Elevating Performance

Description

The last few years have witnessed – with the rapid developments of data tools and technologies, and the transformative AI boom – intelligence increasingly being held as the critical competitive advantage for procurement. The ability to utilise data to its full advantage is one of the biggest topics in procurement right now. As decision intelligence informs better, faster and more impactful decision-making, there are no prizes for guessing why. However, procurement often fails to recognise that the weakest link in the supply chain represents the single greatest threat to customer value. By embedding supplier intelligence across the supplier management lifecycle, procurement can unlock greater process efficiency, minimise risks and reduce the total cost of ownership, while facilitating greater innovation (across all parties). This enables procurement to optimise the business and its opportunities, and continuously improve the products and services that end customers demand. This research explores how global procurement teams are using supplier intelligence. We have shared the findings of the latest research conducted by Kodiak Hub, in which we gauged and assessed the state of supplier intelligence, as shared by 100 procurement leaders. These findings demonstrate a significant gap between what the function wants to achieve with supplier intelligence, and the current lack of strategic, targeted strategies or investments. While the high performing respondents make the benefits of supplier intelligence apparent, there is a clear, pressing need for precise data-driven supplier lifecycle management and supplier relationship management strategies.

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