Based on recent research, ProcureTech showcased the findings on the evolution and impact of data-driven decision intelligence in procurement, in a webinar for procurement professionals.
How is decision intelligence set to shape procurement’s future? Register for the whitepaper to find out.
Host Lance Younger, CEO of ProcureTech, was joined by Dr Elouise Epstein, Partner at Kearney; Fulden Sener, Former Procurement Director at BT Sourced; and Keith Hartley, CEO of LevaData, where they discussed the findings from its upcoming whitepaper and how such decision intelligence tools are transforming – and will continue to influence – the way sourcing and procurement teams operate.
“Procurement doesn’t have a single source of truth, which allows you to really rely on the data. And you don’t see the wrong data in different systems and unmatching systems, so this is the biggest challenge that we have.” Fulden Sener
What is decision intelligence and why is it important?
‘Decision intelligence is the process of using advanced analytics and data science to make decisions faster and more effectively.’ ProcureTech research
The panel shared their own experiences of dealing with data and making strategic decisions within their roles throughout procurement, where companies are evolving and equipping their teams with the right tools.
“One of the key points to understanding how we advance decision intelligence is all about this real fear of the unknown, and change management. For so long, direct materials sourcing has gotten used to not having robust platforms and data systems to do their job. And now that there are tools available, there’s a bit of renaissance or fear about how to change the job and how the workflow of sourcing will evolve.” Keith Hartley, LevaData
What key findings did we uncover in our research?
When it comes to leading procurement teams:
- 100% said that data-driven decision intelligence has positively impacted their ability to react to rapid market changes
- 89%: data-driven decision intelligence has enabled improved value leakage and compliance
- 100% said decision intelligence has allowed procurement leaders to have greater credibility with business stakeholders
- 100% say data intelligence is important to third-party risk management
- 89% class defining data quality and availability measures as a ‘very important data management adoption challenge, which needs to be addressed’
- 67%: implementing necessary data protection measures and establishing effective data governance processes are two other key challenges, classed as ‘very important’
“Data is a constant challenge, and will be a constant challenge for a while. But what I do think intelligence brings to the table, is that it really puts the light on data. In the context of supplier data – collecting data from or about suppliers – it is all about determining how we bring it all together and stitch it into a supplier golden record.” Dr Elouise Epstein, Kearney
Top 3 reasons why companies are investing in data-driven decision intelligence:
- 76% – secure supply
- 75% – optimise cost and cashflow
- 64% – improve transparency
“You need to democratise the data, and make relationships that are more transparent and therefore more effective based upon data.” Lance Younger, ProcureTech
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