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Using Analytics for Market Analysis and Improved Procurement

There are many factors that dictate the cost of goods - from competition to market trends to margin. It's important to develop the analytical skills of your team members to better equip them with the business intelligence to play a more profound role on the procurement team.

Learn how to gather and interpret important market data and procurement analytics and put it to work for your organization. Here are six important data points to consider when looking to improve your sourcing and procurement training.

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Using Analytics for Market Analysis and Improved Procurement

  2. 2. Copyright © 2017 Accenture All rights reserved LOOKING TO IMPROVE YOUR SOURCING AND PROCUREMENT SKILLS?
  3. 3. Copyright © 2017 Accenture All rights reserved SEE WHAT MIGHT BE MISSING IN YOUR PROCUREMENT ANALYTICS PROCESSES The use of analytics in procurement is nothing new - but it continues to be more important than ever. In fact, Aberdeen suggests there is $260 billion in missed savings opportunities annually! Procurement professionals can determine if a market is stagnant, declining or growing, and how to evolve with industry change. This data sets companies apart by allowing for improved decision- making, providing a competitive edge and better positioning for sustainable growth. Procurement analytics is the process of using quantitative methods to derive actionable insights and outcomes from data. It involves capturing and using historical data to support fact-based decisions to gain an advantage in the marketplace.
  4. 4. Copyright © 2017 Accenture All rights reserved MACHINES& TECHNOLOGY CONTINUETO EVOLVE POINT 1 It’s an expectation that each year brings about new technology that will help grow our businesses (and society, as a whole). Soon, technology will emerge that allows for even more insightful and richer analysis. A few important apps that Accenture Academy expects to appear in the next 5-7 years to improve Procurement Processes include: • Virtual Company • Supply Analytics • Virtual Supplier Room • Virtual Category Room • Supplier Network These technologies will serve as the underlying infrastructure of Procurement in 2020.
  5. 5. Copyright © 2017 Accenture All rights reserved For the data analysis novice, or professionals with limited statistical experience, data visualization helps to more easily tell the story in today’s busy business world. This can include internal collaboration or when negotiating with outside vendors. Having the right skills and tools in place to turn your data into usable takeaways is key. Our reports show there’s 35% accuracy in a “gut-feel” decision vs. 95% accuracy in Analytics. SHOW YOUR WORK TO WIN YOUR CASE POINT 2 DATAVISUALIZATION CANGOALONGWAY
  6. 6. Copyright © 2017 Accenture All rights reserved SHIFTFROMPREDICTIVE TOPRESCRIPTIVE ANALYTICS Data is great in that it allows us to make decisions based on historical fact, rather than assumptions. Resulted action items are what makes big data so popular and coveted by most large organizations. However, it’s no longer acceptable to just interpret data. The newest concept, and rightfully so, is prescriptive Analytics, or recommended actions with extreme confidence due to data trends and insight. Data-enabled Procurement Analytics provides the foundation. AREAS THAT THIS DATA COULD GIVE CPOS A COMPETITIVE ADVANTAGE INCLUDE COMMODITY PRICING PRODUCT COSTS COMPLIANCE PLANNING QUALITY AND RELIABILITY POINT 3 1 2 3 4 5
  7. 7. Copyright © 2017 Accenture All rights reserved Leverage the right technology and talent to structure and organize your data to turn it from random digits to concrete decisions. According to CIPS, 80% of all data is unstructured. It will help your company benefit in the long run. Sources of data are endless, especially with digital tools. Consider CRMs, cloud collaboration, social media, website and more; getting data isn’t the issue. Organizations are now faced with mining through and making the most sense of the information overload. 80%POINT 4 TIME TO GET ORGANIZED WITH DATA Copyright © 2017 Accenture All rights reserved
  8. 8. Copyright © 2017 Accenture All rights reserved SPEND ANALYSIS OFFERS TREMENDOUS COST SAVING POTENTIAL Data exists in a number of resources across your Procurement team’s tools - from accounts payable to enterprise resource planning to bank feeds. Many companies today still rely on outdated legacy systems. Spend analyses are then performed within individual sites or divisions, or within single data sets. The results are inconclusive. Instead, organizations should understand systems that gather data and ensure completeness of spend records while assessing the usefulness of that data. Through the right technology and talent, these practices can be done quicker and with more accuracy. Aberdeen estimates that inadequate spend data management capabilities are costing businesses $260 billion in missed savings opportunities annually POINT 5
  9. 9. Copyright © 2017 Accenture All rights reserved IT’S IMPERATIVE TO BRIDGE THE PROCUREMENT TALENT GAP POINT 6 • The IDC projects businesses will spend more than $60 billion on cognitive solutions by 2025. Still, it’s not to say that jobs will be lost due to artificial Business Intelligence and cognitive solutions. Instead, we humans will be required to work smarter and lean on those machines to do our jobs more efficiently. • The 2015 MIT Sloan Management Review found that 40% of companies struggle with finding the talent they need. Majors that produce data scientists are becoming more popular but the pool still remains slim. • It is in the best interest of larger organizations to provide seasoned professionals with the training they need to perform their Procurement jobs better. Also, retaining that talent should not be overlooked. Copyright © 2017 Accenture All rights reserved
  10. 10. Copyright © 2017 Accenture All rights reserved LOOKING FOR HELP? • Accenture Academy meets the needs of organizations for broader and more integrated employee skill sets by offering an extensive, proven Analytics curriculum. • We integrate that curriculum with a variety of specialty and business-management skills in areas such as process excellence, project management, risk management and leadership. • As a worldwide leader in innovative and effective learning solutions, Accenture Academy provides a blended, interactive and highly engaging learning environment. • Our courses are designed to help organizations achieve measurable business outcomes, and our learning professionals work with clients to keep learning plans aligned with changing strategies and business goals.
  11. 11. Copyright © 2017 Accenture All rights reserved LEARN MORE SOURCES • http://www.forbes.com/sites/bernardmarr/2016/08/16/how-to-use-analytics-to-identify-trends-in-your- market/#4435ca94228b • http://www.scmworld.com/how-procurement-can-harness-big-data-analytics/ • http://www.slideshare.net/rajatdhawan/use-of-analytics-in-procurement • https://www.cips.org/supply-management/opinion/2014/october/five-tips-how-procurement-can-use-big- data-effectively/ • http://www.cio.com/article/3025869/analytics/6-analytics-trends-that-will-shape-business-in-2016.html • https://www.unspsc.org/Portals/3/Documents/Best%20Practices%20in%20Spending%20Analysis%20-- %20Cure%20for%20a%20Corporate%20Epidemic.pdf JOIN THE CONVERSATION: @AccentureAcdmy Follow Accenture Strategy