In this moment, excerpted from Acceleration Economy’s Cloud Data Strategy digital event, which took place on March 23, Joanna Martinez, Chief Procurement Officer, Founder, Supply Chain Advisor, and Acceleration Economy practitioner analyst, shares her thoughts on data that exists in the cloud and defines the role that procurement chiefs play in making critical decisions around that data.
00:09 — Joanna recently published an analysis on data being the “next category” of procurement. She reports that she received a lot of pushback from procurement professionals who said they’ve been “buying data for years.”
00:44 — “This is not buying a Bloomberg terminal,” says Joanna. “This is very different.” In the past, there may have been offshore agreements, with rooms full of people gathering data, crunching data, and doing some analysis. We no longer have our data resident in a closed-off room. Now, it’s on servers that are shared with other organizations.
01:23 — “Data is actually being manipulated in the cloud now, and it’s being analyzed by somebody else, not by someone that we have specifically chosen,” explains Joanna. Chief Procurement Officers (CPOs) can help organizations determine whether or not they need specific data. She suggests that “as a lot of these niche players have grown, they’ve then got a specific task that they do. They do it really well, the business starts to grow; they acquire other businesses and they overlap. And before you know it, you have a whole lot of different ways to get the same kind of data,” which speaks to the value of CPOs having an influence on data-purchasing decisions.
To gain more insights on the hows and whys of a cloud data strategy’s impact on business processes, view the Acceleration Economy Cloud Data Strategy Digital Summit, which is now available on-demand. Register for your free streaming pass here.