Cloudia Analytics visualizes and analyzes procurement data
Big data has already become a daily term for many companies. The amount of data increases constantly, which is why it’s important to understand it. Cloudia Analytics responds to procurement organizations’ growing need to transform procurement data into actions that promote business operations.
Procurement organizations have demanded a tool that makes the procurement data collected and produced by the company more transparent than before and genuinely utilizable. With the help of Cloudia’s service, organizations get transparent and up-to-date data to assist them in their decision-making.
Data visualization is a tool that makes the phenomena behind data more understandable
Knowledge-based management makes business operations profitable and enables its development. Behind knowledge-based management is analytics derived from data, which is crucial in decision-making. By utilizing, analyzing and visualizing procurement data, for example, a company can make its operations significantly more efficient and improve its profitability.
According to a study by Forrester, 74% of companies want to be managed with data and knowledge, but only 29% say that analytics results become action. The gap between these two numbers is remarkable and reveals that most companies struggle with utilizing data.
Not even a large amount of data or its good analyzation is enough if it does not lead to action that promotes business operations. Data literacy should be developed by introducing knowledge tools that facilitate daily work by processing data into an easy-to-understand format.
Gartner believes, that 80% of companies will have implemented some sort of a competence development program to improve data literacy by 2020. This reflects companies’ willingness to keep up with global competition.
Visualizing data makes it easier to understand and faster to interpret. Fixing the basics of data presentation is the best investment a company can make to ensure that data-based conclusions create action. Without action, conclusions derived from data are practically worthless.
Cloudia Analytics brings transparency to a procurement organization’s performance
Cloudia Analytics is a reporting and analytics service for senior managements and procurement organizations. The service is suitable for organizations that need more comprehensive reporting for knowledge-based management (for example, procurement’s Spend and trend analyses).
In addition to basic reporting and cost analysis (Spend), the service also enables companies to analyze and visualize data. The service increases transparency to how the procurement organization is actually doing. By combining data from Cloudia’s services and the procurement organization’s other data sources (ERP, finance, invoicing etc.), you will get a real picture of the implementation stages of the procurement process.
Cloudia Analytics enables various visual reports related to procurement activities, such as value of purchases per contract, distribution of purchase invoices per cost unit, top 10 suppliers based on total purchase invoice value, anticipated value of contracts per month, number of procurements or average tendering times.
With the help of the service, you will get a realistic picture of the implementation phases of the procurement process, which supports knowledge-based management and enables the continuous development of the procurement process. You do not need to have a master’s degree in data sciences or be an analytics wizard to use the service. It’s enough that you can perceive the basics and know how to apply that in practice.
For further information, please contact Cloudia’s sales team and master the procurement data in your organization.
Read also how procurement analytics can convert your bad apples into KPIs and download our article on how AI and other emerging technologies affect knowledge management in procurement.