Why Big Data in Procurement is Crucial for Businesses in 2019? | SpendEdge’s Latest Article

Big data analytics allows businesses to examine large and varied data sets obtained from different online channels. It traces products across the entire …


SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the benefits of big data in procurement.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190807005412/en/

According to SpendEdge’s new study, big data will soon change the way businesses devise strategies to become market leaders. It possesses the potential to consolidate relevant information from multiple streams onto single dashboards and help procurement professionals make informed decisions. Businesses will also witness changes in the way applications are developed and improve procurement functions by better understanding supply chain needs in real-time.

Wondering how you can understand supply chain needs in real-time? Request a free proposal to leverage our portfolio of customized procurement solutions.

At SpendEdge, we understand the importance of big data in procurement. Therefore, we have highlighted some key benefits of big data in procurement that companies should aim to reap to improve their productivity.

Key Benefits of Big Data in Procurement

Improves supply chain traceability

Big data analytics allows businesses to examine large and varied data sets obtained from different online channels. It traces products across the entire supply chain and creates opportunities for businesses to boost procurement productivity and reduce costs. Big data in procurement also helps CPOs to take forward-looking viewpoint based on accurate information.

Inability to trace supply chain can hamper the productivity of businesses. Contact our experts to know how you can boost supply chain efficiency.

Informed sourcing and procurement decisions

Analyzing and systematically extracting information from large data sets is a tumultuous task. With big data analytics, companies can easily gain more contextual information by transforming unstructured data available in different forms into accurate datasets. They can also perform a comprehensive spend analysis and improve their sourcing process.

Making informed sourcing and procurement decisions require accurate datasets. Request a free demo from our experts to access our smart procurement solutions.

Improves supplier relationships and new business models

Big data analytics possess the potential to change volume based purchasing programs to value based programs. Suppliers who can add more value to the organization will be preferred. This will lead to mutation in business models and supplier relationships.

To know how you can implement new business models and improve transparency in supplier relationships, request more information from our experts now!

About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.

Want more information? We’re happy to help! Tell us more about your business challenges.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190807005412/en/

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IBM Blockchain Gains Big Name Joiners In Lenovo, Glaxo, Nokia

IBM has announced a new blockchain project called Trust Your Supplier (TYS.) This early, it has attracted big names from different industries.

IBM has announced a new blockchain project called Trust Your Supplier (TYS.) This early, it has attracted big names from different industries. Coin Desk named a few of them-Anheuser-Busch InBev, Lenovo, GlaxoSmithKline, Schneider Electric, Nokia, and Vodafone had all expressed interest in the project and has come onboard.

The project was announced on Monday and TYS has become one of IBM’s most successful programs. The steady group of track-and-trace supply chain and logistics programs also included Food Trust and TradeLens.

The TYS has become focused on supplier onboarding, which described a wide range of services and supplier information data. These pertain to ISO certifications, tax certifications, bank account data, and certificates of insurance, among others.

IBM has also emerged with a fully formed live production blockchain. TYS is limiting its availability to these existing participants, with commercial availability the next step of the plan.

The company is planning to forge ahead in Q3 2019, with Wieck saying that the company’s footprint is confined to North America for now, but plans are to go global within the next year or so.

The company is also setting its sights on creating a faster and more efficient supply chain management system, according to Reuters. This supply chain management system is for the flow of various goods and different services.

It is also for overseeing the movement and storage of inventory, raw materials, and finished goods. This has been one of the many areas which analysts tied with IBM have identified as a beneficiary if blockchain is implemented in it.

Research firms like Gartner Inc have conducted research into the technology. By 2023, they have predicted that it will support the global movement and the tracking of $2 trillion of goods and services, as well as in other areas like real estate.

IBM has enlisted the help of blockchain firm Chainyard for the technology as well as the network that will house the company’s blockchain platform. The other companies are storing supplier data into the network, while also contributing through their expertise, into the expansion of the network.

Like in real estate, managing suppliers have long relied on cumbersome methods to complete their supply chain work. It makes it difficult to maintain and fast track verification of identities and document tracking.

TradeLens is IBM’s cargo shipping blockchain ecosystem and is also one of the biggest direct recipients of TYS. Analysts have said that there is an abundance of use cases for TYS, not limited to the document-sharing capability it already is seen being used for.

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Jollychic obtained AED 238.5 million C+ round of strategic investment funds from Middle East …

In 2018, Jollychic obtained the C-round financing investment led by Sequoia Capital. The company’s shareholders also included Junlian Capital, …

Recently, JollyPay, a payment platform of Jollychic obtained relevant payment licenses in the UAE, and it obtained online payment service qualification in Saudi Arabia. Based on mobile payments and e-wallets, JollyPay will drive high-speed growth of new business and form an independent portal to feed back the entire e-commerce ecosystem.

