How procurement analytics improves supply chain operations
October 21, 2023 ⚊ 1 Min read ⚊ Views 51 ⚊ BUSINESS
By its very nature, analytics associated with the procurement process provide full visibility into its processes, from sourcing to payments. This is facilitated as a result of the in-depth data collection procedures that are carried out as part of the analysis process.
This helps procurement teams and the management identify the inefficiencies and bottlenecks present in the supply chain that have the potential to disrupt its smooth operation. On the contrary, it is also useful for identifying opportunities that can enhance its performance, like cost-saving options and supplier consolidation opportunities.
Tags: finance, Procurement, project management
