Every business decision should begin with robust data. But more data is seldom the only answer. Timely access to the right data can improve visualisation and provide insights that drive decision making. Defective data that is incomplete, inaccurate or out-of-date data is likely to result in incorrect analysis and deliver incorrect results leading to increased costs and greater risk to the business.
Following a Mintec survey, the top concern for procurement professionals is making buying decisions without the necessary insight.
More than 35% reported to have lost out on a business opportunity, lost revenue or incurred increased cost due to lack of insight into prices or costs
While 76% ﬁnd it diﬃcult to compare their suppliers’ price data with independent market data.
Large amounts of often fragmented data create challenges which frequently limit the ability of an organisation to leverage insights in a reliable and timely manner. These issues make access to data which is integrated, actionable and widely available, a critical factor in any digital strategy.
To deliver on this increasingly common remit, CPOs are finding that the potential efficiencies achieved via digital transformation projects are both attractive and cost-effective. But how can projects that create and implement digital strategies be realised without significant new resources?
This is the era of the data-informed decision, and it’s a race to see whose data analysis is the most accurate when it comes to predicting solutions which will streamline processes into their most efficient versions.
Working with a wide range of global and national brands of varying sizes and complexities, Mintec has identified that the ability to complement individual digital strategies with an off-the-shelf solution enables organisations to scale activities to achieve repeatable results faster.
Download this free report to examine the key factors affecting the success of your procurement strategy and highlights the ROI you can demonstrate by introducing digital technologies.