When it comes to supply chains, a data-driven procurement plan can give businesses an edge in the marketplace. In a recent Gartner survey, 61% of respondents say technology is a source of competitive advantage. So with more than 50% of the typical value chain in the food industry dependent on third parties, making better use of available analytics is an incredibly effective way for businesses to optimise processes and seek out ways for cost reductions. Particularly in a challenging economic climate.
The concept itself is simple. Data-driven procurement is broadly centred around using actionable insights and data to feed into any and all decisions and strategies made around procurement.