Data As A Procurement Pipeline

Procurement / By / February 8, 2022 / 2 minutes of reading

Data As A Procurement Pipeline

February 8, 2022
Procurement

There is a lot of procurement data out there, but it doesn’t always have reliable or consistent features. Data that’s raw, unreliable, inconsistent, and scattered across different systems is hard to work with and makes it difficult to create a robust business pipeline.

Most procurement teams conduct some level of pipeline analysis in order to plan activity based on the upcoming end dates of contracts. In this case, the analysis is valid and useful, designed to deliver more effective procurement.

However, this work is limited, because it fails to exploit the potential in most of the procurement data available. Better use of data, combined with new analysis techniques, including machine learning and natural language processing can provide new insights into the activities of procurement teams and their suppliers and provide you with a better, more robust business pipeline.

Here are some of the advantages of using a high-quality data feed to create your business pipeline.

1) Track Spend

Understand how your spend is trending, who are you buying from the most, and how much you are spending.

2) Business Intelligence

Use Qlik templates for internal analysis of procurement performance.

3) Negotiation Strength

Negotiation with powerful data, analytics, and insights.

4)Sustainability

Green procurement is here to stay in Government contracts. We’ll help you see how your purchasing strategies align with your sustainability goals. Our carbon dashboard will tell you the footprint of every contract.

5) Supplier Management

Conduct supplier evaluations by looking at multiple attributes of their business practices. Rank your top suppliers and compare them to find the one that is best suited to meet your needs.

Spend Network is a global expert in government procurement with the best procurement data available. Our plug-and-play API gives you a fast and efficient stream of best-in-class procurement data, to fast-track your business growth. Get in touch if you’d like to discuss.

 

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