ENABLING SMART PROCUREMENT

  • Published in: Sep 2017
  • Pages: 94
  • SKU: IRCMSTR14533

Global Predictive Analytics Category - Procurement Market Intelligence Report

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SpendEdge’s procurement research report on the global predictive analytics market is an all-inclusive guide enabling sourcing and procurement leaders to make smart purchasing decisions. This report provides a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape and an analysis of the supplier capability matrix.

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

 

SpendEdge also offers customization of this report to meet your exact requirements. Please contact us at enquiry@spendedge.com

Are you an Enterprise User? Try our annual subscription services offering unlimited access to SpendEdge reports. Click here to register for trial/demo.  

Read less

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

 

SpendEdge also offers customization of this report to meet your exact requirements. Please contact us at enquiry@spendedge.com

Are you an Enterprise User? Try our annual subscription services offering unlimited access to SpendEdge reports. Click here to register for trial/demo.  

PART 1: SUMMARY

  • Research Objectives and Methodology
  • Category Definition

PART 2: CATEGORY AT A GLANCE

  • Market Overview
  • Category Maturity by Regions
  • Preferred Procurement Models and Major Service Providers
  • Cost-saving Opportunities
  • Major Category Requirements
  • Major Procurement Pain Points

PART 3: MARKET INSIGHTS

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

PART 4: SUPPLY MARKET INSIGHTS

  • Supplier Operational Capability Matrix
  • Regional Supplier Operational Capability Matrix
  • Supplier Functional Capability Matrix
  • Regional Supplier Functional Capability Matrix
  • Key Clients
  • Supplier Cost Breakup
  • Supplier Positioning Matrix
  • Supplier Selection Criteria

PART 5: PRICING INSIGHTS

  • Pricing Models Snapshot
  • Pricing Model Pros and Cons
  • Indicative Pricing
  • Category Negotiation Strategies

PART 6: CATEGORY ESSENTIALS

  • SLA Terms
  • Supplier Evaluation Criteria
  • Category Risk Analysis
  • Category Sourcing Evolution Matrix

PART 7: TOP FIVE SUPPLIERS

  • SAP
  • SAS
  • IBM
  • Oracle
  • Microsoft

PART 8: APPENDIX

  • Glossary
  • Key Notes
  • About Us
Read less

PART 1: SUMMARY

  • Research Objectives and Methodology
  • Category Definition

PART 2: CATEGORY AT A GLANCE

  • Market Overview
  • Category Maturity by Regions
  • Preferred Procurement Models and Major Service Providers
  • Cost-saving Opportunities
  • Major Category Requirements
  • Major Procurement Pain Points

PART 3: MARKET INSIGHTS

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

PART 4: SUPPLY MARKET INSIGHTS

  • Supplier Operational Capability Matrix
  • Regional Supplier Operational Capability Matrix
  • Supplier Functional Capability Matrix
  • Regional Supplier Functional Capability Matrix
  • Key Clients
  • Supplier Cost Breakup
  • Supplier Positioning Matrix
  • Supplier Selection Criteria

PART 5: PRICING INSIGHTS

  • Pricing Models Snapshot
  • Pricing Model Pros and Cons
  • Indicative Pricing
  • Category Negotiation Strategies

PART 6: CATEGORY ESSENTIALS

  • SLA Terms
  • Supplier Evaluation Criteria
  • Category Risk Analysis
  • Category Sourcing Evolution Matrix

PART 7: TOP FIVE SUPPLIERS

  • SAP
  • SAS
  • IBM
  • Oracle
  • Microsoft

PART 8: APPENDIX

  • Glossary
  • Key Notes
  • About Us

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