Over the past few years, the use of data analytics in procurement has increased significantly. The vast amount of data generated in supply chain operations provides valuable information for companies. This enables them to make more informed decisions and improve the efficiency of their processes.
Data analytics means the collection of data and the processing of this data using digital platforms. The data that can be collected in the lifecycle of a purchasing process includes a variety of information. This can be about suppliers, contracts, bills of materials, performance, transactions and purchase order details.
This technology allows procurement teams to access real-time information on suppliers, pricing, demand and other critical factors affecting purchasing decisions. It addresses suppliers, pricing, demand and other critical factors that affect purchasing decisions. With this information, buyers can identify savings opportunities, optimize inventory management and mitigate supply chain risks.
Digital solutions featuring data analytics in the supply chain have also seen a significant increase. According to research by Research and Markets, this analytics market is expected to reach $9.28 billion by 2026.
In addition, data analytics also helps purchasing departments identify patterns and trends in the data, enabling them to make more strategic decisions. For example, they can identify suppliers that offer more competitive prices or have a better ability to meet delivery deadlines.
Thanks to these benefits that are observed through the use of these analytics, solutions such as wherEX are presented, which is a digital platform that offers solutions to digitize and automate the purchasing and payment processes. Through the use of artificial intelligence and Data Analytics technologies, wherEX provides a data analysis solution, which helps companies to make informed decisions in their purchasing processes.
According to Forrest Research's Data Driven Organizations (DDO) study, it is estimated that organizations that apply data analytics are 23 times more likely to acquire customers and grow at an average of more than 30% per year.
Data analysis is essential for decision making in the procurement process. Purchasing teams that use data analysis techniques can significantly improve their efficiency, reduce costs and improve the quality of their products and services. In an increasingly competitive business environment, data analytics has become a necessity for any company that wants to stay ahead in its industry.