What is Procurement Business Analytics Market Scope?
Procurement Business Analytics is the method of using quantitative methods to derive actionable insights and results from data. It involves capturing the data and use of data to support fact-based decision-making and gaining competitive advantages. The procurement team collects data, a process that data so it can generate useful insights and later analyze that data to improve the decision making and this whole process is called procurement business analytics. It helps the organizations to increase the cost savings, decrease operating cost and can be used for different purposes such as to create a strategy in the most strategic category plans, to evaluate fair market price to maximize the savings, in analyzing the consumption pattern which aims to reduce the overall spend, analysis of preferred supplier compliance. With the application of robust data analytics, the procurement sector is deriving new insights which can further be used in negotiations, vendor segmentation, performance management as well as annual purchasing strategy. The procurement department contains a very high amount of data which includes transaction history, expenditure details, and others.
The Procurement Business Analytics market study is being classified by Type (Service and Software), by Application (Supply Chain Analytics, Risk Analytics, Spend Analytics, Demand Forecasting and Contract Management) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Procurement Business Analytics market throughout the predicted period.
Microsoft Corporation (United States), SAP SE (Germany), IBM Corporation (United States), Oracle Corporation (United States), Cisco Systems Inc (United States), Amazon Web Service Inc. (United States), SAS Institute Inc. (United States), Coupa Software Inc. (United States), Rosslyn Data Technologies Inc. (United Kingdom), Zycus Inc (United States), BRIDGEi2i Analytics (United States), Rosslyn Data Technologies (United Kingdom), JAGGAER (United States), Genpact (United States) and Proactis Holdings Plc (United Kingdom) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Tamr (United States), Sievo (Finland), Tungsten Network (United Kingdom), Dataction (India) and Simfoni (United States).
Analyst at AMA have segmented the market study of Global Procurement Business Analytics market by Type, Application and Region.
On the basis of geography, the market of Procurement Business Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In October 2019, Supply chain and acquisition improvement resolution supplier LevaData had collaborated with IBM to enhance its information analytics capabilities. Both the businesses square measure rolling out the DirectSpend intelligence quotient resolution, which primarily deploys IBM managed services solutions with LevaData’s psychological feature sourcing platform.
In March 2020, SAP SE had integrated procural and enterprise resources coming up with solutions to deliver next-generation pay management.
Influencing Market Trend
- The Impending Need to Handle Compliance Policies and Contracts
- Increasing Demand for Data-Driven Solutions
- The Rising Focus on Enhancing Procurement Channels
- The Rising Need for Highly Efficient Procurement Solutions to Improve Operational Performance
- The High Demand for Cloud-Based Procurement Solutions
- The Rapid Technological Developments Like IoT And Cognitive Computing
- The Rising Concerns Over Data Security Across Enterprises
- Unwillingness to Adopt Advanced Analytical Technologies
- Various Complexities in Streamlining the Processes and Concerns Regarding Data Privacy
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Providers of Procurement Business Analytics, Venture Capitalists and Private Equity Firms and End-Use Industry
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