Analytics and Insight
Procurement performance is founded on data and information, procurement is at heart a highly analytical discipline and requires significant insight into spend patterns, budget plans and developments internal to the organisation as well trends and changes to the external market, both at a micro and macro economic level.
Understanding what has been spent, codifying it into information that allows procurement to digest it in terms of the external marketplace is critical to developing sourcing strategies. Odesma has a highly sophisticated spend analytics and data insight tool-suite that turns internal ledger, A/P and other data drawn from customer systems into a highly robust spend cube. This details spend in terms of what was actually supplied, from whom, and for which customer businesses. The difference with Odesma’s approach is that it achieves accuracy levels close to 100% due to web crawler technology that literally searches invoice and Purchase Order narrative as well as searching the suppliers web presence to identify exactly what has been supplied by category and sub category.
Odesma’s solution is highly customisable and typically self refreshing with very low overhead to maintain topicality. It sits on the customers desktop, allowing full and dynamic access at all times for all customer procurement staff.
Odesma Analytics also provides wider opportunities to deploy the same technology to interpret and make sense of large data sets across the business and to normalise them. For instance part number sequences for directs goods supplied to multiple regions or businesses where the codification is not consistent.
Understanding the supply market place, having full market insight and knowledge is critical when managing categories, Odesma have category work books and access to leading market business intelligence solutions to support intelligent decision making.
AI is one of the most discussed topics across the world today. As with any popular topics myths are created and often used as reasons to not apply theory to practise. As a result, AI in procurement has developed a few myths along the way. According to a Hackett group...