Procurement's Next Big Idea? Big Data [BigIdeas2015 Video]

 

Procurement's Next Big Idea? Big Data

What do you believe is going to be the next "big thing" in procurement? 

That was the question Procurious, (a sort of LinkedIn specific to procurement) posed to various experts and influencers. 

Participants were invited to share what they believed were going to be the biggest challenges and breakthroughs, in supply chain and procurement over the next 15 years. 

Their only stipulation, was that each speaker got exactly one minute to answer the question. 

What was our one-minute Big Idea?

Big Data.

 

Bringing Big Data to Procurement 

We're not the only one's with "Big Ideas." There have been several; like this one on Social Supplier Management (for more big ideas. Search under the hashtag #BigIdeas2015). 

But what we're passionate about is making RFP issuing simpler, via better (and more analytical) vendor selection. 

We live in the golden age of technology. Flying cars, 3D printing organs, the internet of things, yet the vendor selection process is largely decades behind the times.

Vast amounts of information are collected with each RFP/RFI issued, yet that information is (typically) processed with very simplistic tools (e.g. email & Excel) that don't actually manage or analyze those critical details. 

What more sophisticated technology gives you is big data, defined as tools that help find "relevant data and analyze its implications." Or in other words: doesn't just record data, but interprets it. 

What would happen if we applied that analysis to our supply chains? If for instance, we could compare functionality in a screen, watch trends across an industry or within a single vendor. 

What would happen if we made big data the new basis of vendor selection?

See for yourself. 

 

Intrigued? See how we're re-imagining vendor selection.
 
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*Image Credit: Wonderland, Creative Commons