datifact’s Post

Navigating the Procurement Market Intelligence Journey Embarking on a procurement market intelligence journey is not straightforward. Over the last few months, our new and small team at Procurement Fresenius Medical Care has been taking practical steps to set up the foundations while delivering quick wins. Here is the journey so far: 1️⃣ Voice of the Customer (VoC): It all starts with listening to what Procurement stakeholders want and what matters most to them. 2️⃣ Baseline: Before diving in, it's important to know what tools and resources are already available, and how they are being used, at which cost. By setting up the baseline and comparing to the VoC results, the team gets a clear picture of what can be improved, eliminated, kept, and what's missing. 3️⃣ Definitions, scope, why, strategy, and action plans: ▪️ Aligning on terminology across the organization is key. ▪️ Defining why and where we're going and how to get there is crucial. ▪️ The team did that for: 3.1- Supply market analysis & intelligence. 3.2- From selecting market price indexes to building a market volatility matrix. 3.3- Cost analysis considering a wide range of options. E.g. Price revision formula, rate cards, cost breakdowns, should-cost models (TCO in the future). 3.4- Supplier profiling. 3.5- Supplier scouting. 4️⃣ Strategy for custom reports: It is fundamental to decide what kind of reports will be done in-house vs. outsourced. 5️⃣ Agreement with a Market intelligence key partner for self-service and custom advanced market intelligence. 6️⃣ Roadmap on data visualization, automation, AI with the aim to move to more predictive analytics. 7️⃣ End-to-End approach: All the planned actions in this area should be connected to risk management and category management uplift plans. 8️⃣ Communication, change management, stakeholder engagement. In conclusion, the procurement market intelligence journey at Fresenius Medical Care is about taking practical steps to allow category managers to make better decisions and strategies. How do you build your Procurement Market Research journey❓ Any good practice to share❓ #purchasing #procurement #procurementbluesky #futurodecompras

Great summary. Strategic purchasing is the result of the consideration of diverse inputs towards the best solution/gain along the time. To efficiency the resources is a complex and enjoyable task.

📊 Data isn't just numbers on a screen—it's a powerful tool that drives decision-making. In procurement, leveraging data analytics allows us to make smarter, faster decisions that add significant value to our organizations. 💡 By analyzing spending patterns, supplier performance, and market trends, we can identify opportunities for improvement and innovation. Data-driven procurement transforms how we operate, leading to enhanced efficiency and strategic advantage. ⚙️ Embracing data analytics isn't just beneficial; it's essential for staying competitive in a rapidly evolving marketplace. #DataDrivenProcurement #Analytics #DecisionMaking #DigitalTransformation #ProcurementInsights

📊 Big Data in Procurement: Driving Excellence 📊 Big data is transforming procurement, enabling smarter, data-driven decisions. Real-time analytics offer deep insights into market trends and supplier performance, optimizing costs and managing risks effectively. By leveraging big data, we enhance supplier relationships and identify cost-saving opportunities, staying competitive in today's fast-paced market. 😉

In today's dynamic market environment, finding reliable suppliers remains a perpetual challenge for manufacturers across sectors. Despite technological advancements, a staggering 67% of businesses still rely heavily on personal networks for supplier discovery, according to recent industry surveys. With the absence of centralized platforms tailored to their needs, brand owners often find themselves navigating a labyrinthine landscape in search of suitable partners. Beyond the quest for suppliers lies the pivotal role of data in driving efficient supply chain operations. With an estimated 53% of businesses struggling with inaccurate or outdated data, the importance of clean and reliable data cannot be overstated. From inventory management to demand forecasting, every aspect of the supply chain hinges on the accuracy and timeliness of data-driven insights. Join us as we delve into the multifaceted challenges of data management in supply chains, exploring real-world examples and best practices. Through the lens of industry experts, gain valuable insights into the strategies employed by manufacturers and brand owners to tackle data complexities head-on. Discover how advanced analytics and machine learning algorithms are revolutionizing supply chain management, enabling businesses to optimize inventory levels, streamline procurement processes, and enhance overall operational efficiency. With data-driven decision-making becoming increasingly indispensable, learn how organizations are harnessing the power of data to unlock new opportunities and stay ahead of the competition. Don't miss this captivating discussion, where industry leaders share their experiences, challenges, and triumphs in navigating the ever-evolving landscape of supply chain management. Whether you're a seasoned professional or a budding entrepreneur, this insightful exploration promises to equip you with the knowledge and strategies needed to overcome supply chain conundrums and thrive in today's competitive market environment.

