However, procurement leaders must audit their current systems to attain these competitive advantages.
The nature of your organization’s underlying data problems will be unique. A comprehensive data audit is the most practical way to determine the appropriate next steps for your department or organization.
We’ll use the procurement department as our japan whatsapp number data example, since data makes such a crucial difference here. Additionally, GenAI interest is incredibly high among supply chain leaders, with only 2% having “no plans” to integrate these technologies over the next 12 months.
A procurement data audit requires the assessment of existing data practices, including the identification of key data sources and stakeholders (e.g., suppliers and vendors). Analyze your data for completeness, consistency, timeliness, and availability by asking:
Does my organization store duplicative or unnecessary supplier records, including outdated or irrelevant information?
Is my supplier data consistently updated?
Are supplier records available in a centralized location for all employees and technologies?
Many procurement leaders may already know of their organization’s data gaps. For example, if projects are often delayed due to difficulties identifying an alternative supplier, your supplier data is likely incomplete, scattered across various systems, or inconsistently updated. Don’t worry – this hurdle is common. The average sourcing and procurement operation takes nearly five weeks to identify a new supplier.