We do love our acronyms in procurement, but rather than being an exclusionary tactic designed to keep “them” out, I like to think that shortening our long phrases to “TLAs” is in line with the resource efficiency we apply to spend management.
One idea that has not changed, nor will ever change for procurement, is the importance of managing cost. In fact, procurement’s raison d’être, headed by the Chief Procurement Officer or other procurement executive, is and always will be focused on controlling cost; but it increasingly requires the adaptability, agility and flexibility to adjust to the world around it.
Purchasing at the best price, at the optimum time, from the right supplier. Automatically. That, in a nutshell, is what is driving the wholesale embrace of Big Data by procurement professionals and organizations, according to Mathieu Neu, writing in French industry publication Decision-Achats.