Procurement Analytics is the process of collecting data, applying analytical techniques : To get actionable insights. Support decision making Improve S2P operations Demand forecasting is important for procurement. Methods of demand forecasting: Traditional statistical methods ML techniques Demand sensing The foundation for intelligent planning ,budgeting is Accurate Forecasting Having accurate data- based forecasts help at the initial negotiation stage A recent study by Barclaycard Payments showed that 78% of senior procurement decision managers emphasize the importance of data in supplier negotiations Knowledge and confidence are needed for effective negotiations Implement data aggregation, price forecasting techniques

A fair assessment of the vendor's capabilities, market standing, and past work can help address concerns about unrealistic promises. Establishing a well-defined SOW with guardrails, contingency plans, and escalation SLAs further mitigates risks and ambiguity.

Navigating unrealistic promises from a vendor is like reeling in a fish story—you need facts to cut through the exaggeration. Start by requesting specifics: timelines, deliverables, and any supporting evidence to back their claims. Unrealistic promises often crumble under the weight of details. If they double down, shift the conversation to risk management: “What’s Plan B if this doesn’t pan out?” That usually separates optimism from reality. Be transparent about your expectations and constraints, ensuring there’s no wiggle room for excuses later. And always have a backup plan—because when a promise sounds too good to be true, it’s usually about as reliable as a lottery ticket.

Here's a concise and creative approach, Stay Cool: Appreciate their enthusiasm. Get Specific: Ask for detailed plans. Show the Facts: Use data to explain why their promises might be off. Offer Solutions: Suggest realistic alternatives. Set Checkpoints: Break the project into milestones. Document It: Keep a record of all agreements. Stay Connected: Maintain open communication. By blending professionalism with clear communication, you can turn unrealistic promises into achievable goals! How does that sound?

First, it’s important to communicate the potential consequences of unrealistic promises to the vendor. By having an open and transparent conversation, we can understand their perspective while clearly outlining our expectations. From there, we should collaborate to identify realistic commitments that work for both parties, ensuring alignment and setting achievable goals moving forward.