Tag: Big Data

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SpendEdge Webinar on 7th and 8th Feb – Is advanced analytics shaping the way procurement teams will look at data?

The procurement department is considered to be the backbone of any business – and even though for many years, the procurementyatheesh department functioned more or less the same way, the new wave of digital technology has led to a radical shift in that thinking. The rapid development of digital technologies has changed the business world altogether and is expected to grow at an unprecedented rate. So it is entirely possible that the procurement teams will be dealing with new sets of digital opportunities. The rapid evolution of data analytics capabilities has enabled companies to store and process a large volume of data to generate relevant business insights in real-time. Such insights provide valuable information to the procurement teams, which help them make smart decisions on spending, managing suppliers, and designing better strategies. In an era that is fiercely competitive, the use of data analytics in procurement functions becomes essential to gain a competitive advantage. In a few years, analytics in procurement will not only be a matter of gaining a competitive edge, but also a matter of survival.

What are the opportunities for advanced data analytics in the field of procurement?

sanyaFor a long time, businesses have been reliant on intelligence systems to process historical information and identify the current trends in the business. The capabilities of those systems were limited to the point where they could only help out with basic forecasting. However, data analytics has and will continue to have considerable implications in the field of procurement. Historical data can be used to generate meaningful insights and propel strategic business decisions. Big data and advanced data analytics can also enable automated P2P procurement, predictive strategic sourcing, and establish a proactive supplier relationship management strategy. The rapid evolution of the IoT will only exacerbate the vision of a fully automated future, moving procurement teams away from small, repetitive tasks to tasks that are more strategic in nature.

Conducted by SpendEdge’s procurement experts, this webinar on the 7th & 8th of Feb will cover the following:

  • What are predictive, prescriptive analytics, and advanced data analytics?
  • Explore how predictive analytics helps achieve efficiency in the procurement process lifecycle
  • Key non-procurement areas where advanced analytics could add significant value
  • Insights on successfully setting up a best-in-class advanced analytics strategy

emea audience

NA Audience

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Cloud Technology Changing the Supply Chain Management Landscape

In a quest to achieve supply chain optimization, organizations are looking for ways to implement effective supply chain management technologies. Organizations striving to attain a lean supply chain are also investing heavily in their IT infrastructure for supply chain management (SCM) applications. But with the advent of cloud technology, organizations can scale up their entire supply chain management system without having to pay a hefty price.

Why Cloud Technology for Supply Chain Management?

Cloud technology provides a host of benefits over the traditional supply chain management systems. Apart from cost savings, it equipsget in touch the supply chain manager with real-time trackability and drives supply chain efficiency. In an era of stiff competition and rapid product innovations, a cloud-based supply chain management application helps the organization to react appropriately to dynamic customer demand and provide information on the centralized hosting of services. The organization benefits with improved supplier relationship management, high-quality data on vendors and suppliers, inventory management, and in-depth insights on increasing process efficiency.

How is Cloud Technology Changing the Supply Chain Management Landscape?

Big-Data Analytics and Automation

Today, supply chain management has witnessed a paradigm shift from the physical flow of products, services, and information to a digital business. With the availability of a significant amount of data and information to a supply chain analyst, cloud computing has accelerated the analytics capabilities in the supply chain management sector. It gives way for real-time inventory tracking, automates stock replenishment, automates item and quantity verification, and order validation. Cloud technology pushes the level of automation a step further by using machine learning algorithms, which can teach stock management system to predict and forecast order requirement.

Improved IT Capabilities

Implementing an integrated system requires a significant change in internal culture and employee reconditioning. Cloud technology enables the organization to use latest supply chain management systems without having to upscale their IT systems and has 24/7 support system without allocating a lot of human resources.

Flexibility in Adjusting to Market Volatility

Cloud technology acts as a buffer against market volatility as it enables the organization to scale up or down the level of services and the customization required. It prepares the organization for rapid expansion in their practices as cloud service providers provide the necessary level of services.

Many companies adopting cloud services to manage their supply chain functions with planning, forecasting, procurement, and logistics functions are the first to move to the cloud. As a result, service providers are keeping a close eye on the dynamic needs of the current supply chain management practices and responding to innovations occurring in the industry.

