When it comes to supply chain management, measurable results are essential for supply chain managers. That is why wherEX, a platform for B2B commerce, held a Masterclass on Tuesday, August 9 to explain how Data Analytics is generating benefits such as savings and openness in the supply areas of companies in various industries. The event was attended by the company's co-founder, Felipe Manterola, the Director of Finance and Planning, Catalina Troncoso, and the Data Science specialist, Nicolás Gutiérrez.

These types of topics are particularly relevant given the current context, as companies in all sectors are being affected by the supply crisis that began with the pandemic and worsened in early 2022 with the war in Ukraine. Up to 92% of companies that invest in Analytics obtain measurable results, 54% have increased their revenues and 44% have gained a competitive advantage thanks to this tool, according to the latest report by NewVantagePartners. 

During the Masterclass, it was explained that companies that source their supplies and services through wherEX have access to a more competitive market. Data Science studies conducted by the technology company provided evidence in this regard, since it was determined through a linear regression that platforms such as wherEX, which use Data Analytics and Artificial Intelligence, allow companies to find up to three times as many offers (compared to the external market) when they have a requirement and therefore obtain access to better prices.

For example, the internal market of wherEX has become less expensive compared to the external market (or traditional market), since products such as beams, profiles and other steel elements have only had a 47% increase within wherEX in recent years, compared to the 93% increase outside the wherEX marketplace. This situation also occurred in other product categories, which were presented during the Masterclass.

This is in line with the comparative experience in other countries, since according to the international magazine of Physical Distribution and Logistics Management, all those surveyed (including executives who lead supply areas and technology experts) indicated that this type of technology does indeed serve to reduce costs. And up to 75% of them consider that Data Analytics has helped them to alleviate supply chain disruptions.

It is to be expected that these emerging technologies will become more important in supply management in Latin America. For this, the organizational culture of companies is key. In this regard, Foster pointed out that this is the main obstacle that prevents companies from achieving the benefits of Data Analytics. In other words, it is the business leaders who must orient their strategies based on accurate information and data. To do this, the conviction regarding the potential of data must be transmitted throughout the corporate culture. 

You may also be interested in

2 marzo, 2023 | 1min

Don't miss the next Wherex webinar: discover the most important procurement trends for 2023 in the midst of the global financial crisis or recession.

6 octubre, 2022 | 0min

Startup wherEX invites you to the free webinar: "How to adapt to the new global economy in procurement".

20 agosto, 2021 | 2mins

Transparency in bidding: PPU and wherEX join webinar on competitive integrity in the private and public sector

Subscribe to our newsletter and find out what's new with us.

    Request Demo