30 Sep '17, 8am

EBN - Marcell Vollmer - Big Data & Procurement: Challenges, Opportunities Abound

The amount of data in the world is exploding. Approximately 90% of the data that exists in the world today was created in the last two years alone. Procurement systems capture a vast amount of data, including sourcing information, weather reports, manufacturing, and delivery data, supplier data, purchasing data, catalogue data, and more. How can procurement leverage the insights b ig data can provide, integrate predictive analytics into daily work, and provide prescriptive guidance to buyers in the future? There are undoubtedly very valuable insights within that data, but the challenge for procurement is to understand and use the data to make better informed decisions. Big data, predictive analytics, and prescriptive guidance can further scale with cognitive computing power to provide better information to enhance situational awareness and speed-to-decision. Ultimately, th...

Full article: https://www.ebnonline.com/author.asp?doc_id=283000&sectio...

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