Managing supplier base with Predictive Analytics
Procurement organizations throughout the world face challenges while dealing with huge supplier base. It becomes difficult to constantly keep a tab on the suppliers' situation. With dynamic world, organizations have to be proactive while maintaining supplier relations. Predictive analytics is the latest thing which could revamp the way procurement is done. The procurement data can be used and a crucial link can be drawn between the front end and the back end of the business. With Predictive Analytics, organizations would anticipate the future and act in time.
Procurement is gaining an increasingly important role in strategizing and decision making. With global nature of business, procurement organization has to face it all- supply market volatility, supply chain disruption, regulatory overload, talent shortages, rising cost of raw materials and what not! The fact that having a robust procurement would help face these situations; organizations are going extra mile in transforming their procurement like never before.
Effective management of the supplier base is first on the list of procurement transformation strategy. It is possible to have real time monitoring of the suppliers and look into the past to make adequate changes. But, what if the procurement organizations land upon something which could give a glimpse of what the future would look like? Would not it be great if with the existing data it is possible to predict trends? Predictive Analytics is being seen as the new panacea to better procurement.
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