Big friendly data is here... almost. In 2015, Spend Matters predicts that analytics will become much more pervasive, proactive and occasionally predictive. Progressive procurement organizations are already building analytics into their CoE (Centers of Excellence) for delivering key intelligence and insights to their stakeholders. 2015 will see the incorporation of even more types of data and analytical approaches, from forecasting and statistical modeling of supply chain risk, to new types of approaches, to more mundane areas like spend analysis (which is still the bread and butter to feed the savings beast).
Perhaps, most important, from a technology standpoint, rather than just analyzing historic spend and performing basic performance reporting, analytics will become embedded into the real-time decision making for all procurement processes. In-memory, cloud-based packaged analytics that marry domain-specific external content and algorithms to identify opportunities on behalf of procurement stakeholders will become much more commonplace (e.g., fraud detection, advanced cost management, contract analytics, supplier monitoring, supply network mapping and simulation/optimization, procurement performance benchmarking, etc.).
Third-party content aggregators and market intelligence providers are doubling down on applying analytics to their aggregated "big data." Moreover, vendors are stepping up their game on the BI, source-to-pay and dedicated analytics side.
Big friendly data is here. Almost. Get to know it before it befriends someone else. And becomes not so friendly — at least to you.
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