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Advanced Analytics Plays a Vital Role in Transforming Procurement

 

Anuj Prakash

Functional Consultant - Supply Chain Analytics, Analytics and Insights Team, TCS

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How advanced analytics can revolutionize solutions for supply chain management

Across the world, businesses have been using analytics to secure procurements in the face of external disruptions. Since procurement and supply chains are likely to be the first casualty in the event of a disruption, businesses need intelligent supply chain management solutions.

However, the traditional form, descriptive analytics, is no longer viable given present-day challenges.

The situation calls for advanced analytics, where artificial intelligence and machine learning solutions help preempt and cope with disruptions in the procurement process. They can help overcome all challenges of supply chain management, such as failure to fulfill demand and compliance issues.

Armed with data-driven insights, advanced analytics can assist businesses in better negotiation and optimal pricing, helping them save up to 8% in costs. Given the exponential value that they deliver, the procurement analytics market is expected to grow from $1.6 billion in 2018 to $5.6 billion by 2025.

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