Often the first thing that comes to mind when discussing data in broad terms in scientific research. You may recall back in high school or college the importance of collecting quality data and different statistical sampling techniques as the basis for your research. In business data is typically associated with sales numbers or profitibility. Going a little deeper, procurement relies heavily on data to make dterminations as to vendors, sourcing, and what changes and adjustments need to be made. The challenge is usually either a shortage of data or an abundance of data and no good way to sort and use it.
The infographic below by MasterCard company, trueaxis, shows how organizations with advanced software (like Bellwether’s ePMX:) successfully utilize the data to the tune of over 33% more revenue growth and 12 times the profit growth.