Real-time Analytics are fine if you have good data!
Big Data is just fine as long as quality is there!
Like most, you probably get excited seeing slick dashboards that visibly present your procurement activities, process metrics, and alerts.
One of the key value propositions for a transactional procurement system is the data that can be used for reporting, strategic sourcing, and real-time insights that give companies a competitive and/or cost advantage.
The dashboards certainly make the data look good and there is power in having a finger on the pulse of your procurement operations.
But how good is the underlying data that is the basis for your reporting, analysis, and real-time dashboards? Is it clean? Normalized? Enriched?
Good Data and Marketplaces
Get Big and Good Data live!
For most companies, spend analysis begins quarterly with a data preparation process that is based on historical data. Typically, the data needs to be cleansed, normalized, and enriched. Often this is done by a third-party service.
By the time the data is prepared and reported, it becomes outdated. Of course, we can learn from history, but in the meantime, haven’t we had a quarter of “insights” from our real-time reporting?
Marketplaces provide all systems in your landscape not only approved and contracted suppliers, but also pre-cleansed data.
For instance, the data in the marketplace can be mapped based on product categories and supplier types.
Do you use live reporting & good data or not?