Tag Archives: procurement
Spend Analytics using AI & Data Science
In this post, you will learn about the high-level concepts of spend analytics in relation to procurement and how data science / machine learning & AI can be used to extract actionable insights from spend analytics. This will be useful for data analytics or business analytics professionals looking to understand the concepts of spend analytics. The following topics will get covered in this post: What is spend analytics? Why spend analytics? Spend analytics – Descriptive & Predictive Some popular spend analytics products What is Spend Analytics? Simply speaking, spend analytics is about performing systematic computational analysis to extract actionable insights from spend data. As part of spend analytics, the following are …
Machine Learning Use Cases in Procurement
This post represents some of the important machine learning use cases in the procurement domain. These use cases can also be categorised as predictive analytics use cases for procurement. The list is not aimed to be exhaustive. However, some of the most important ones are listed. In case, you would like to add one or more use cases which I might have missed, pls feel free to suggest. The following are five key business function areas / department in procurement department. Demand management Category management Supplier management Sourcing management Contract management In all of the above function areas, there can be multiple use cases which can take advantage of machine …
