Many procurement teams have embraced the role of data analytics in the past several years. Some have purchased spend analytics software to help them understand spend patterns at a deeper level and some have built procurement data warehouses and created engaging scorecards and analytics to be shared with internal customer groups. As procurement has advanced in analytical capability it is important to make sure that the function does not become predominantly a report generation engine. If we are to make a major impact on value creation, then procurement needs to advance toward producing true business intelligence.
This paper provides an overview of the 2018 Innovators Forum with a distillation of the key discussion points and recommendations regarding Business Intelligence (BI). The group engaged in robust dialogue about improving Business Intelligence, but also focused on pragmatic ideas and practices that can be acted on today. The paper outlines a strategic Business Intelligence framework and recommendations for critical practices procurement leaders should follow.