Founder and CEO of Jollychic, Mr. Arron Li said that Jollychic has been insisting on the core strategy of Glocal, (Global Mission and Local Commitment).

The new investment will drive Jollychic’s strategic initiatives to expand its segmentation, optimize its logistics system, and develop third-party payment platforms and e-wallets.It is worth mentioning that this round of funding from G42 Group is an important milestone for Jollychic to further strengthen localization. It has a special strategic and localized significant for the entire Middle East market, and it has far-reaching benefits for Jollychic to build an e-commerce ecologyand “no cash society” covering the Middle East region.

A report jointly released by Bain and Google predicts that the e-commerce market in the Middle East and North Africa (MENA) region will reach nearly $30 billion in 2022. The MENA region, especially the core six countries of the Middle East (GCC), is one of the regions with the highest Internet coverage in the world. However, the penetration rate of e-commerce in the region is only 2%, and the market structure is also scattered. The e-commerce market has huge potential to develop.

As a global cross-border e-commerce platform, Jollychic has been focusing on the Middle East market since 2014, combining China’s supply chain advantages, efficient integrated full-link logistics solutions, highly localized operations and leading big data artificial intelligence technologies through its e-commerce platform such as Jollychic, MarkaVIP and Dealy, which sells more than 200 major categories of fashion, electronics, home and beauty to the most dynamic mobile internet users in the region, providing customers with cross-border and diversified one-stop e-shopping services. It has quickly become one of the largest e-commerce platforms in the Middle East with the largest installed capacity in the Gulf. Currently, Jollychic has branches in the UAE, Saudi Arabia and Jordan.

In 2018, Jollychic obtained the C-round financing investment led by Sequoia Capital. The company’s shareholders also included Junlian Capital, Lanxin Asia, Ping An Ventures, CDH Investment, Dachen Venture Capital, Zhejiang Huarui and so on.

SOURCE Jollychic

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Digital Commerce Search Market Is Expecting Revolutionary Growth 2019 with Top Key Players …

Digital Commerce Search Market Is Expecting Revolutionary Growth 2019 with Top Key Players: Algolia, Amazon Web Services (AWS), SLI Systems, …

Innovations in search and product discovery are advancing quickly, and can be adopted without needing to rebuild entire digital commerce platforms. Application leaders in digital commerce can use this guide to understand the commerce search market and support related customer experience initiatives.

The newest market report on the Digital Commerce Search market delivers an in-depth analysis of this business vertical including essential data concerning industry predominantly market tendencies, deliverables, market share, market size, current valuation, and profits approximations for the estimated period. A brief overview with information pertaining to the industry also foresees market growth rate in the predicted timeline, provoked by certain catalysts, an essence of which has been depicted in this study together with the main opportunities and challenges present in the business.

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IBM is expanding blockchain sphere with 4000 new suppliers

IBM is expanding blockchain sphere with 4000 new suppliers … will likely make IBM the industry-leading supply chain Distributed Ledger Technology.

In recent developments, IBM and Chainyard blockchain have launched a blockchain-powered platform ‘Trust Your Supplier’ (TYS) expanding blockchain sphere,

The platform ensures simplifying the management of the supply chain, verification of suppliers, and the onboarding process.

Within a couple of months, IBM is planning to bring its four thousand (4000) suppliers from North America onto this newly launched network, hence; gaining a competitive edge in the supply chain management’s sector.

The new platform, ‘Trust Your Supplier’ already has a huge list of participants, including leading firms. The list of firms includes esteemed names such as the Drink Company Anheuser-Busch InBev; the hardware company Cisco, the pharmaceutical company GlaxoSmithKline, computer manufacturers Lenovo, telecommunication company Nokia, France-based Schneider Electric and London-based telecommunication company Vodafone. The objective of TYS is to revolutionize the customary ways of supplier management.

Presently, these traditional processes lack automation, and this has made it a burdensome task to manage the intricate areas of documentation. This includes tracking shipment, International Standards Organization Certification, information of bank accounts, and other documentation.

Moreover, it is expected from TYS to establish an audit trail that is immutable on blockchain and will reduce the inefficiencies that are presently prevalent in the industry. The company is hoping to cause a reduction in the errors and the fraud risks and will likely make IBM the industry-leading supply chain Distributed Ledger Technology.

Currently, the TYS network has limited availability, and it will be commercially launched in the third quarter of 2019.

Presently, IBM has over eighteen thousand and five hundred (18,500) suppliers all around the globe; however, it is planning to onboard around four thousand (4000) from North America in the upcoming months, expanding blockchain sphere by many folds.


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