Data is growing exponentially, with more than 2.5 exabytes of information being created every day – and companies are only just beginning to utilize and draw insights from it.
Roughly 75 percent of this data comes in the form of big data: data that exceeds the capacity of conventional databases because the volume is too big, the velocity is too high, or the data is too unstructured.
Increasingly, data is becoming a key area of focus for Procurement. While organizations still have a long way to go before they can call themselves data-proficient, it is already possible for them to envision the value that big data and data analysis will one day bring: deep insights and greater efficiencies to the Procurement function.
The scale, scope, and depth of data that is accessible to the Procurement function has accelerated, providing new opportunities for Procurement to generate insights and drive intelligence