Spendscape by McKinsey: Vendor Analysis (Part 2) —  Spend and CO2 analytics product-level strengths and opportunities, voice of the customer, competitors and market analysis, user considerations, analyst commentary and summary: This second part of the Spend Matters Vendor Analysis on Spendscape by McKinsey's spend and CO2 analytics solution details its strengths and opportunities.  It also looks at the voice of the customer and what considerations may factor in choosing Spendscape as a potential solution provider. Part 1 of the series provided a history and overview of Spendscape’s solution and the solution’s roadmap/vision. The post Spendscape by McKinsey: Vendor Analysis (Part 2) —  Spend and CO2 analytics product-level strengths and opportunities, voice of the customer, competitors and market analysis, user considerations, analyst commentary and summary appeared first on Spend Matters.

In today's dynamic market environment, finding reliable suppliers remains a perpetual challenge for manufacturers across sectors. Despite technological advancements, a staggering 67% of businesses still rely heavily on personal networks for supplier discovery, according to recent industry surveys. With the absence of centralized platforms tailored to their needs, brand owners often find themselves navigating a labyrinthine landscape in search of suitable partners. Beyond the quest for suppliers lies the pivotal role of data in driving efficient supply chain operations. With an estimated 53% of businesses struggling with inaccurate or outdated data, the importance of clean and reliable data cannot be overstated. From inventory management to demand forecasting, every aspect of the supply chain hinges on the accuracy and timeliness of data-driven insights. Join us as we delve into the multifaceted challenges of data management in supply chains, exploring real-world examples and best practices. Through the lens of industry experts, gain valuable insights into the strategies employed by manufacturers and brand owners to tackle data complexities head-on. Discover how advanced analytics and machine learning algorithms are revolutionizing supply chain management, enabling businesses to optimize inventory levels, streamline procurement processes, and enhance overall operational efficiency. With data-driven decision-making becoming increasingly indispensable, learn how organizations are harnessing the power of data to unlock new opportunities and stay ahead of the competition. Don't miss this captivating discussion, where industry leaders share their experiences, challenges, and triumphs in navigating the ever-evolving landscape of supply chain management. Whether you're a seasoned professional or a budding entrepreneur, this insightful exploration promises to equip you with the knowledge and strategies needed to overcome supply chain conundrums and thrive in today's competitive market environment.

In today's dynamic market environment, finding reliable suppliers remains a perpetual challenge for manufacturers across sectors. Despite technological advancements, a staggering 67% of businesses still rely heavily on personal networks for supplier discovery, according to recent industry surveys. With the absence of centralized platforms tailored to their needs, brand owners often find themselves navigating a labyrinthine landscape in search of suitable partners. Beyond the quest for suppliers lies the pivotal role of data in driving efficient supply chain operations. With an estimated 53% of businesses struggling with inaccurate or outdated data, the importance of clean and reliable data cannot be overstated. From inventory management to demand forecasting, every aspect of the supply chain hinges on the accuracy and timeliness of data-driven insights. Join us as we delve into the multifaceted challenges of data management in supply chains, exploring real-world examples and best practices. Through the lens of industry experts, gain valuable insights into the strategies employed by manufacturers and brand owners to tackle data complexities head-on. Discover how advanced analytics and machine learning algorithms are revolutionizing supply chain management, enabling businesses to optimize inventory levels, streamline procurement processes, and enhance overall operational efficiency. With data-driven decision-making becoming increasingly indispensable, learn how organizations are harnessing the power of data to unlock new opportunities and stay ahead of the competition. Don't miss this captivating discussion, where industry leaders share their experiences, challenges, and triumphs in navigating the ever-evolving landscape of supply chain management. Whether you're a seasoned professional or a budding entrepreneur, this insightful exploration promises to equip you with the knowledge and strategies needed to overcome supply chain conundrums and thrive in today's competitive market environment.

