LONDON--(BUSINESS WIRE)--The term Big Data refers to a large volume of structured or unstructured data gathered by a business on a daily basis, for formulating proper strategic business decisions. Big Data analytics helps separate the vital data from the unimportant and provides access to updated data.
In their latest blog titled Big Data and Procurement – a Match Made in Heaven?, procurement market intelligence firm SpendEdge examines why businesses are increasingly relying on procurement to create a sustainable competitive advantage.
SpendEdge observes that, “Procurement is evolving from purchase function to a trusted strategic business advisor. The impact of an organization’s procurement function on the topline growth is enormous, which has led business heads to rely on procurement to create a sustainable competitive advantage.”
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“Big Data is the key enabler in procurement’s transitions depending on low to high priority. Procurement can be done in three ways: spend analytics, supplier management, and predictive analytics. Spend analytics is used for analyzing the history of spent data of an organization thereby addressing concerns related to visibility of spending, compliance, and budget control. The data collected can then be used for supporting procurement in supplier management. The utilization of big data enables accurate calculation and use of predictive analytics to forecast the market and the resource demand, resulting in procurement to devise proper strategies,” adds SpendEdge.
Many organizations are making use of procurement to enhance their managerial decisions, which will help in eliminating possible risks and maximizing profit. As new innovations are made, procurement in various organizations will become easier to implement, leading to cost reduction and increasing profits.
Read the entire blog: https://www.spendedge.com/blogs/big-data-procurement-match-made-heaven
More information on the latest procurement trends and how leading technology companies are benefiting from procurement intelligence can be found using resources from SpendEdge. These resources are compiled from SpendEdge’s team of 500+ procurement solutions experts.
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