If you’re making good procurement decisions, you’re most likely using a significant amount of data to determine when and where to pull the trigger. But, how confident are you with the numbers fueling your conclusions? What about the dark matter numbers that you know are out there, but your eyes just can’t seem to corral? Complete spend visibility may be an insurmountable peak, but always striving to reach it will place your organization’s sourcing strategy in the best position for success.
So where might your data be veering off the rails? Well, the categories you’re using might be too general, too specific, or just not fit altogether. The data may contain inaccuracies, duplication, and fragmentation across systems, or lack standardization to the point that you’re comparing apples to oranges when making crucial sourcing decisions. The solution to this issue, according to Procurement Leaders, is to simplify and normalize the data the best you can, while using a system appropriate for procurement and supplier markets in the modern age. And, this system needs to be managed by your best sourcing experts on hand to ensure it keeps humming to the tune of never getting obsolete or inadequate again.