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Poor data quality 'impeding procurement improvement efforts'
Issues with data management among UK businesses may be impeding efforts to extract maximum efficiency from procurement processes.
This is according to a new survey by data management solutions provider DataFlux, which suggested that just over a third of British companies believe data problems are the single biggest issue preventing the uptake of better spend management techniques.
Half of those polled said their data was of low quality, or that they did not have the ability to provide accurate calculations of this metric, despite an overwhelming majority recognising its role in the success of improved procurement efforts.
Colin Rickard, European business development director at DataFlux, said it is a cause for concern that more is not being done to solve this problem.
"By maintaining accurate information on who is buying what, when and for how much, you can conduct powerful analysis which can result in more efficient consolidated ordering," he explained.
Last month, Michael Dominy of Gartner told Supply Management stated that good data flow can also aid outsourcing initiatives.
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