High Quality Procurement Data Can Help You Make Better Decisions

The explosion of data available to companies has been growing at an exponential rate over the past few years. This is due to the collection of data by digital systems in every aspect of our daily lives, both work and personal. Using this data, businesses can continually improve processes and develop software and hardware solutions that increase efficiency and profitability.

What has become clear is that data is only as good as the data that goes in. The problem is fundamental to every system that processes data. Therefore, the quality of the data in needs to be as high as possible to ensure that the data out is accurate and meaningful. It is even more crucial when key decisions are based on the analysis of data that could deliver potentially disastrous results.

As part of their design, eProcurement systems gather multiple data sets that, after they have been analyzed, provide business leaders with valuable insights. Therefore, eProcurement systems that process data from which strategic decisions are made rely on its quality, otherwise they may end up making costly mistakes. Cleaning up data and categorizing spend data has created an entire industry of companies that deliver valuable insights from another company’s own data.

There is a necessity for better control of the data in order to reduce the possibility of errors and sub-optimal results. In order to provide the best value data outputs, e-Procurement systems have adopted a variety of ways to control this quality.

oboloo uses the internationally recognised CPV categorisation codes for types of spend and SIC codes for types of suppliers. The data is far more useful for the businesses that use it.

oboloo enables businesses to be supplier smart through sourcing, contract, supplier and savings management. www.oboloo.com