Autumn, May 2015

Is data at the heart of your decision making?

‘Making It Stick’ Research Update

Despite a positive attitude towards the use of data in decision making, it may come as a surprise that two out of three UK executives say they put gut instinct before analytics when making strategic decisions*.

The role of data and analytics in corporate decision making, however, cannot be denied with 81% of executives recognising a familiarity with data-driven decision making as a prerequisite for senior management roles.

In the digital age, as business problems become ever more complex and the volume of data available threatens to overwhelm, having access to authoritative, relevant data, insightful findings and informed recommendations is critical.

Since its inception nearly 15 years ago, research has been at the heart of The Faculty’s mission to drive thought-leadership in the procurement profession.

Max Goonan, The Faculty’s Networks Director, considers research to be integral to the CPO’s task of preparing their business for the future and making the business case for targeted investment.

“Our research equips procurement professionals with the information they need to plan ahead and bring about effective change. We’re seeing a strong demand from our Roundtable members and other clients for both qualitative and quantitative data, giving CPOs the ammunition they need to step up to the role of strategic advisers.”

Each year, members of The Faculty Roundtable nominate a topic for a major thought-leadership project to be delivered within the following six months. The topics reflect current market concerns and revolve around the big issues that are keeping CPOs awake at night.

In past years, The Faculty has delivered major research projects on topics including: creating a cost-conscious culture, sustaining the talent pipeline, the rise of outsourcing, being future-ready, leadership and innovation.

This year the focus is on benefits realisation and driving hard-won value all the way to the bottom line. The Faculty’s Making it Stick research will be delivered in August and will recommend best-practice methods to track, measure and validate both monetary and non-monetary benefits through business alignment, sound processes, reporting, ownership and compliance.

The Faculty’s benchmarking research runs parallel to thought-leadership projects and focuses on hard data and quantitative analysis.

Through a series of interviews, surveys and data analyses, Roundtable members gain access to benchmarking results that validate their organisations’ performance within their peer-group and provide a baseline for key focus areas. The benchmarking includes an analysis of trends over time to measure the success of improvement initiates and to identify gaps or inefficiencies.

The main benefit for participants is the chance to validate their strategy, learn from peers’ experiences and create a business case for specific investment in an environment where every dollar counts.

If you would like to receive a copy of The Faculty’s Make It Stick whitepaper, register for an advance copy here.

To discuss becoming a Roundtable member, please contact Max Goonan, Networks Director via email.

* ‘Guts & Gigabytes’, PWC