Procurement analytics involves the collection, analysis, and interpretation of data to drive informed decision-making and optimize procurement processes. It leverages data analytics tools and techniques to gain insights into spend patterns, supplier performance, market trends, and risk mitigation strategies.
Beginner competence definition
Beginners have basic knowledge of data collection and entry techniques. They can assist in data gathering processes by organizing and inputting procurement-related data into designated systems. They support more experienced professionals in generating basic reports and conducting basic data analysis tasks. They may also require guidance in utilizing data analytics tools and interpreting findings.
Intermediate competence definition
Intermediate-level professionals are proficient in data analysis and reporting. They have a solid understanding of data visualization techniques and can generate meaningful reports and dashboards to communicate insights. They also possess strong analytical skills to identify cost-saving opportunities, assess supplier performance, and detect potential risks. Additionally, they actively participate in data-driven decision-making processes and contribute to the development of procurement strategies based on data-driven insights.
Advanced competence definition
An advanced-level professional has advanced knowledge of data analytics methodologies, statistical modeling, and predictive analytics techniques. They are able to leverage advanced data analytics tools and technologies to extract valuable insights from large datasets, as well as develop and implement analytics frameworks to monitor procurement performance, identify trends, and predict future demand and risks. They also provide strategic recommendations based on data-driven insights to optimize procurement strategies, improve cost efficiencies, and drive process optimization. In our experience, we have found they possess strong communication skills to effectively communicate complex data findings to stakeholders and drive data literacy within the procurement team.
Supplier relationship management
Supplier diversity and inclusion