Metadata Explained: What it Means for Spend Analytics, Supply Risk, Supplier Performance, and More [PRO]
What exactly is metadata, you ask? It’s all over the media these days. Although not quite metaphysical, metadata is essentially data about data. In procurement and supply chain, especially in areas of risk management – which obviously can take just about any shape or form depending on just what risk means to your business – the opportunity for solution providers to develop additional value from metadata analysis is enticing. This is practically a freebie value-add that allows solution providers to remain far stickier with their clients. Sure, it requires a bit of initial programming and possibly some hardware to really massage the data, but after that there’s really no variable cost associated with this. The benefits can be tremendous – done right, this will be the most power risk analysis and opportunity assessment approach supply chain has ever seen. Read on for discussion of the benefits, use cases, as well as takeaways for suppliers and for practitioners.