Supplier Insights Discovery – Data and Analytics Approach
An efficient and evolved supply process helps companies in several ways:
- Reduces procurement and excess inventory costs.
- Supports a customer-focused business that delivers product and service optimization.
- Delivers quality in desired time frame.
- Improves supply process.
Supply management includes sourcing, procurement and elements of the upstream supplier. Organizations engage the pool of suppliers for best practices and high- quality goods and services, while enhancing economic opportunities.
Supplier maturity assessments are carried out from a strategic perspective of enhancing the competitiveness of the organization. The maturity journey of supply management leaders involves dealing with people, processes and technology capabilities. This paper focuses on the technological needs of a maturing enterprise with respect to business intelligence and analytics.
Supplier management maturity stages
Supplier management can be categorized into five phases: supply chain maturity based on ease of business adoption, complexity of data analysis and tactical vs. strategic recommendation ability. Our clients are guided to reach stage three, which results in functional excellence and further helps them to achieve stage four and five which maximizes the value. Supply management maturity deals with managing and controlling spend and also leverage on savings appealing to different stakeholders.