Accurate data critical to savings

Published July 2012

Half of procurement managers admit their spend data is poor and they are unable to measure its quality – even though 95 per cent of the information is key to achieving their goals.

Buyers said the unsatisfactory data is a barrier to accurate and reliable purchasing processes and is hampering their ability to make savings, according the Spend Management survey published this week by DataFlux, which surveyed 110 UK procurement managers between June and August.
Although 95 per cent said data quality was crucial to achieving their procurement objectives, 50 per cent felt their data was of low quality or couldn’t measure its standard. “Having high-quality data to make procurement decisions is so fundamentally important that 50 per cent is a worrying figure,” said a DataFlux spokesman.

Dig deep for effective decisions on Indirect Spend article here