Optimize Category Performance with Mithra-Ai. Are you tired of all data discussions when making suggestions to stakeholders? Continue reading 👇 Mithra-Ai is your one-stop shop for optimizing category performance, built on four key pillars: 𝟭. 𝗣𝗼𝘄𝗲𝗿𝗳𝘂𝗹 𝗦𝗽𝗲𝗻𝗱 𝗔𝗻𝗮𝗹𝘆𝘁𝗶𝗰𝘀: ➡ AI-powered tools gather and enrich your procurement data, providing a clearer picture of your category spend. ➡Uncover hidden insights with Mithra-AI's robust data analytics. ➡External market intelligence helps you benchmark your performance and identify new opportunities. 𝟮. 𝗗𝗮𝘁𝗮-𝗗𝗿𝗶𝘃𝗲𝗻 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁: ➡Gain a deeper understanding of your category dynamics with Mithra-AI's strategy assessment capability. ➡Leverage the latest AI technology to unlock valuable insights while maintaining complete data privacy. 𝟯. 𝗥𝗲𝗮𝗹𝗶𝘇𝗲 𝗖𝗼𝘀𝘁 𝗦𝗮𝘃𝗶𝗻𝗴𝘀 𝗜𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲𝘀: ➡Mithra-AI helps you define and track cost-saving initiatives collaboratively with your team. ➡Improved transparency and accountability ensure successful implementation and maximum impact. 𝟰. 𝗦𝘁𝗿𝗲𝗮𝗺𝗹𝗶𝗻𝗲𝗱 𝗦𝘁𝗮𝗸𝗲𝗵𝗼𝗹𝗱𝗲𝗿 𝗔𝗰𝘁𝗶𝘃𝗮𝘁𝗶𝗼𝗻: ➡From initial requirements gathering to reporting and customized communication, Mithra-AI keeps everyone aligned. ➡Seamless process orchestration empowers you to focus on strategic decisions that drive value. Mithra-AI keeps your entire category management process in sync, allowing you to make informed decisions with confidence. 🚀 Ready to take your procurement game to the next level? 𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗲 𝘆𝗼𝘂𝗿 𝟯𝟬 𝗺𝗶𝗻𝘂𝘁𝗲 𝗳𝗿𝗲𝗲 𝗱𝗶𝘀𝗰𝗼𝘃𝗲𝗿𝘆 𝗺𝗲𝗲𝘁𝗶𝗻𝗴: https://lnkd.in/egf4ukpi Learn more about Mithra-AI today! #procurement #categorymanagement #datadriven #savings #artificialintelligence #spendanalytics #categorystrategy P.S. Share your biggest category management challenges in the comments!

ICYMI: Spendscape by McKinsey: Vendor Analysis (Part 2) —  Spend and CO2 analytics product-level strengths and opportunities, voice of the customer, competitors and market analysis, user considerations, analyst commentary and summary: This second part of the Spend Matters Vendor Analysis on Spendscape by McKinsey's spend and CO2 analytics solution details its strengths and opportunities.  It also looks at the voice of the customer and what considerations may factor in choosing Spendscape as a potential solution provider. Part 1 of the series provided a history and overview of Spendscape’s solution and the solution’s roadmap/vision. The post Spendscape by McKinsey: Vendor Analysis (Part 2) —  Spend and CO2 analytics product-level strengths and opportunities, voice of the customer, competitors and market analysis, user considerations, analyst commentary and summary appeared first on Spend Matters.