Data Management and Analytics

Sunstream provides data management and analytics in the context of procurement. We provide processes and services to collect, organize, analyze, and derive actionable insights from procurement-related data. Effective data management and analytics enable organizations to make informed decisions, optimize procurement processes, identify cost-saving opportunities, and enhance supplier relationships. Here's an overview of data management and analytics support provided by Sunstream’s procurement outsourcing team: 1. Data Collection: The first step in data management and analytics is collecting relevant data from various sources within the organization, as well as external sources such as suppliers, market data, and industry reports. Procurement data may include purchase orders, product information, invoices, contracts, supplier performance metrics, spending data, and inventory levels. 2. Data Cleansing and Normalization: Once data is collected, it needs to be cleaned and normalized to ensure accuracy, consistency, and reliability. This involves identifying and correcting errors, inconsistencies, duplicates, and missing values in the data to create a clean and standardized dataset for analysis. 3. Data Integration: Procurement data often resides in disparate systems and formats across the organization. Data integration involves consolidating data from different sources and systems into a unified data repository. This allows for a holistic view of procurement data and enables more comprehensive analysis and reporting. 4. Data Analysis: Data analysis involves applying various statistical, mathematical, and computational techniques to analyze procurement data and uncover insights. This may include descriptive analytics to summarize and visualize data, diagnostic analytics to identify trends and patterns, predictive analytics to forecast future outcomes, and prescriptive analytics to recommend actions based on insights. 5. Spend Analysis: Spend analysis is a critical aspect of procurement analytics that involves analyzing spending patterns, trends, and outliers to identify cost-saving opportunities, optimize supplier relationships, and improve procurement efficiency. Spend analysis helps organizations gain visibility into their spending, identify areas of maverick spending, consolidate spend with preferred suppliers, and negotiate better contracts. Our expertise in classifying the inventory data in to USNSPC is a crucial part of our spend analysis support services. 6. Supplier Performance Analysis: Supplier performance analysis involves evaluating supplier performance against predefined metrics and benchmarks to assess supplier quality, reliability, responsiveness, and compliance. This helps organizations identify top-performing suppliers, address performance issues, and make informed decisions about supplier relationships and contract renewals. 7. Contract Compliance Monitoring: Contract compliance monitoring involves tracking and analyzing contract adherence and compliance with contractual terms, conditions, and obligations. This helps organizations ensure that suppliers meet their contractual commitments, mitigate risks, and avoid contract leakage or non-compliance. 8. Risk Management: Data management and analytics play a crucial role in risk management by identifying, assessing, and mitigating risks associated with procurement activities. This may include analyzing supplier financial stability, monitoring supply chain disruptions, identifying regulatory compliance risks, and assessing geopolitical risks to minimize potential impacts on procurement operations.