Global Predictive Analytics Category - Procurement Market Intelligence Report

This procurement report offers key insights on the best practices for supplier selection and the strategies for category management.

  • Published: Sep 2017
  • Pages: 94
  • SKU: IRCMSTR14533
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Key Features of Report

 

Supply Market Insights
Procurement Best Practices
Cost Saving Opportunities
Pricing Models
Negotiation Strategies
Category Risk Analysis
Key Supplier Analysis
Supplier Capability Matrix

 

Predictive Analytics - Category Spend Analysis

 

According to analysts at SpendEdge, the increasing focus of businesses to use big data for forecasting customer behavior is a key growth driver for the predictive analytics market. The increase in the number of data sources of a business has led to the proliferation of user-generated data. By using predictive analytics, businesses can leverage this data to build statistical models that offer forward-looking statements on consumer behavior. For instance, numerous financial service companies use scorecards (a popular model used in predictive analytics) to assign scores to users based on their transaction history and payment patterns. These scorecards assign scores to users in an ascending pattern, which conveys the likelihood of default of customers. This helps in effective risk assessment and mitigation.

Moreover, many retail firms use clustering models for their marketing efforts. In clustering, demographic and customer data is used to segment customers according to their price sensitivity to high margin products. This information can then be used to develop tailored solutions for each segment.

Predictive Analytics - Procurement Best Practices

 

One of the procurement best practices for buyers in this market space is to ask for training and implementation support. The lack of end-user acceptance and skill deficiency are major roadblocks in the successful application of predictive analytics in an organization. However, this can be mitigated by seeking training and implementation support. While negotiating for training support, buyers should ensure that suppliers offer role-specific training through interactive sessions and provide an active platform for the exchange of ideas and clearing of doubts.

It is also advised that buyers collaborate with suppliers to implement software in their organization. Specifically, buyers should ask for support in data integration from legacy systems and draft data governance policies

Predictive Analytics - Procurement Challenges

 

A major procurement challenge experienced by buyers in the predictive analytics markets is the high costs involved in data standardization and integration. In most organizations, data come from multiple sources in different formats and are consequently highly unstructured and unstandardized. The standardization of data requires a significant outlay of capital and human resources as buyers need to develop adapters for their multiple data sources or need to pay a hefty sum for buying from external sources. Moreover, buyers need to allocate significant resources for the extraction, transformation, and loading of data into the analytical tool. All these factors can be a major hassle for an organization that has limited IT resources and data experts

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PART 1: CATEGORY AT A GLANCE

  • TAKEAWAY 01 | Market Overview
  • TAKEAWAY 02 | Demand and Supply Snapshot
  • TAKEAWAY 03 | Key Market Dynamics
  • TAKEAWAY 04 | Supply Market Highlights
  • TAKEAWAY 05 | Pricing Insights
  • TAKEAWAY 06 | Procurement Insights

PART 2:  SCOPE OF THE REPORT

  • Category Definition
  • Research Methodology

PART 3: MARKET INSIGHTS

  • Category Spend Analysis
  • Category Maturity by Regions
  • Demand-Supply Shifts
  • Regional Demand-Supply Snapshot
  • Market Developments
  • Regional Impact of Trends
  • Key Category Growth Drivers and Corresponding Regional Impacts
  • Major Category Growth Constraints and Corresponding Regional Impacts
  • Key Current Technological Innovations
  • Major Regulatory Frameworks
  • Strategic Sustainability Practices
  • Porter’s Five Forces
  • PESTLE Analysis

PART 4: SUPPLY MARKET INSIGHTS

  • Supplier Operational Capability Matrix
  • Other Prominent Suppliers by Region: Operational Capability Matrix
  • Supplier Functional Capability Matrix
  • Other Prominent Suppliers by Region: Functional Capability Matrix
  • Key Clients/Partners
  • Supplier Cost Breakup
  • Supplier Positioning Matrix

PART 5: PRICING INSIGHTS

  • Pricing Models Snapshot
  • Pricing Models – Pros and Cons
  • Indicative Pricing

PART 6: PROCUREMENT INSIGHTS

  • Major Category Requirements
  • Major Procurement Pain Points
  • Category Sourcing Evolution Matrix
  • Procurement Best Practices
  • Cost-saving Opportunities
  • Supplier Selection Criteria
  • Category Negotiation Strategies
  • SLA Terms
  • Supplier Evaluation Criteria
  • Category Risk Analysis

PART 7: TOP FIVE SUPPLIERS

  • SAP
  • SAS
  • IBM
  • Oracle
  • Microsoft

PART 8: APPENDIX

  • Glossary
  • Key Notes
  • About Us

Research Framework

SpendEdge presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary research

  • Procurement heads
  • Category managers
  • Sourcing consortium professionals
  • Industry experts and thought leaders
  • Procurement managers
  • Category heads of suppliers
  • Client account heads/managers
  • Client and industry consultants

Secondary research

  • Industry journals and reports
  • Periodicals and new articles
  • Category webinars
  • Internal categiry playbooks
  • Industry and government websites on regulations and compliance
  • Internal databases
  • Industry blogs/thought leader briefings

DATA ANALYSIS

SpendEdge INSIGHTS

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