Procurement Analytics: An Overview

The Procurement Analytics Market growth of 26.20% in the forecast period 2022-2030.

Procurement analytics is the process of using data and analytics to optimize the procurement process. It involves collecting, analyzing, and visualizing data related to purchasing activities to identify opportunities for cost savings, process improvements, and better supplier relationships. In recent years, procurement analytics has become an increasingly important aspect of procurement, as companies seek to gain a competitive advantage by managing their procurement process more effectively.

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How Procurement Analytics Works

Procurement analytics relies on data from various sources, including procurement systems, financial systems, and third-party sources. The data is then cleansed, transformed, and analyzed to identify insights and opportunities for improvement. Procurement analytics can be used to address a wide range of procurement-related challenges, including:

1. Spend Analysis: Procurement analytics can be used to analyze spend data to identify areas where cost reductions can be made. This includes identifying areas where spending is high, but volumes can be consolidated or identifying opportunities to renegotiate contracts or switch suppliers.

2. Supplier Performance: Procurement analytics can also be used to analyze supplier performance data to identify top-performing and underperforming suppliers. This can help procurement teams to optimize their supplier roster, negotiate better prices, and improve supplier relationships.

3. Contract Compliance: Procurement analytics can be used to identify instances of non-compliance with contract terms and conditions. This can help procurement teams to enforce contract terms and conditions, reducing the risk of overpayments and other financial losses.

4. Procurement Process Efficiency: Procurement analytics can be used to streamline the procurement process by identifying bottlenecks, inefficiencies, and opportunities for automation. This can help procurement teams to reduce cycle time, improve collaboration, and increase efficiency.

Benefits of Procurement Analytics

There are several benefits of procurement analytics, including:

1. Cost Savings: Procurement analytics enables organizations to identify cost savings opportunities by optimizing their purchasing process. This can lead to significant cost savings, which can have a positive impact on the bottom line.

2. Process Improvement: Procurement analytics can help organizations to identify process inefficiencies, which can be addressed through process improvements. This can lead to a more efficient procurement process, which can reduce cycle time and increase productivity.

3. Supplier Relationship Management: Procurement analytics can help organizations to identify top-performing and underperforming suppliers. This can be used to strengthen supplier relationships, negotiate better prices, and improve the overall supplier management process.

Competitive Outlook:

• Tamr, Rosslyn Data Technologies,
• Zycus Inc.,
• BirchStreet,
• Oracle Corporation (ORCL),
• Simfoni,
• SAP SE,
• SAS Institute Inc.,
• Tungsten Corporation plc,
• Genpact,
• Proactis,
• Dataction,
• BRIDGEi2i Analytics,
• Sievo,
• IBM Corporation

are prominent names in the global procurement analytics market.

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Procurement Analytics Market Competition Analysis:

SAP SE (Germany), Tamr (US), SAS Institute Inc., (US), Sievo (Finland), Tungsten Corporation plc (UK), Simfoni (US), Oracle Corporation (US), Proactis (UK), BRIDGEi2i Analytics (India), IBM Corporation. (US), Rosslyn Data Technologies (UK), Zycus Inc. (US), Dataction (India), Genpact (UK) and BirchStreet (US) are some of top-notch companies operating in the global market for procurement analytics.

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