In this day and age, procurement recruitment has turned into a science. Organisations are looking for professionals that have specific capabilities that suit different job roles within the department. Hence, the recruitment process has become more intricate to identify skills gaps that exist in the department to ensure that recruits can plug the shortfall. This allows procurement professionals to improve their existing skillset and get an opportunity to shift into roles that demand more responsibility.
Importance of data analysis
Many procurement departments are using state-of-the-art data capture tools that churn out vast volumes of data. This data is only useful if it is managed, analysed and made comprehensible.
The data offers valuable insights into categories, suppliers, markets and supplier information. It is more complex than everyday reporting and analytics. The large streams of data are usually unpredictable and require specific knowledge that can analyse it to create actionable spend intelligence. This analysis requires expertise, and when CPOs recruit new procurement professionals, they expect them to have the necessary skills to understand Big Data and provide valuable inputs to the department.
Data analysis and the procurement department
Procurement departments are flooded with data that they receive on a constant basis. This data has to be analysed and managed into actionable chunks for it ensure value to the department and the organisation as a whole.
As most data is located in different systems and geographies and it might just be filed away and forgotten. As a result, the true value of the data is never unearthed. However, when this data is carefully analysed, it helps to identify trends as well as correlations which can then be transformed into actionable procurement intelligence. Regular analytics cannot yield this type of results and requires big data analysis with specific procurement jobs dedicated to this.
Data analysis for career advancement
Organisations are adopting data-driven strategies to stay ahead of the competition and meet their customers’ needs. The same holds true for procurement departments. That is why procurement recruitment is now focussing on professionals, who can analyse spend and other procurement data and ensure organisational success.
However, for procurement departments to benefit from Big Data, it is also necessary to use state-of-the-art technologies that help to analyse procurement and spend data. This will ensure that the new data analyst you bring into your company in this role will offer value to the organisation while enjoying professional growth.
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