The role of data analysis and reporting in modern procurement: Enhancing decision-making and supplier management
1 Global Technical Advisor, Health Supply Chain Management, Catholic Relief Services, USA.
2 Henry Jackson Foundation Medical Research International Ltd/Gte, Nigeria.
3 Ulster University, United Kingdom.
Review Article
GSC Advanced Research and Reviews, 2024, 20(01), 088–097.
Article DOI: 10.30574/gscarr.2024.20.1.0246
Publication history:
Received on 29 May 2024; revised on 06 July 2024; accepted on 08 July 2024
Abstract:
This paper explores the evolving role of data analysis and reporting in modern procurement practices, emphasizing their transformative impact on decision-making and supplier management. Historically rooted in manual processes, procurement has transitioned to data-driven methodologies propelled by technological advancements. Key aspects include data collection from diverse sources, integration into centralized systems, and application of analytical techniques such as predictive analytics and descriptive analytics. These methodologies enable procurement professionals to gain insights into spending patterns, forecast demand accurately, optimize procurement strategies, and enhance supplier relationships. The importance of real-time reporting in procurement decision-making is highlighted, enabling timely adjustments based on up-to-date insights into market conditions, supplier performance, and operational metrics. Decision Support Systems (DSS) further empower procurement managers by synthesizing complex data sets, facilitating scenario analysis, and recommending optimal cost reduction and risk mitigation strategies. Supplier management benefits significantly from data-driven approaches, with criteria like quality performance, delivery metrics, and cost competitiveness being rigorously evaluated through data analysis. Risk management strategies leverage data to anticipate and mitigate supplier-related risks, ensuring continuity and resilience in supply chain operations. The implications for the future of procurement underscore the continued evolution towards predictive supply chain analytics, blockchain technology for transparency, AI-driven automation, sustainability initiatives, and enhanced supplier collaboration platforms. These advancements will further optimize procurement processes, strengthen strategic partnerships, and drive sustainable business practices in an increasingly competitive global market.
Keywords:
Data Analysis; Reporting; Procurement; Decision-Making; Supplier Management
Full text article in PDF:
Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
