Decoding Your Customer Journey
Procurement analytics is a process that involves gathering procurement data for the purpose of deriving actionable insights that optimize business performance. The data can either be processed manually or with procurement analytics software that analyzes key data points such as:
Customer purchases
Trend analysis
Competitive analysis
Operational decisional analysis
And many other powerful insights to drive business effectiveness
How Can Procurement Analytics Help My Business?
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Disruption is the new norm. Your traditional competitors are continuously trying to disrupt your business. Non-traditional competitors, often niche players, are chipping away at market share in specific segments and markets, perhaps causing only minor damage now but their effectiveness at stealing your share will continue to grow.
With the world around digital transformation changing rapidly, some may find it hard to keep up with customer demands in the evolving business environment. Procurement analytics empowers your business with powerful insights to gain greater customer knowledge and keep enterprise momentum moving forward.
This is no simple task, and without the right digital strategy to interpret big data, your business risks missing out on actionable insights that will give you a competitive edge.
By implementing intuitive business intelligence (BI) tools such as procurement analytics, you can enable your business with operational agility to increase business profitability.
How Will the Value From Procurement Analytics Be Realized?
As your historical data is processed, procurement analytics software will monitor for opportunities in industry trends, predictive pricing, risk monitoring, and digitally self-analyze for areas of improvement using four key analytics:
Descriptive Analytics the examination of data or content to decipher, “What is happening?”
Diagnostic Analytics the interpretation of historical data to address, “Why did it happen?”
Predictive Analytics the examination of trends and patterns to predict, “What may happen in the future?”
Prescriptive Analytics the use of predictive models to understand, “How can we make it happen?”
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By combining these four procurement metrics, businesses can unveil key performance indicators (KPI), guide operational decision making, lead prioritization, and foster enterprise-wide innovation.
Procurement Analytics in Action
The retail segment has seen a recent explosion in the adoption of procurement analytics to gain a competitive advantage, understand customer behavior, predict demand, and optimize pricing.
Today, retailers are implementing procurement metrics at every stage of the business life cycle to:
Test for system-wide cost reduction
Improve online and in-store customer experience
Provide data-driven adaptive supply chains
Forecast trends using real-time analytics
Identify and predict risk and fraud
Gain insights from returns, receipts, and loyalty programs to grow customer list and bottom line
The adoption of procurement analytics is playing a significant role in digitally transforming the retail industry. For example, when Costco found they had listeria contamination in a shipment of their fruits, the retail giant used big data to contact each of its customers who purchased the fruit, preventing what at the very least would have been a PR disaster.
How to Get Started With Procurement Analytics
Enterprises today are seeking to generate a unified and holistic view of their IT operations by implementing an agile and efficient dashboard that can effectively orchestrate end-to-end workflows. With Concierto.cloud, a Trianz software solution, businesses can fuse with next-generation independent software to facilitate seamless cloud infrastructure operations, and deliver a 360-degree view of infrastructure and applications.
By empowering your operations with an innovative platform that integrates with leading cloud service providers (CSPs) and independent software vendor (ISV) tools, you can enable your business with intelligent insights that will automatically update your IT infrastructure. With Microsoft Azure and AWS integrated, your team has direct control of the infrastructure in one clean, easy-to-use package.
Some of Concierto.cloud’s feature offerings include:
Planned Activity for brainstorming, scheduling, planning, assigning and tracking planned change deployment.
Root Cause Analysis lets you take a deep dive into problem-solving so that you can develop long and short-term recommendations.
Scheduled Tasks lets you schedule a recurring task that is automatically executed.
Project Management allows for seamless dashboard management of client and user management.
Other key features are detailed in this graphic:
Concierto, Trianz's In-House Cloud Managed Services Platform
Copyright © 2021 Trianz
If you are interested in procurement analytics, our expert team of consultants can help your business better understand its data set, build an effective predictive model, deploy it, and evaluate its performance using powerful dashboard software.
While deploying procurement analytics may seem complex and overwhelming, with the right help it’s more than achievable to gain accurate and actionable insights.
