According to research conducted by Rosslyn Analytics, procurement leaders continue to struggle with getting the right data in the right hands at the right time.
The survey of 67 CPOs based in the United Kingdom reveals that business leaders spend six working days per month collecting and preparing data for analysis and reporting.
Other findings reveal that:
“It’s clear that organizations spend too much time on preparing data than actually analyzing the insights they’ve been hired to act on. Ineffective decision-making must stop if procurement teams are to turn lost business opportunities into greater savings,” said Hugh Cox, Chief Data Officer, Rosslyn Analytics.
Once the data has been collected, 28% of procurement teams spend more than a day classifying/categorizing data whilst 19% and 25%, respectively, need to spend between 10 to 24 hours and five to nine hours on data quality.
When asked about how much time is spent on enriching data, 42% of respondents dedicate more than 10 hours every month to adding contextual information.
In a startling finding, 76% of procurement teams have to spend more than five hours every month on creating and editing dashboards and reports – time that should be spent on analyzing and sharing insight with colleagues.