One area where data analytics can have profound effect is your company’s procurement process. Some organizations spend more than two thirds of their revenue buying goods and services, making procurement—out of all business activities—a key element in achieving cost reduction.
This report examines how your company can significantly improve procurement analytics to solve business questions quickly and effectively. Author Federico Castanedo, Chief Data Scientist at WiseAthena.com, explains how a probabilistic, bottom-up approach can significantly increase the quality, speed, and scalability of your data preparation operations—whether you’re integrating datasets or cleaning and classifying them.
You’ll learn how new solutions leverage automation and machine learning, including the Tamr platform, and help you take advantage of several data-driven actions for procurement—including compliance, price arbitrage, and spend recovery.
Table of contents
1. Advancing Procurement Analytics
- Locate, Categorize, and Maintain Data
- Overcoming Unexpected Events
- Procurement in the Public Sector
- Current Solutions
- Spend Analysis
- Data-Driven Action
- Managing Costs at a Sub-Commodity Level
- Dealing with Data Variety
- Universal Business Language
- Speed and Lack of Scalability in Data Preparation
- Novel Approaches to Procurement Analytics
- The Next Step Forward
- Game Theory
- Inventory Optimization
- Machine Learning in the Future of Procurement
- Title: Advancing Procurement Analytics
- Release date: June 2016
- Publisher(s): O'Reilly Media, Inc.
- ISBN: 9781491956106
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