Data and analytics have proven beneficial in all industries. In healthcare, they are predicting appropriate testing based on symptoms from past cases; in weather, predictive analytics help meteorologists provide the most accurate forecast based on data trends; and in traffic control, for infrastructure planning the data is invaluable. This interesting information came to us from GCN in their article, “Improving procurement through data and analytics.”
For more than a decade now, public-sector procurement teams have been hard at work gathering meaningful insights from mountains of data to improve their organization’s decision-making and drive value. In many cases, as their experience in using analytics matures, their depth of understanding and number of actionable insights yielded by the data also improves.
With data and analytics, the value received is a direct reflection of the investment put into transforming processes and acquiring new technology. With predictive analytics, organizations can find and exploit patterns contained within data in order to detect risks and opportunities.
Melody K. Smith
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