Today’s procurement leaders already realize that the future of procurement is data-driven. But let us get specific for a minute. What is data-driven procurement exactly? What are the specific building blocks that you need to realize this? And in terms of maturity level, where are you now?
Nowadays, it is hardly thinkable to be at an event and not spot one of the following buzzwords: artificial intelligence (AI), machine learning (ML), business intelligence (BI) and many more. Does that sound familiar? It is no coincidence that these terms can be found on any banner, flyer or promo video and that it probably trigger you. They are cool, trending and the future will most definitely be full of them. Consequently, to get with the program is to get acquainted with these techniques and to be able to understand how they can profit your business and day-to-day operations. When you do, the most sensible action to start with, is to look at what is at the foundation of these innovations: easy access to usable, high quality data.