Point of View
“Data-Driven Decision Making”– Strengthening the procurement function
How Data-Driven Decision Making creates competitive advantage for Procurement Organizations
With vast amounts of data available, companies and almost all of their core functions are focused on exploiting data for competitive advantage. The volume and variety of data have far outstripped the capacity of manual analysis. At the same time, computers have become far more powerful, and algorithms have been developed that can connect various datasets to enable broader and deeper analyses than ever before. The latest trends highlight the continually growing share of external and unstructured data in the data driven decision making process. The success of data driven decision making is dependent on the quality of the data gathered and the effectiveness of an organization’s analysis and interpretation competencies.