Many organisations have significant levels of data, in ERP systems, databases or in spreadsheet format. This is not necessarily the same as having information to hand.
Throughout the whole strategic sourcing process, it is vital to build decisions based on facts, and to support this we need to convert data into information. As an example, contextualising your spend data into categories creates a different view of the original data and provides an alternative insight into the way your organisation spends. We can then take this insight (new information) and present it back to the organisation, creating better buy. Strong visualisation of data is key to gaining insights, observing trends and creating information, and the rationale of a dashboard is to provide information based on trends in historical data to accelerate effective decision-making.
Building a Dashboard