Procurement Analytics, CAPS Research

About this Video

• Video Title: Procurement Analytics, CAPS Research
• Channel: CAPS Research
• Speakers: Raghu Santana, Michael Gone
• Duration: 00:03:01

Introduction

This video presents an overview of a CAPS Research report on procurement analytics. The speakers, professors at Arizona State University, discuss how big data is modernizing data architectures in procurement and the four trends driving this change. They highlight the importance of data architecture, model management, and understanding different maturity archetypes in leveraging procurement analytics.

Key Takeaways

• Big data is modernizing procurement data architectures: The report focuses on how big data is impacting procurement and the need for updated data architectures.
• Four trends motivated the research: These trends prompted the study into how organizations are redesigning data architectures to handle the increased data volume.
• Data architecture is crucial for trusted decision-making: A well-designed data architecture ensures data consistency, allowing for reliable decision-making. It's not just technology but process and people as well.
• Four maturity archetypes are identified: The report categorizes organizations into four maturity archetypes based on their procurement analytics capabilities, detailing how each archetype acquires, ingests, analyzes, and uses data.
• The report offers roadmaps: Instead of a one-size-fits-all solution, the report provides adaptable roadmaps to guide organizations through the process of implementing procurement analytics and data architecture improvements.