive analytics software collects data, internal and external, from various sources and compiles it in procurement dashboards. They allow companies and organizations to leverage procurement data to support fact-based decision making and gain strategic, competitive advantages.
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- Why procurement analytics is important for my business
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