To gain more insights on the trends in procurement and supply market intelligence, get in touch

Related Articles:

Supply Chain Transparency – A Provenance Story

Supply Chain Risk – Identification, Assessment and Mitigation

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Cyber Security – It’s Time for Procurement to Level Up!

Organizations have believed that procurement has nothing to do with cyber security. For decades now, the management has been negligent towards its IT and cyber security needs, often putting it on the back burner. They seldom realize that cyber-attacks and security breaches are threatening issues that have catastrophic consequences. These organizations have adopted digital technology and embraced big data analytics in procurement, which puts them in a vulnerable position. Big data in procurement translates to a huge pile of data that allows procurement professionals to identify cost saving opportunities, forecast trends and developments, determine risk factors and thereby mitigate potential risks in the supply chain. The growing popularity of big data in procurement only makes the organizational supply chain vulnerable to cyber-crimes and puts large volumes of sourcing and purchase data like supplier contracts, financial details and invoices at risk.

Recent Ransomware Cyber Attacks – The Organizational Security Breach

Today, organizations gradually realize the importance of having a robust and updated cyber security solution in place. Why so, you ask? Well, in the light of the recent cyber-attacks, WannaCry ransomware and Petya ransomware, that brought the business houses and government organizations across the globe to a halt. The ransomware cyber-attacks did not only corrupt the systems of leading global businesses like Maersk shipping line, Mondelez and Nissan manufacturing UK, but also government banks, state power utility and metro stations in Ukraine, including the nuclear radiation monitoring system at the Chernobyl site. These cyber-attacks are proof enough for the organizations to realize where they stand with regard to securing their IT infrastructure. It is not only the procurement function that is at risk, but the entire organization’s data is out there, vulnerable to hacking threats and security breaches.

Cyber Security and Procurement – Why You Should Take Note?

Governments and organizations should realize that with the growing adoption of digital mediums, technology advancements, easy access and data availability, their business information and procurement data is at high risk. The only way to protect the business especially the procurement function is by taking their cyber security game a notch higher. In order to beef up the IT infrastructure and cyber security, organizations should keep the following in mind,

  • Companies must implement cyber security solutions that offer up-to-date security measures and mechanisms, prevent unauthorized access to data and continously monitor security status and procedures.
  • The procurement function should collaborate with the IT department to regularly monitor systems, frequently update internal policies and create a security fence for the organization.
  • Develop a contingency disaster recovery and continuity framework by insuring the organization’s supply chain network with insurance policies that cover cyber risks and threats.
  • Assess the security parameters followed by suppliers, avoid data thefts by assisting them to build a robust cyber security plan and thereby help the vendor to strengthen their IT infrastructure and cyber security.
  • The key to a tough security mechanism is to stay updated on the latest innovations in the cyber security space and ensure that the IT systems and infrastructure are regularly updated.

Gradually, organizations have realized the importance of protecting themselves against cyber-attacks and data thefts. This has led to an increased investment in the global cyber security market, as procurement managers are increasingly turning to an extensive range of cyber security solutions and services that match their data sensitivity levels, procurement practices and business processes. At SpendEdge, we offer supply market intelligence solutions that provide actionable insights to all procurement and security related questions. Thus, facilitating organizations to make the right choice and ensuring the security of the client’s IT infrastructure.

To know more about procurement intelligence

get in touch

 

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Retail Banking – Big Data, Whether to Debit or Credit?

Many might think that the term, Big Data, is overhyped. But in layman terms, it is just large volumes of structured or unstructured data, gathered by a business on a day to day basis, from a variety of sources – external and internal, analyzed to derive actionable insights that lead the management to take important strategic decisions. Since time immemorial, organizations have leveraged historical data for analysis purposes, but there’s a certain freshness that big data analytics brings to the table. It helps unlock potential avenues to help organizations achieve their objectives, improve performance and drive innovation.

On the other hand, retail banking or consumer banking as it is popularly known, is the provision of services by a bank to individual consumers instead of corporate giants. Banking organizations aim at becoming a one stop shop for a wide array of financial services such as debit/credit cards, loans and deposits, etc.  for individual clients. Banks continuously strive to add value to their product offerings in order to provide a 360-degree banking experience to their customers.

