Historically, procurement teams have had to deal with multiple structured and unstructured databases. To make decisions based on facts and acquire a competitive edge, procurement teams require the collection and utilization of data. Best-of-breed procurement teams need to be able to consolidate and analyze this data in one place.
Analytics in procurement refers to the practice of employing quantitative techniques to extract useful information and results from data. It gathers data from many internal and external sources and displays it in a meaningful form for procurement teams.
