Big Data: What’s the Big Deal for Procurement?

The proliferation of data has led many organizations into a period of innovation, with far-reaching implications for supply chain.

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We’re in the midst of a big data revolution. Around the world, 2.5 quintillion bytes of data are produced daily, and approximately 90 percent of the world’s data were generated in just the past two years.

When the phrase “big data” was added to the Oxford English Dictionary in 2013, the industry had only seen the tip of the iceberg. For years, companies have been collecting and analyzing massive amounts of information.

This proliferation of data has led many organizations into a period of innovation with far-reaching implications. The imperative to transform this data into useful, actionable insights has never been greater, and no industry or line of business is immune from the big data revolution underway. It comes as no surprise that procurement professionals are turning to big data to drive digital change. They are increasingly realizing that the future belongs to those enterprises that can successfully harness its value for competitive advantage.

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