Big data? Big deal.
Procurement organizations generate and store massive amounts of data, which is often widely dispersed across different systems, operations and geographies. But how can procurement take control of all this data? How can it be used to gain insights that will enable better planning and effectiveness?
Before there was big data, there was just … data. Procurement organizations compiled mainly internal, structured data from transactions, operations and partners through laborious processes that often took weeks to complete.
Today, sources for data have expanded to include a much more disparate set of both internal and external, structured and unstructured data obtained from automated processes executed within hours or, in many cases, in real time.
…but analytical capabilities truly change the game, enabling big data in procurement to unlock the real value of large amounts of structured and unstructured data and get to the next level of impact on enterprise-wide performance.
Analytics help tie together internal data sources, such as spend data, contract data and data related to supplier relationship management, with external data sources, such as supplier databases — providing information anytime and anywhere about supplier markets.
GEP SMARTTM helps enterprises leverage cutting-edge analytical technologies to drive decisive insights from structured as well as unstructured data. Our teams work with you to build the necessary infrastructure — people, processes and technology — to enable and support your big-data strategy.
With GEP SMART software, procurement organizations can perform ongoing as well as ad-hoc analytics in the following areas:
Big data and analytics can bring about a new frontier with the promise of transformative changes in procurement. Enterprises can leverage GEP’s expertise to get actionable insight for improved business results. Our unique combination of big data feeds, predictive analytics and reporting frameworks helps deliver greater data assurance, ultimately helping reduce costs thanks to greater visibility and control.
Learn how your procurement team can leverage big data analytics. Contact Us Today