How to Use Data to Transform Your Procurement Process
Questions surrounding data use are increasingly common as organizations adjust their business strategy and undergo digital transformation. Stakeholders want business units to demonstrate the value of data through the production of actionable insights. The growing volumes of data and the increasingly powerful computing power available to analyze the data is ushering in a new era of opportunities and productivity gains. Not only can data assist procurement transformation, but it also poses a huge opportunity to solve business problems and deliver real-world value. Leveraging Seal’s AI-powered technology equips procurement teams with immersive analytics, allowing them to have data-driven conversations and increase business visibility.
Earlier this month, we were delighted to partner with Procurement Leaders to share expert insights on how to use data to transform procurement processes. In our joint webinar, The 3 Biggest Data-led Opportunities, Seal Software’s, VP of Analytics, Jin Ro was joined by former McKesson SVP, Enterprise Sourcing and Business Optimization, Linda Guzzi and Steve Hall, Director of Content and Community at Procurement Leaders. We were especially thrilled to have Linda share her experiences given her recent role. While at McKesson, Linda led a multi-year transformation and was responsible for advancing the organizations sourcing capability to align with their global business strategy. This expertise paired with the practical application of Seal Analytics provides the perfect platform to guide procurement professionals in harnessing their data.
The panelists shared their thoughts on the importance of data and delved into approaches for harnessing data by raising the following questions:
1. Do you have all of the data necessary to make data-driven decisions?
When you do not have all of the data you can’t see the entire picture. The goal is to solve the problem and sometimes you need new data to deliver value in a quantifiable way. Having access to all of the data allows procurement teams to look across suppliers to find new opportunities, understand their commitments, and keep contracts up to date as they expand their partnerships.
2. Now that you have the data, what can you do with it?
The next step is to compare the data you have to what you want to know. Do you have tools, technology, process, and people to drill down on the insights you want? Whether you are comparing and contrasting vendor spend or assessing payment terms, it is vital to understand what a contract tells you versus what the real-world performance is.
3. How do you quantify the gaps?
Once you are able to see the gaps between the data and reality, you must be prepared to create projects and business insights to generate value. Seal Software equips users with the data-driven analysis to act, which in turn, allows organizations to make better decisions, mitigate risk and reduce spend.
The data-driven approach to analysis discussion was paired with three tips on how to deliver value to business units and procurement organizations:
- Treat data as intellectual capital
- Create M&A synergies
- Understand in detail the needs of your internal and external stakeholders
As Contract Discovery and AI tools enable access to contract data in a much more meaningful way, organizations are seeing the value-add. For more advice on how procurement professionals can harness their data listen to the on-demand webinar.
If you are interested in learning how your organization can leverage AI-powered technology to uncover data-driven insights, visit https://www.seal-software.com/role-procurement.