Let data tell the stories

Businesses around the world have witnessed the unprecedented fast growth of data. On the one hand, more data means more insights, which in turn can translate into better decision-making. On the other hand, this sheer volume of data might cause ambiguity if there is a lack of resources to process it. Therefore, how we turn data into insights matters. Switching from number-crunching to value-added analysis in a compelling way, makes effortless interpretation, driving inspiration and change. 

With an example of procurement data, we can see how data can be used as a resource to make business decisions. A Procurement Spend Analysis Report provides a central location to aggregate multiple data sources into one source of truth that helps a business monitor the spending and manages vendors in real-time. Creating a Spend Dashboard, aligned with the business objectives, captures the performance picture and triggers actions in time to keep things under control. 

One in procurement business might wonder about these questions: 

1. What is the performance of Procurement over the years (spending, no. of vendors/items, discount saving)? 

2. Which business unit has spent the most?  

3. In which category/sub-category/items have we spent the most?  

4. What are the top vendors?  

5. Which items should we prioritize? 

6. What is the monthly comparison of spending over sub-categories over the years? 

7. How does future spending look like?  

Watch this video and it will shed light on those seven areas: 

Transformation Team can help your business transform data into actionable insights with a range of services. We support businesses with data analysis (Budget/Actuals/Forecasting), data visualizations with dynamic reports and dashboards, and decision-making models powered by Machine Learning and Artificial Intelligence. 

Contact: Seun Ogunleye, Head of Transformation, +47 909 78 421.