Source One Reveals the Future of Procurement in Latest White Paper
Launching into a New Year of supply management innovation, leading procurement consulting firm, Source One Management Services has released the company’s first thought leadership piece of 2016 titled: The Future of Spend Management: Predictive Analytics. The highly anticipated addition to the company’s portfolio of white papers presents a strong case for the seemingly unlimited capabilities Predictive Analytics offers Strategic Sourcing and Procurement organizations.
Much more than just data, Predictive, or Advanced Analytics allows organizations the ability to forecast or reasonably predict probabilities, using a blend of statistics, sophisticated mathematics, and technologies to identify patterns in business. While Predictive Analytics is already a heavily relied upon tool for many industries, such as retail and healthcare, most organizations have been slow moving when it comes to applying such practices to Procurement and Strategic Sourcing functions. Recognizing this low adoption rate trend, Source One’s The Future of Spend Management: Predictive Analytics sheds light on the many advantages Procurement and Strategic Sourcing departments can experience through predictive tools.
“We’ve observed a renewed emphasis on Procurement Transformation projects in recent years, and while these types of initiatives are crucial for driving efficiency and effectiveness within Procurement organizations, they are typically prompted as reactions to existing organizational needs or challenges. The Future of Spend Management: Predictive Analytics reflects a change in Procurement’s roles and responsibilities within companies – steering away from reactive tasks to supporting corporate-wide strategies proactively. A major element of this industry evolution, which Source One has worked to facilitate for our clients, is the ability to anticipate change, plan accordingly, and act with agility. By leveraging Predictive Analytics, companies are enabled to think beyond what is right in front of them in the present, and prepare for the future.” explains Source One’s Vice President of Professional Services, Joe Payne.
Enhancing existing procurement and strategic sourcing best practices, Predictive Analytics works to improve supplier relationships, costs, contracts, service levels, and mitigate risk. The Future of Spend Management: Predictive Analytics explores these advantages, as well as provides real world applications and tips for implementing a Predictive Analytics initiative. As Predictive Analytics continues to gain traction across a wide range of industries, opportunity still lies ahead for Procurement to spearhead the analytics movement and shape its own future. The Future of Spend Management: Predictive Analytics shares a look at the seemingly limitless possibilities to be discovered through the application of Predictive Analytics in Procurement.
Download a free copy of the Predictive Analytics Insights Report for Procurement, and contact Source One’s Procurement Tools & Technologies experts to advance your operations to the next level.