As per Gartner’s Procurement’s Value Contribution in Supply Chain Survey, Advanced analytics is the highest invested digital technology amongst procurement organizations, closely followed by Artificial Intelligence to secure the businesses against external influences. While descriptive and prescriptive analytics are being utilized by CPOs in their day-to-day decision making, employing “advanced analytics” can provide forward thinking procurement organizations data-driven insights and power to make impactful business decisions.
Bundled with Artificial intelligence, advanced analytics can insulate procurement processes from threats and uncover insights from the historical & real-time data for better cost-savings and risk mitigation opportunities.
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Gartner, Use Advanced Analytics to Make Better Procurement Decisions, by Geraint John and Miguel Cosslo, published on 18th September 2020.
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