P&SC LIVE New York: Bridging The Data Impact Divide
The final session of day one at Procurement & Supply Chain LIVE New York saw Prerna Dhawan, Chief Product Officer, take the stage for a fireside chat. She shared her insights on bridging the gap between data and actionable intelligence in procurement and supply chain management, a challenge faced by many organisations today. Hosted by Neil Perry, the session delved into the practicalities of transforming data into meaningful strategies, with Prerna drawing on real-world examples and outlining a clear vision for the future of data-led decision-making.
The data to intelligence challenge
When asked for an example of successfully turning data into actionable insights, Prerna points to her company’s flagship platform and their AI-powered digital assistant. This assistant enables users to access data-driven talking points during supplier negotiations, enhancing the precision and impact of these interactions. “The intent,” Prerna explains, “is to enable the move towards dynamic decision-making.”
She illustrates this with a specific scenario involving a client purchasing large quantities of corn. By analysing historical pricing trends, the platform identified
seasonal fluctuations in corn prices. This allowed the client to renegotiate their contract, shifting its start date to a more favourable period and realising significant cost savings. According to Prerna, it’s this capability to turn market data into strategic actions that close the gap between information and impact.
Overcoming barriers to data usage
One key issue Prerna highlights is the difficulty organisations face in harnessing the sheer volume of data available to them. She emphasises that many companies struggle due to a lack of clear use cases and objectives. "We're not clear on the use case," Prerna says. "The biggest challenge is not starting with the data, but with the problem you're looking to solve."
Prerna also addresses the common problem of information overload. With vast amounts of data at their disposal, organisations often find it challenging to identify and focus on the most relevant information. Prerna advocates for a laser focus on the business problem at hand, which she sees as crucial in guiding data collection and analysis.
When it comes to selecting and managing data, Prerna advised organisations to start small with meaningful use cases that demonstrate value. She stresses the importance of having a robust data strategy in place and being open to testing, learning, and pivoting based on what the data reveals.
The role of AI in shaping the future
In discussing the role of AI and advanced analytics, Prerna is clear that these are not mere buzzwords but essential tools for modern supply chain management. She explains that organisations don’t necessarily need the most complex AI models to achieve results. "In some cases," Prerna notes, "all you need is a simple rule-based automation."
However, she also highlighted the importance of presenting the results in a user-friendly manner. “It’s really seeing the ‘so what’ and the ‘now what’ that’s missing,” she remarks, adding that companies need systems that can offer clear recommendations based on real-time data.
Prerna elaborates on the potential of simulations, which allow organisations to test different scenarios and strategies in real-time. For example, a procurement team could simulate the impact of switching suppliers or changing the timing of contracts. According to Prerna, these capabilities have become faster and more accurate, thanks to advances in technology, making them invaluable tools for dynamic decision-making.
Looking to the future
In closing, Prerna shares her excitement about the future of data-driven solutions. The focus, she says, is shifting from merely identifying trends to taking proactive steps based on forward-looking insights. “We’re moving away from just telling you ‘what’ to the ‘so what’ and the ‘now what,’” she says, emphasising the growing importance of recommendations and actionable strategies.
Prerna believes that with the right tools, procurement and supply chain teams can not only react to changes but anticipate them, adapting their strategies in real time. This ability, she says, will be key to driving business success in an increasingly complex and data-rich world.
The session concludes with Neil thanking Prerna for her insights and commending her on a thought-provoking discussion. It was a fitting close to day one of Procurement & Supply Chain LIVE New York, leaving attendees with much to reflect on as they look to harness the power of data in their own organisations.
Essential diary dates for 2024 and 2025…
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- Manufacturing & Mobility LIVE | 6 November
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- Procurement & Supply Chain LIVE Singapore | 11 February
- Procurement & Supply Chain LIVE: Scope 3 | 5-6 March
- Sustainability LIVE: Net Zero | 5-6 March
- Procurement & Supply Chain LIVE Dubai | 29 April
- Procurement & Supply Chain LIVE Chicago | 4-5 June
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- Procurement & Supply Chain Awards | 24 September
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