Procurement's Next Big Idea? Big Data [BigIdeas2015 Video]
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?
Bringing Big Data to Procurement
But what we're passionate about is making RFP issuing simpler, via better (and more analytical) vendor selection.
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.