Emerging digital and advanced analytics tools promise new levels of procurement performance. To deliver that promise, CPOs must discover which of them are best suited to the needs of their company.
For businesses, big data and advanced analytics will have profound implications: in raising data-driven decision making to a new level, helping companies to generate new insights, and enabling them to collaborate at scale. Imagine a procurement team so deeply connected to every tier of its supply base that it has access to all relevant data on cost structures, supply availability, lead times, financial and operational risks, and service and quality metrics. This procurement team would be well-positioned to negotiate the “right” prices, instantaneously adapt its own planning, or switch to alternative suppliers in the event of supply shortages. It could even proactively help suppliers improve deteriorating quality levels by spotting problems earlier and identifying their root causes more accurately.
In yesterday’s Twitter Jam (09th August 2019) on DRIVING SUPERIOR VALUE THROUGH DIGITAL PROCUREMENT, our expert speakers shared their thoughts by answering some of the questions asked during tweetchat. This tweetchat was a precursor to the Tech Supply Chain Conference, Exposition & Awards 2019 which is going to be held on the 19th – 20th September 2019 in Mumbai.
Here is a glimpse of what the industry experts said:
CPO Innovation Media thanks all our expert speakers and participants who participated in this tweetchat and shared their valuable insights.
Stay tuned for more such events. Follow us on twitter @CPOInnovation.