Make Better Decisions Based On High Quality Data

Make Better Decisions Based On High Quality Data

Make Better Decisions Based On High Quality Data

By The oboloo Team

How To Make Better Decisions From High Quality eProcurement Data

The explosion of data available to companies has increased exponentially over the last few years. This is due to the collection of data by digital systems in every aspect of both our daily work and personal lives. The collection of this data is being used to help continually improve processes and develop software and hardware solutions that will make businesses more efficient and effective and ultimately more profitable.

One thing that has become clear is that the data out is only as good as the data in. This is a fundamental issue that is faced by all systems that process data. Therefore, the quality of the data in needs to be kept as high as possible to ensure that the quality of the data out is accurate and meaningful. This becomes even more important when key decisions are based on the analysis of the data out that could deliver potentially disastrous results.

eProcurement systems are designed to collect multiple data sets that once processed provide invaluable insights that drive the business forwards. As a result, for businesses that use eProcurement systems to process data upon which they make strategic decisions the quality of the data out is critical, otherwise they potentially risk making costly mistakes. The cleaning up and categorisation of spend data has created an industry in its own right of companies that deliver valuable insights from another company’s own data.

The simple fact is that the quality of the data in needs to be better controlled to reduce the opportunities for errors and sub-optimal outputs. There are various ways to control this quality that eProcurement systems have adopted to provide the best value data outputs available.

oboloo uses the internationally recognised CPV categorisation codes for types of spend and SIC codes for supplier industry types. This makes the data out far more meaningful for the businesses that use it.

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