What kind of procurement-related data can procurement teams collect and analyze using technology, and how can procurement teams use this data to make more informed purchasing decisions?

Procurement teams can collect and analyze a wide range of data using technology to make more informed purchasing decisions. Some examples of procurement-related data that can be collected and analyzed include:

By analyzing these various types of data using technology, procurement teams can gain valuable insights into their procurement processes and make more informed purchasing decisions.

Why is this data important for procurement teams to track?

Tracking procurement-related data allows procurement teams to make data-driven decisions that can lead to cost savings, improved supplier relationships, and increased efficiency in the procurement process. This can help the company achieve its strategic goals and remain competitive in the marketplace.

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