Master Yoda talks about the non-deterministic nature of the Universe and the uncertainty of predicting the future. Living in a time where your business is not an isolated island but a part of an ecological system where subtle fluctuation in some seemingly unrelated playground has ripple effects all around, you really cannot afford to have static or delayed access to information.
In the Procurement Galaxy: Real time update on your spend visibility should be one of your primary concerns as a sourcing professional. You need access to spend data in real time. But what after you have all the data in the world. You need to be able to mine the data effectively to identify possible savings opportunities and create a pipeline which can be leveraged to generate savings in the future. Manual processes depending on spreadsheets are not the most accurate or time efficient way to go. Automate data classification and then have a robust analytics solution in place to understand your present data and predict and create future savings opportunities.