Tag Archives: procurement analytics
Procurement Analytics Use Cases Examples
Last updated: 26th Nov, 2023 The procurement analytics applications is seeing tremendous growth in last few years. With so much data available, advancement in data analytics and related technology field, and the need for digital transformation across procurement organizations, it’s important to know how procurement analytics can help you make better business decisions. This blog will cover procurement analytics and key use cases examples from advanced analytics field such as machine learning, AI, generative AI that will be useful for business stakeholders such as category managers, sourcing managers, supplier relationship managers, business analysts/product managers, and data scientists to implement different use cases using machine learning. The use cases around data-driven decision …
Supplier Relationship Management & Machine Learning / AI
Supplier relationship management (SRM) is the process of managing supplier relationships to develop and maintain a strategic procurement partnership. SRM includes focus areas such as supplier selection, procurement strategy development, procurement negotiation, and performance measurement and improvement. SRM has been around for over 20 years but we are now seeing new technologies such as machine learning come into play. What exactly does advanced analytics such as artificial intelligence (AI) / machine learning (ML) have to do with SRM? And how will AI/ML technologies transform procurement? What are some real-world machine learning use cases related to supplier relationships management? What are a few SRM KPIs/metrics which can be tracked by leveraging …
I found it very helpful. However the differences are not too understandable for me