Just under one-third of purchasers have a high degree of confidence in the data that measures their spending, according to a report.
In a survey of 150 procurement professionals by procurement technology firm Rosslyn Analytics, only 28 per cent of buyers said they believed their spend data was “complete and accurate”.
In addition, 31 per cent of respondents had a low level of confidence that the information was accurate enough for decision-making purposes. Forty per cent had a medium level of confidence.
“With recent advances in technology including automated data extraction, categorisation and enrichment services, it shocks me that procurement continues to have inadequate spend data,” said Rosslyn Analytics CEO Charles Clark.
“The sooner procurement professionals resolve data quality concerns, the sooner they will be able to focus on the serious business of sustainable cost savings.”
The report also found that 40 per cent of respondents used a third-party provider to gain additional information from available data.
Claritum’s data driven spend analysis program enables our Client’s to gain granular insight into their spend, or monitor performance of a current outsourcing arrangement, in order to achieve significant, measurable and sustainable savings and efficiencies.