The book explores the intersection of advanced analytics and procurement, demonstrating how firms can generate economic value from procurement data through data analytics, artificial intelligence, and operations research. It provides a methods-based overview of data-driven optimization of purchasing decisions and focuses on implementation to help procurement managers and data scientists quickly evaluate the value generated by a given solution. It is intended for graduate students with a major in procurement and supply chain management, as well as purchasing managers and data scientists with and without specific knowledge of advanced analytics techniques and procurement.

Format: Hardback
Length: 268 pages
Publication date: 29 December 2023
Publisher: Springer International Publishing AG

Advanced Analytics and Procurement: A Comprehensive Guide to Generating Economic Value from Procurement Data
Advanced Analytics and Procurement: A Comprehensive Guide to Generating Economic Value from Procurement Data is a groundbreaking textbook that explores the intersection of advanced analytics and procurement. It addresses the core question of how firms can generate economic value from procurement data, demonstrating that procurement is a critical function within a firm where data analytics, artificial intelligence, and operations research can be leveraged to reduce cost and risk, achieve resilience and sustainability goals, and optimize purchasing decisions.

The book provides a methods-based overview of data-driven optimization of purchasing decisions, covering key concepts and applications. It particularly focuses on implementation, helping (future) procurement managers and data scientists quickly evaluate the value generated by a given data-driven solution.

What sets this textbook apart is its combination of rigorous, state-of-the-art methodologies from academic research and first-hand experience from various application-oriented consulting projects in a range of industries.

Though primarily intended for graduate students with a major in procurement and supply chain management, the book will also benefit purchasing managers with and without specific knowledge of advanced analytics techniques, and data scientists with and without specific experience in procurement.

The book begins by introducing the concept of advanced analytics and procurement, highlighting the importance of data-driven decision-making in the procurement process. It then explores the various data sources available to procurement managers, including internal data, external data, and third-party data.

Next, the book discusses the different types of advanced analytics techniques that can be used in procurement, including machine learning, predictive analytics, and optimization. It provides examples of how these techniques have been used in real-world scenarios to improve procurement performance.

The book also covers the challenges associated with implementing advanced analytics in procurement, including data quality, data privacy, and organizational resistance. It provides strategies for addressing these challenges and ensuring successful implementation.

In addition to the theoretical aspects of advanced analytics and procurement, the book also includes practical case studies and examples. These case studies provide real-world insights into how advanced analytics has been used to improve procurement performance in various industries, such as manufacturing, healthcare, and retail.

The book concludes by discussing the future of advanced analytics and procurement. It highlights the potential for further innovation and growth in the field, and provides recommendations for procurement managers and data scientists to stay ahead of the curve.

Overall, Advanced Analytics and Procurement: A Comprehensive Guide to Generating Economic Value from Procurement Data is a valuable resource for anyone interested in learning more about the intersection of advanced analytics and procurement. It provides a rigorous, state-of-the-art overview of the field, and includes practical case studies and examples to help readers apply these techniques in their own organizations.

Advanced Analytics and Procurement: A Comprehensive Guide to Generating Economic Value from Procurement Data

Advanced Analytics and Procurement: A Comprehensive Guide to Generating Economic Value from Procurement Data is a groundbreaking textbook that explores the intersection of advanced analytics and procurement. It addresses the core question of how firms can generate economic value from procurement data, demonstrating that procurement is a critical function within a firm where data analytics, artificial intelligence, and operations research can be leveraged to reduce cost and risk, achieve resilience and sustainability goals, and optimize purchasing decisions.