About Procurement Analytics
Procurement analytics involves collecting and analyzing procurement or spending data to form desired insights for making effective decisions regarding business operations. The analytics collects data from various type of sources and classifies the data into standard or use case-specific taxonomies and displaying data in a visual form on the dashboard within the tools used in business. The procurement analytics reports on what has happened in the past and creates the estimates using predictive analysis to forecast future possibilities.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), SAP SE (Germany), Sievo Oy (Finland), Accenture plc (Ireland), Oracle Corporation (United States), GEP (United States), Simfoni (United States), Zycus (United States), Genpact (United States), Tungsten Corporation PLC (United Kingdom) and Rosslyn Data Technologies (United Kingdom) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Procurement Analytics market by Type (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics and Prescriptive Analytics), Application (Spend Analytics, Contract Management, Vendor Evaluation, Supplier Relationship Management, Demand Forecasting and Others) and Region.
On the basis of geography, the market of Procurement 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). If we see Market by Industry Verticals, the sub-segment i.e. BFSI will boost the Procurement Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the Procurement Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Use of Procurement Analytics for Spend Analytics Using Predictive Analytics and The Use of Procurement Analytics Software and Other Technologies in Businesses
Market Growth Drivers:
Increasing Demand for Risk management in Business Operations and The need for the Effective, Efficient and Reliable Database Information
Challenges:
Possibility of Technical Errors or Human Errors in case the Procurement Analytics is not Automated
Restraints:
Frauds Related Risk Associated with Procurement Analytics
Opportunities:
Rising Demands for Procurement Analytics from Various Industries
On 17th October 2019, IBM and LevaData announced the collaboration to deliver cognitive analytics and direct procurement sourcing services solution that will give procurement leaders the power to achieve business-changing outcomes through actionable insights. The new offering, DirectSpend IQ, brings together IBM’s expert managed services with LevaData’s Cognitive Sourcing Platform to deliver insights and recommendations for direct procurement cost savings opportunities and process transformation.
Key Target Audience
Procurement Analytics Software Developers, Procurement Analytics Service Providers, Research and Development Institutes, Industry Associations, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.