About this Video

• Video Title: Emerging Procurement Technology interview, CAPS Research
• Channel: CAPS Research
• Speakers: Rob Hanfield
• Duration: 00:03:40

Introduction

This video is an interview discussing emerging procurement technologies. Rob Hanfield, a faculty member at North Carolina State University, shares insights from a report on the topic, focusing on the importance of data analytics, data governance, and talent development in the procurement field. He emphasizes the need for experimentation and iterative learning when implementing new technologies.

Key Takeaways

• Data Analytics are Crucial: Successful procurement requires leveraging analytics and visual data to support strategic decision-making and cost reduction.
• Data Governance is Essential: Effective data governance—including data structure, collection, and integration—is fundamental for successful data analytics.
• Talent is Key: A team combining data scientists, subject matter experts, and business stakeholders is necessary to effectively develop and implement data analytics projects.
• Experimentation and Iteration: Procurement needs to adopt an R&D approach, embracing experimentation, learning from failures, and quickly iterating to improve processes.
• Many Procurement Platforms Exist, But Few Are Definitive Solutions: While a large number of procurement platforms exist, few offer comprehensive solutions for driving analytics.