We discussed Spend Analytics over the last few posts on this subject. https://faoblog.com/processes-ap-spend-analytics5/
There was another segment to this, “Spend Market Analytics”. What is the fundamental difference between the two? Spend Analytics is done on data pertaining to your client operations, whereas, as the name suggests, the other component comprises of analytics and comparisons on similar things as done by competition, other players of the industry and the like.
Some key areas covered in market analytics can be:
– Market Opportunity
- Market Size, Trends, Competitive Environment
– Value Proposition & Offerings
– Operating Strategy
- Sales, Build, Delivery, Infrastructure, Alliance/Acquisition
Now, in terms of processes this can be split into:
- Competitor Analytics
- Supplier Analytics
- Purchase rationalization and Effectiveness
- Pipeline and Forecasting
- Orders Analysis
- Events Planning
- Risk Modeling
- Order Fulfillment
- Order Forecasting
- Order Management
- Inventory Analytics
- Procurement and Spend Analytics
- Supplier Performance
There will be a use of some advanced modeling tools, like SPSS, SAS etc. There will be a heavy use of data collection, research and reporting tools & techniques.
This also forms a part of the Analytics stream, as it calls for specialized requirements.
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