The market analysis process that enables procurement to understand how the supply market works, the direction in which the market is going, the competitiveness, and the key suppliers within the market is a manually intensive process. Manually, market analysis is labor intensive, using descriptive analytics and historical data with little predictability, and leaves cost optimization and partnership opportunities behind.
Goals and Objectives
Making the market analysis process more intelligent enables the technologies to identify the markets, helps technologies learn to identify the market factors and data insights, and brings forward information that can then be modeled in many aspects to help set the right procurement strategy for categories, commodities, and items and services.
Enterprise hardware, personal devices, cloud, big data, predictive/prescriptive analytics, mobile, applications, connectivity services, cognitive, next-generation security, and IoT
Use Case Summary
Intelligent data mining processes sweep internal and external data sources to identify dimensions and factors enabling better market strategies and more informed sourcing related decision making supported by data. Modeling of current conditions, what if scenario planning, and forecasting can help identify the issues that may arise, allowing the right supplier to be selected and the right contract to be executed.