CPOstrategy’s Post

Thanks Mike Sadr for sharing! EVERYONE at DPW talking about AI and the importance of having good data... "it all starts with good data" "the output of AI is only as good as your data" "the layer data is critical to leveraging Gen AI"... and more. BUT NO ONE talked about how complex is it to achieve good data and solutions to get your data in shape to leverage AI. It is a BIG miss! We are seeing positive changes with procurement teams investing time and resources on solving the internal and external data challenge. Procurement is far more literate when speaking about data. The challenge remains that most of the processes and infrastructure being put in place is incredibly manual and repetitive without high level of confidence in the data output. Our recommendation - Focus on data, look for solutions to automate and accelerate your processes and reduce manual efforts. Make your objective to understand the state of your data today and make incremental improvement that will enable quality data at scale and sustainable long-term. In July, we launched Teal iQ to help procurement teams diagnose gaps and opportunities to improve their data + enrich missing fields as well as expand attributes needed to tackle valuable use cases. Don't say that data is the light when your data is still locked in a dark closet.

"Data is the light" but it's locked deep in a dark closet... Thanks Mike Sadr for sharing! EVERYONE at DPW was talking about AI and the importance of having good data... "it all starts with good data" "the output of AI is only as good as your data" "the layer data is critical to leveraging Gen AI"... and more. BUT NO ONE talked about how complex is it to achieve good data and solutions to get your data in shape to leverage AI. It is a BIG miss! We are seeing positive changes with procurement teams investing time and resources on solving the internal and external data challenge. Procurement is far more literate when speaking about data. The challenge remains that most of the processes and infrastructure being put in place is incredibly manual and repetitive without high level of confidence in the data output. Our recommendation - Focus on data, look for solutions to automate and accelerate your processes and reduce manual efforts. Make your objective to understand the state of your data today and make incremental improvement that will enable quality data at scale and sustainable long-term. In July, we launched #TealiQ to help procurement teams diagnose gaps and opportunities to improve their data + enrich missing fields as well as expand attributes needed to tackle valuable use cases. CPOstrategy https://lnkd.in/g53qq9v4

“As data becomes more accessible, the need for a trusted data foundation becomes more important.”  TealBook CEO and founder, Stephany Lapierre, has been tackling the #data problem in #procurement since 2018. In this CPOstrategy feature, she discusses this issue and shares how Tealbook works to address it, helping procurement teams diagnose gaps and opportunities to improve their data. #WITFund

Manufacturers striving to compete effectively must establish a robust strategy founded on accurate information about their operations. It is crucial for manufacturers to possess a reliable source of truth to base their decisions on. Regrettably, many manufacturers fall short in this aspect, relying on incomplete or inaccurate data that can misguide their choices. Subpar data quality or even absence of data altogether ultimately result in ineffective decisions and missed prospects for growth and optimization. It is imperative for manufacturers to prioritize developing a solid foundation of truth through comprehensive data analysis to succeed in an ever-evolving market landscape. #DataDrivenManufacturing #nerp #Nirmalya

In the evolving landscape of procurement, data is not just a tool—it's the driving force. Discover how advanced analytics is transforming procurement processes, making them more strategic, efficient, and insightful. Read our latest article to explore how analytics is shaping the future of procurement, enabling smarter decisions, reducing risks, and unlocking new value. 👉 https://lnkd.in/dXcFGr6e #Procurement #Analytics #DataDriven #SupplyChain #PredictiveAnalytics #AIbasedAnalytics #FutureOfProcurement #Mavenvista #VendX

In the evolving landscape of procurement, data is not just a tool—it's the driving force. Discover how advanced analytics is transforming procurement processes, making them more strategic, efficient, and insightful. Read our latest article to explore how analytics is shaping the future of procurement, enabling smarter decisions, reducing risks, and unlocking new value. 👉 https://lnkd.in/dXcFGr6e #Procurement #Analytics #DataDriven #SupplyChain #PredictiveAnalytics #AIbasedAnalytics #FutureOfProcurement #Mavenvista #VendX

In the complex world of shipping data analytics, efficiency, visibility, and cost allocations are key. 🚚📊 The use of Load IDs is proving to be a game-changer in achieving these objectives. Load IDs provide a unique identifier for each shipment, enabling a more granular level of tracking and analysis. 🎯 This results in improved efficiency, as it allows for the identification of bottlenecks and inefficiencies in real-time. Moreover, the use of Load IDs enhances visibility across the supply chain. 🌐 This means that stakeholders can have a clear picture of where shipments are at any given time, leading to better decision-making and improved customer service. Lastly, Load IDs can significantly improve cost allocations. 💰 By tracking each shipment individually, businesses can accurately allocate costs and identify areas for potential savings. So, how is your organization leveraging the power of Load IDs? Are you experiencing improved efficiency, visibility, and cost allocations? Share your experiences below! 👇 #ShippingDataAnalytics #SupplyChain #Efficiency #Visibility #CostAllocations #LoadIDs #DataAnalytics #SupplyChainManagement #CustomerService #DecisionMaking #CostSavings 👓 Read more: https://lnkd.in/dpi5mMNi

Is your business bogged down by bad data? Inaccurate supplier information costing you profits and efficiency? You're not alone, 75% of vendor master lists are riddled with errors, hindering smart decision-making and supply chain optimization. But fear not! This comprehensive article dives deep into the power of data cleansing and its key role in driving business growth. Learn how accurate, up-to-date data can: 👉 Slash costs and eliminate duplicate payments 👉 Boost supplier satisfaction and engagement 👉 Empower better decision-making and strategy 👉 Uncover hidden savings opportunities Don't let messy data drag you down! Read our article now for actionable tips and insights on cleaning your supplier data and unlocking its full potential. https://bitly.ws/37eai #value #data #datariven #datamanagement #dataprocess #procurement #procurementprocess #supplychain #supplychainoptimization #businessgrowth #decdisionmaking #datacleansing #bedrock

How does unstructured data help procurement transform how they approach savings? There are a couple key trends here: 1. 80% of all enterprise data is unstructured and grows 3x faster than traditional structured sources 2. Savings is a subjective metric that is often not tied to value creation Most Procurement teams are doing an excellent job delivering their savings results but often struggle to be recognized for the real value they bring. Part of the reason value creation metrics are not more widespread is because the data needed to support them is not robust in the way that top-level financial numbers are. There are key internal data assets that need to be 100% complete, contextualised, sharable across departments, and always up-to-date: - Inventory - Contract Repository - Product / Service Catalogue - Spend - Suppliers The reports pulled from these assets give you and your business stakeholders the foundation to: - Agree on the right metrics for value - Provide ongoing operational inputs across departments while coming from the same common source - Implement automation for savings identification tied to value metrics - Implement simple repeatable workflows for savings realization Unstructured data is the great unlock here as you can't achieve completeness nor transparency without the data locked in unstructured sources like contracts, invoices, emails, reports etc. We call this process Document ETL to represent how data is ingested, integrated, de-duplicated, and analyzed to meet the requirements for these data assets. If you found this relevant to you, I invite you to grab a complimentary copy of 'The 3-Step Guide to Achieve 360° Spend Visibility' by following the link in the comments below. Note: If you don't see my comment below with the link, choose 'Recent Comments' in the dropdown below my post. #valuecreation #procurement #savings