Gaining Powerful Insights With Procurement Analytics

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?


An infographic showing the three phases of big data analytics

Copyright © 2021 Trianz

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?”

A Visualization of Analytics

Copyright © 2021 Trianz

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.

Technology is a Given

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

Concierto

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.

Experience the Trianz Difference

Trianz enables digital transformations through effective strategies and excellence in execution. Collaborating with business and technology leaders, we help formulate and execute operational strategies to achieve intended business outcomes by bringing the best of consulting services, technology expertise, and execution models.

Powered by knowledge, research, and perspectives, we enable clients to transform their business ecosystems and achieve superior performance by leveraging infrastructure, cloud, analytics, digital, and security paradigms. Reach out to get in touch or learn more.

×

You might also like...

Get in Touch

Let us help you
transform and grow


Let’s Talk

x

Status message

We're eager to assist you! Please leave a message and we'll get back to you shortly.

By submitting your information, you agree to our revised  Privacy Policy.