Question
Analytics and insights play a crucial role in the procurement process. They help in understanding the spending patterns, supplier performance, and market trends. This information can be used to make strategic decisions, identify cost-saving opportunities, and improve supplier relationships. Analytics also aid in risk management by identifying potential supply chain disruptions. Insights derived from data can lead to improved procurement strategies, resulting in significant cost savings and efficiency improvements.
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After these puzzles were solved, the IBM team came up with the following procurement solutions: master data management, analytics and insights, sourcing and contracting, content management, order management and helpdesk and payables. The new procurement process allowed IBM to deliver $67 million in savings in the first year, reduce procurement costs by 13% and achieve an immediate four-point improvement in Net Promoter Score (NPS).
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