Data Analytics in Procurement is the process of using data to inform decisions related to the procurement of goods and services. It involves the collection, analysis, and interpretation of data to identify patterns and trends in order to make informed decisions. This data can be gathered from a variety of sources, including internal data, external data, and public data. By using data analytics, organizations can make more informed decisions on which vendors to work with, what products to purchase, and how to optimize their procurement processes. This can help organizations save money, reduce waste, and increase efficiency. Data analytics in procurement can also be used to identify opportunities for cost savings, identify potential risks, and monitor supplier performance. Ultimately, data analytics in procurement can help organizations make better decisions, reduce costs, and improve efficiency.
