Digitalisation and data are shaping the procurement world.
But it seems the growing impact of data is also empowering companies and acting as a crucial catalyst and enabler.
Raconteur’s Future of Data feature in The Sunday Times outlines the various perspectives C-suite and teams are facing when it comes to managing data, and how it can actually work in their favour when used effectively.
It turns out data can facilitate digital transformation and help companies respond to disruption at speed – something the majority of organisations struggled with at the height of the pandemic with a need for more digital solutions for remote working.
‘70% of companies worldwide do not have a well-defined data strategy’
It states Cloud ERP software, which uses real-time data, can influence the trajectory of company operations, helping to ‘manage their supply chains, procurement, manufacturing and other daily activities’, some of the top 3 areas of business that ERP benefits.
“Many organisations rely on data for meaningful insights and to take the right decisions.”
Sridhar Iyengar, MD of Zoho and ManageEngine Europe
Digital solutions like these transform the way teams work, enabling them to squeeze every ounce of value from data and ‘capitalise on AI technology such as machine learning and become truly data-driven businesses.’
Why is no one tackling the complex task of data?
It’s just that – it’s a tricky task due to the vast amount of big and unstructured data which varies between each organisation as they have different needs for each set of data.
Sridhar Iyengar, MD of Zoho and ManageEngine Europe (an IT Management software company), reminds us that in a ‘digital-first world, increasing amounts of data are being produced, shared and destroyed every second.’
There are solutions able to tackle this so that teams can reap the benefits by extracting value effectively. Having well managed data helps, along with further digital solutions to facilitate smoother digital transformations, manage agility and data ecosystems.