In today’s rapidly transforming PO market, service providers are required to keep pace with the latest tools and techniques to drive superior business outcomes. One such powerful tool is analytics, which accelerates growth of businesses through its multifold advantages ranging from drawing insights from the past to forecasting the future.
With the current scenario providing amenable conditions for adoption and application of analytics, it becomes an even more powerful force for several markets including Procurement Outsourcing (PO).
In this research paper, we explore the evolution, application, and future of analytics in the area of procurement, along with the factors facilitating its operationalization in this field.
The global business environment is changing; with emphasis on cost optimization, better customer experience, faster and error-free processing, and perfect regulatory compliance driving this change. The P&C industry is no exception to this rule.
Ser…