Procure Analytics Definition
In business, analytics is the science of analysis. Analytics refers to the systematic examination of data or statistics to answer questions and test hypotheses. In procurement, analytics is the application of statistical methods and analytical techniques to understand and optimize the purchasing process.
Analytics can be used to identify patterns and trends in purchasing behavior, understand the drivers of cost and performance, and predict future needs. Procurement analytics can help organizations make better informed decisions about where to source goods and services, how to negotiate with suppliers, and how to manage supplier relationships.
When used effectively, procurement analytics can help organizations save money, improve quality, and reduce risk.