The Increasing Importance of Procurement Data Management

In procurement, there is no shortage of data; in fact, most organizations are inundated with it. We all know data has come a long way in the past few years, but why has not our procurement data management strategy?

When it comes to procurement, organizations worldwide still rely on their gut for decisions. Guesswork makes it impossible to address the data challenges. Therefore, organizations often fail to get the first layer of quality data right to start any analysis and struggle with questions like:

  • How to overcome the data visibility problem?
  • What technology to use?
  • How to bridge the gap between centralized and decentralized spend data?
  • How to transform the low-quality spend data to make it usable?

These questions have a deeper purpose. The information that you miss without the light of data management is crucial and can bring you closer to a horizon with endless opportunities.