199: How To Use Data Analytics and AI To Increase Profitability With Smarter Procurement, Featuring Cameron Jagoe of ProcureVue
Jul 24, 2024
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Expert Cameron Jagoe discusses applying data analytics and AI to boost profitability in procurement, sharing insights from bakery operations and value engineering projects. Topics include the tech stack for data analysis, challenges with parsing data, and the correlation between sourcing and sales. Jagoe's personal journey and reflections on pricing strategies in the donut shop experience are also covered.
Utilizing data analytics and AI in procurement can optimize profitability by aligning procurement and sales strategies effectively.
Implementing advanced data analytics and AI tools can enhance pricing strategies for sustainable growth and profitability in businesses.
Deep dives
The Data Stack Show Overview
The podcast focuses on discussions about technical, business, and human challenges in data work. Innovators and data professionals share insights on new data technologies and operations at leading companies, with a specific emphasis on improving profitability through strategic sourcing. The podcast delves into the importance of leveraging granular analytics to drive business outcomes.
From Running a Donut Shop to Newell Rubbermaid
The episode narrates the transition of a college student from managing a bakery to working at Newell Rubbermaid, a conglomerate with multiple brands. The speaker recounts how lessons from the bakery, such as cost efficiency and strategic decision-making, influenced their success in a senior role at the company, ultimately leading to the establishment of an analytics center.
Balancing Procurement and Sales Analytics
The podcast explores the interplay between procurement and sales strategies, highlighting the significance of fair and sustainable pricing models. By leveraging powerful algorithms and data analytics, companies can optimize costs while maintaining healthy margins. The discussion emphasizes the importance of aligning procurement and sales techniques to drive business growth.
Enhancing Pricing Strategies Through Data Analytics
The episode delves into the gap in the market regarding sophisticated pricing strategies and the impact of cost analysis on pricing decisions. The speaker emphasizes the application of advanced data analytics to optimize pricing models, ensuring fair and profitable transactions. By using AI-driven tools, companies can enhance their pricing strategies for long-term growth and sustainability.
Sourcing and Sales as Two Sides of the Coin (41:04)
Challenges with Parsing Data (44:06)
Personal Journey and Company Success (46:44)
Final thoughts and takeaways (47:45)
The Data Stack Show is a weekly podcast powered by RudderStack, the CDP for developers. Each week we’ll talk to data engineers, analysts, and data scientists about their experience around building and maintaining data infrastructure, delivering data and data products, and driving better outcomes across their businesses with data.
RudderStack helps businesses make the most out of their customer data while ensuring data privacy and security. To learn more about RudderStack visit rudderstack.com.
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