World class procurement is built upon the availability of information to drive visibility, control and effectiveness.
Information provides the ability to optimize leverage, pursue informed buying decisions and ensure alignment of internal behaviors to procurement strategy. Despite how crucial this clearly is, information and visibility related to third-party expenditure remains an ongoing problem for many organizations.
Information is built upon data. The quality of master data ultimately dictates the integrity of output information and reporting. In our experience, organizations are continually hampered with optimizing the performance of their procurement activities through the paucity of information and availability of reliable data. In effect, too many procurement activities are executed when “driving blind” or made on the basis of “gut feel” or “best guesstimates”.