Improving Bottom Line with Big Data Analytics
By: James Diaz
Tags: Bottom Line, Supply Chain, Business Growth, Big Data Analytics, Procurement

Most often, procurement subcontractors do get a handful of data to operate business functions but fail to understand what they should actually do to analyze the data and implement them on increasing profit margins. Having the data in hand is not an issue nowadays but analyzing it to impact and increase the bottom line is. Big data is available to every organizational owner, but the key point lies in the value of analytics that is driven by the strategies of how to apply it to make improved decisions and solve business issues.

This context will be providing procurement experts with ideas helping them to critically analyze the big data so that they can effectively increase the bottom line and decrease the issues related to the workforce.

With the growth of every business, its kingdom spreads rapidly along with the number of products offered by it. As the list of offerings is increasing, product managers are spending their valuable time trying to create the next big thing to launch in the market. But, the procurement subcontractors rarely dedicate their time in assessing the complete portfolio to manage the entire life cycle of the product. Products do have a life cycle and product managers must invest their time in analyzing the efforts they put on manufacturing such products to increase the profit margin. So, the next time you manufacture a product, simply analyze it and see the magic.

Analysis of big data should be effortlessly used to improve customer service quality. Whether your organization provides services or products or both, keeping up to the expectations of the customers and serving them value is what you should have your aim at. Customer service and quality of products go hand in hand and these two topics can make or break your business’s reputation. Customers will always want quality products in return for the money they will invest. If you can satisfy your customers with quality products, you will be doing the best for your organization’s success.

Photo by Franki Chamaki on Unsplash

The supply chain in modern days produces unparalleled quantities of digital information. Previously, the procurement consultants used to pen down all these transactions and data on paper. But with the advent of supply chain analytics system, they can easily capture these data digitally without having to put so much effort personally. And, with these advanced capabilities, organizations can easily identify shortcomings and performance.

The big data analysis tools help in improving credibility by checking the profit margin closely. Nowadays, most of the businesses among a broad range of industries require the department’s management to approve requests of various financial issues. The managers must properly analyze the vet suppliers, monitor them, and make various other critical decisions. These decisions, when backed up with solid and reliable data, helps in increasing credibility. This is effectively done by the implementation of good procurement technologies and in-depth analysis of big data.

These are some of the reasons why procurement consultants should be analyzing their data to increase their profit margin and improve the bottom line.