Advances in technology are making it possible to generate more data than ever before. We can quantify, measure, and track every single interaction, transaction, and engagement in excruciating detail. And when we collect these “big data,” we can gain tremendous insights into business processes, including global procurement strategy. Because global procurement is focused entirely around obtaining greater efficiencies and streamlining purchasing operations, global procurement is primed to be revolutionized by the insights that stem from big data. Businesses that collect big data insights are finding that they can refine global procurement strategies and processes with greater precision than ever before. They also can intervene more effectively to resolve problems and challenges, and they can use concrete data instead of intuition and instinct to accomplish this work. One study by the Massachusetts Institute of Technology’s Sloan School of Management found that among companies in the top third within their industry, the use of data-driven decision-making made a company 5% more productive and 6% more profitable than a company that didn’t use data-driven decision-making. Here are a few ways that CenterPoint utilizes technology:
Transaction analysis
A typical analysis only includes 250,000 transactions. But our proprietary database analyzes every purchase, so we can harvest all the fruit, not just the low-hanging type.
Audits and benchmarks
We use technology to ensure prices are billed correctly and to identify savings opportunities based on your purchases. Our database procurement software—Microsoft Dynamics—allows us to do sophisticated auditing, benchmarking and analysis.
RFPs
We use a state-of-the-art eRFx software to ensure RFPs issued remain best in class. We put all our suppliers through a rigorous process, and use auctions, bidding and other tools to get the best possible deals.
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