There are many different types of data, here are three important areas.
The following is an excerpt from my White Paper Titled Re-Imagining Procurement
Procurement is based on data. It is not based on CPO’s, Category Managers, Buyers, Suppliers, or any titled person with some measure of spend authority or approval. It is based on data. It has always been and will always be. If you do not have data and you do not know where to get data, then your procurement process will be faulty, your pursuit of results lengthy, and less than what they should be. Your company will also be at significant risk. Data can provide the leverage to differentiate you from your competitors and dramatically better results. It was Archimedes who said, “Give me a fulcrum strong enough and a lever long enough and single handedly I can move the world.” Let your data work for you. However, beware that you are going to have to know where to get it and how to interpret it
Let us talk a little bit about data. For the purposes of this whitepaper, I will restrict data to three areas. However, they are particularly critical areas because without all three, no matter what tools you use or how many resources you deploy or how big your company is, you will end up paying more, experience less quality and suffer shaky less sustainable supplier relationships. The data that are important as we reimagine procurement should not be a secret to anyone. It is the information you always are looking for but cannot often find. These are the three pillars of great procurement results. Tools are only as good as the data they rely on.
SafeSourcing is a data rich company built to support procurement professionals. Included on our website are several million words in the form of white papers, a sourcing wiki, a specifications library, a daily blog focused on procurement and a supplier database including a query tool that allows you to search global sources of supply. There are many more tools and data sets that are here to make your life easier.
Check back tomorrow to learn more about the types of data I discussed in the whitepaper.