And how will big data help retail banking organizations achieve their goals and objectives, you ask?

Here’s why.

The retail banking industry is at a stage where, post the credit and financial crisis, it must integrate analytics and big data in order to devise marketing strategies that will help the industry grow. This will enable the retail banking firms to not only achieve their objectives but also create a positive customer experience, reduce customer attrition levels and create a sustainable competitive advantage.

Big Data – Creditworthy much?

Retail banking firms can leverage big data analytics and customer analytics to improve the efficacy and profitability of their interactions with the customer. These insights can be used to ascertain which mediums consumers use to interact with banks and what drives the purchase of certain services. Data such as transaction records, mobile banking and website traffic can be utilized for analytic purposes and derive deep meaningful and actionable insights about an individual, as retail banks have access to transaction level data of customers. Additionally, retail banking companies can make use of pricing analytics to identify feasible pricing options, pacts and incentives to which customers respond in a favorable manner. They can use analytics and big data solutions to drive and improve their ROI, make leading-edge data and insights actionable.

Should retail banking firms, debit or credit ‘big data’ in their balance sheet, you ask?

Credit it, we say.

How SpendEdge Will Help Increase Your Credit Score    

There is a constant need for innovation in terms of customer engagement in the BFSI industry, which also means increased operational costs and reduced profit margins. At SpendEdge, our team of experts have a deep understanding of the key challenges faced by procurement function in the BFSI sector and bring to you detailed solutions that focus on providing necessary insights to achieve procurement excellence beyond just cost savings.

For a better understanding on use of big data analytics and data analytics tools for retail banking or consumer banking

get in touch

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Big Data and Procurement – A Match Made in Heaven?

The term – Big Data – is relatively new and may overwhelm many people, however, it is a large volume of structured or unstructured data, gathered by a business on a daily basis, analyzed for insights that lead procurement to make better strategic business decisions. This act of gathering and storing large amounts of data for eventual analysis is ages old, so what is the fuss all about, you ask?

Here it is.

Earlier, historical data was used for analysis which did not quite reflect the constant changes and trends in the market. However, with the advent of big data, companies have access to torrents of real time data, that keeps evolving at an unprecedented speed, from a variety of sources. Big data analytics holds the potential to unlock new avenues to drive the organization’s ability to improve performance, drive innovation and change across the supply chain.

The Big Impact on Procurement Data

In the past, procurement was merely seen as a purchase function, but today it is evolving towards being a more trusted strategic business advisor. The organization’s procurement function is gaining focus as the management realizes the strategic impact it has on the topline growth and is being given a seat at the strategic decision making table. Business heads are increasingly relying on procurement to create a sustainable competitive advantage. Why so, you ask?

Here’s why.

Big data has been the key enabler for procurement’s transition from low to high priority. It is essential to procurement in three ways: spend analysis, supplier management and predictive analytics. Spend analytics organizes and analyzes historical spend data of an organization and addresses its concerns regarding spend visibility, compliance and budget control. Implementing it in the organization whether in the form of technology, hiring experts or simply outsourcing the function, will aid procurement to filter amassed data into actionable insights and provide detailed analysis of spend. This data that has been collected through various sources can support procurement in supplier management and identifying those who are in sync with the organizations objectives and goals. This helps in taking decisions while re-ordering or re-assessing the contracts. The utilization of big data enables accurate calculating and use of predictive analytics to foresee the direction of certain markets and demand for specific resources, and allow procurement to devise strategies appropriately.

The Big SpendEdge Advantage

This collaboration of big data with the procurement function will enable management to make better, informed decisions and mitigate possible risks. Collecting data is one thing; packaging information in a way that enables the stakeholders to make strategic decisions is a completely different thing, wondering how you’ll use available data to maximize benefits? At, SpendEdge, we offer a wide array of services to solve your procurement, spend and supplier issues among several others, with granular insights on sourcing and procurement activities and other spending trends.

 A match made in heaven, you ask? Definitely.

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