Procurement Data Analytics Training!
Big Data Analytics for Supply Chain & Procurement
This Procurement Data Analytics Training, offered by IFPSM accredited Purchasing and Procurement Center is designed to equip procurement professionals with the skills and knowledge to leverage data effectively for decision-making.
In today’s competitive market, harnessing the power of data analytics is critical for optimizing procurement processes, reducing costs, and improving supplier performance.
By participating in this training, you’ll learn how to analyze spend data, identify procurement trends, and apply analytics tools to streamline operations, ultimately driving your organization's strategic goals.
Instructor-Led Onsite or Live Virtual Training!
Providing All the Required Knowledge to Understand the Fundamentals of How Big Data Analytics Relates to Supply Chain & Procurement.
With Practical Examples to Make the Concepts Clearer & Pragmatic Pointers!
Format of the Expert Strategic Sourcing Training Course
- Instructor-Led Classroom Training - 3 Days
- Instructor-Led Virtual Training with Zoom or Microsoft Meetings - 3 Days
- With 25+ interesting case studies, interactive group exercises and ready-made to use templates, checklists and examples.
- For Teams of 10 & More People
Why This Training?
With the vast amount of data generated across supply chains, knowing how to interpret and leverage that data has become a crucial skill for procurement professionals.
This training is essential because it helps you:
1. Make Informed Decisions:
By using data analytics, procurement teams can uncover hidden patterns and insights that lead to more strategic decisions, such as identifying cost-saving opportunities and improving supplier relationships.
2. Optimize Spend:
Data analytics tools can track and analyze spending patterns, helping organizations identify inefficiencies, negotiate better deals, and ensure compliance with procurement policies.
3. Improve Supplier Performance:
Monitoring supplier data in real-time allows procurement teams to manage risks proactively and address performance issues before they escalate.
4. Forecast Trends:
Predictive analytics enable procurement teams to stay ahead of market changes, anticipate demand fluctuations, and adjust procurement strategies accordingly.
Brief Course Description
Every year, big data for supply chain & procurement (procurement data analytics) seems to get bigger, with more and more diverse types of data being created and streaming into the typical procurement organization and presenting CPOs and their teams with immense opportunities to create value across the enterprise.
But it’s not that simple. Many CPOs and procurement teams are overwhelmed with the sheer volume, intensity, and diversity of data today, and struggle just to manage that data, let alone leverage it for better insights. If CPOs and their teams can overcome the management and analytic challenges of big data for procurement (ideally by adopting automated solutions, and standardizing and linking their processes), then they will be well positioned to extract value from their data and drive that value across the enterprise.
This online interactive training course provides all the required knowledge to be able to understand the fundamentals of Big Data Analytics, with practical examples to make the concept clearer and pragmatic pointers to be able to implement them in your organization.
Key Takeaways:
- Understand the objectives and key principles of Big Data Analytics
- Understand software applications
used in Big Data Analytics
- Get insight into various pragmatic examples of Big Data Analytics that your company can implement now for business improvement, including Spend Analytics, TCO and using early warning real-time alerts for better visibility and risk management
- Learn from a highly experienced and knowledgeable trainer to share both practical and theoretical insights The Big Data Analytics
- Clear and operational view of what is analytics in a language that is easily understandable, with examples from real world companies
- Comprehensive program including all main aspects such as strategy, organization structure, people, process and
technology required to be successful in Big
Data analytics
Got Questions? For Priority Response Call Us at +1-312-300-8968
Training Agenda & Outline
Session 1 - Big Data Analytics Overview!
This session introduces the core concept of Big Data Analytics:
- Definitions of Big Data and Analytics
- Key Objectives and principles of Analytics for Supply Chain & Procurement
- Analytics framework: Descriptive, Predictive and Prescriptive methods
- Guide to select the right analytics method for the right problem
- Cases for Analytics in Supply Chain & Procurement: Spend Analytics, Category Analytics, Contract Analytics, Risk Analytics etc
Session 2 - Challenges to Implementing Analytics and How to Overcome them?
- Obstacles to implementing Analytics
- Data issues and the importance of Master Data Management (MDM)
- Lack of talent and the need for Analytics talent management
Session 3 - Software used for Big Data Analytics
* Who are the main vendors offering Analytics software:
* Typical features and functionality of Analytics software
* Trends in the market
Session 4 - Practical examples of Big Data Analytics: Spend Analytics
* Spend analytics as the process of providing a holistic visibility of how your company spends money on all your suppliers, in order to better understand, control
and optimize all spending (direct, indirect, hidden costs).
* This session will cover key elements such as long tail consolidation, price variances, contract compliance, category rationalization and reduction of administrative issues such as duplicate invoices/duplicate payments etc.
Session 5 - Practical examples of Big Data Analytics: Total Cost of Ownership (TCO)
* Total Cost of Ownership (TCO) helps to better understand the true cost of dealing with your suppliers.
* While this concept has been around for years and teaches the importance of value over price, there are still companies that rely on the "3 Bids & Select the Lowest Price".
Group Exercise - TCO
This group exercise provides the participants with hands-on practice in applying TCO concepts
- Food Company Case
- Design which parameters to include in TCO and determine the TCO for key suppliers of Food Company
- Group discussion
Session 6 - Practical examples of Big Data Analytics: Supply Chain Visibility & Risk Management
* Using early warning signals to detect potential risks sooner enables a quicker mitigation or response to supply chain risk
* Examples of software vendors for real-time early warning systems
Session 7 - Building an in-house capability for Analytics!
This session provides a comprehensive overview of what is required to build Analytics as a capability in your organization, going beyond a “one-off” project approach & adopting Analytics as a core competency.
- How to build an in-house Center Of Excellence for Big Data analytics
- Strategy, organization structure, people, process and technology, training required to be successful in supply chain analytics
Session 8 - Case Studies
* Airbus: spend analysis showed opportunities of 15% cost reduction in spend commonality (don’t pay different price for same item) and purchasing process efficiency improvement
* French Luxury retailer: visualize and analyze current world-wide spend to bring indirect procurement under control; implement a ‘procure-to-pay’ software to standardize classification of categories and standardize processes in order for the organization to be ready for next level of Analytics
* Chinese plastics parts manufacturer: sourcing process review showed opportunities for category management, supplier rationalization and process efficiency by implementing workflow system
Q: What is procurement data analytics?
Q: What is procurement data analytics?
Procurement data analytics involves collecting, analyzing, and interpreting data to improve procurement decisions, optimize processes, and enhance supplier management.
Q: Who should take procurement data analytics training?
Q: Who should take procurement data analytics training?
This training is ideal for procurement professionals, supply chain managers, and anyone involved in sourcing, purchasing, or vendor management looking to improve decision-making through data analysis.
Q: What skills will I gain from procurement data analytics training?
Q: What skills will I gain from procurement data analytics training?
Participants will gain skills in data analysis, spend management, supplier evaluation, risk management, and the ability to use tools like Excel, Power BI, and procurement-specific software.
Q: How does procurement data analytics reduce costs?
Q: How does procurement data analytics reduce costs?
By identifying inefficiencies, negotiating better supplier deals, and improving spend visibility, procurement data analytics helps organizations reduce costs and achieve better financial outcomes.