What to Do With Purchasing Information Provided by the IoT

Spend Matters welcomes this guest article by Vroozi.Smart refrigerators, smart watches and smart cars – the Inernet of Things makes all this possible. It has offered consumers a whole host of innov…

Sourced through Scoop.it from: spendmatters.com

As you gain more visibility into your customers, employees and purchases, what will set you apart will be your ability to collect, analyze and most importantly, use this information.  For procurement, the IOT will present an increase in spend visibility and a better understanding of supply and equipment usage. This will help your procurement team improve catalog content and spend management by knowing exactly what is being used and exactly what is needed. The ability to more accurately predict these needs will also greatly improve budget and contract management.   –  Taking full advantage of the procurement benefits of IoT will require your procurement department and solutions to be flexible and efficient. Even though the procurement department will be working with more analytics than ever before, the IoT should not increase your administrative and operating costs.    –  As devices become smarter, more mobile and more connected, the devices used to manage them need to do the same. Mobile procurement will become an even more vital element of your procurement strategy. On the purchasing side, your users and employees will need their procurement workflows to be mobile and connected just like everything else in their lives. Even more important, however, is that the procurement department is able to analyze the insights gathered from its users’ purchases and activity in a mobile and connected way.   –  The IoT will greatly improve procurement productivity for the entire organization, if the company is equipped to process the analytics gained and make them actionable to the right people.

See on Scoop.itInternet of Things – Technology focus

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