This type of analytics studies data collected in the past to understand changes in a business over time. Approaches to data analysis in procurement can be categorized into four main types. Procurement indicators can tell you different things depending on whether you're looking at past or present data, what issue you are monitoring for, and according to what patterns. Let's figure out what types of procurement analysis you can use in your company and how you can get the most out of them. Meanwhile, there are plenty of indicators that are necessary to track in order to see positive results. If you know how to work with data correctly, then you have the key to success.Īs procurement typically involves numerous buying operations and strategic sourcing, data analysis is a critical process for preventing overspending, making the most profitable deals with suppliers, and navigating fast-paced markets with ease. When you're making an important strategic decision on which the whole company's performance depends, which of these do you value more: an unproven hypothesis or a statement fully based on data? If you answered the latter, you're on the right track.ĭata contains enormous power and insights that can significantly affect your company's revenue.

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