Data-Driven Decision Making in Procurement — Adnan Karabay // Workday

Quotes

• “Finding the right balance between cost and quality is essential in procurement. Avoid overpaying for services, but also beware of underpaying to the point where the vendor may not meet the required standards. Its critical to achieve the best value for the cost, and correctly using and analyzing data can help us do that.”

• “And that's where it gets into the nitty-gritty of the data analysis, when you come into an RFP process. And you receive the responses with the various prices they have submitted, which can be complex, depending on what you're asking for. So you have to compare that data or you have to compare the different price points that you have received from various vendors.”

• “If you ask the wrong questions, you get crappy data. All you get is maybe some corporate buzzwords about how great they are.”

• “Be very specific about what you want. And then ask specific and detailed questions... That's what's going to allow you to make the closest to an objective, like-for-like comparison.”