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Published in:
2020 | OriginalPaper | Chapter
Digital Analytics: The Data Foundation for the Next Procurement Revolution
Authors : Wolfgang Schnellbächer, Daniel Weise
Published in: Jumpstart to Digital Procurement
Publisher: Springer International Publishing
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Abstract
The previous chapters have shown how drastically digital will change both the work and impact of procurement. This change will particularly affect the way in which decisions are made—much less dependent on intuition and more on big data leveraged for AI-based algorithms. As digital analytics detects patterns in existing data and predict future developments, it helps buyers to make smarter, better-informed business decisions than ever before. Big data also builds the foundation for AI and blockchain, facilitates collaboration between business partners, and ensures that robotics makes the right decisions. Understanding data and performing the right analyses thus serves as the backbone of digitization.