This course is cancelled

World has seen the growth of the businesses in different ways and different geographies. The cost of operations in developed countries is very high, however the opportunities of labor and material arbitrage are immense in developing nations. Developed world like America, Europe, Australia, Japan are now focusing more on experiential markets with technological revolution and focus on cost control. The developing countries like India, China, Philippines, etc. are focusing more on manufacturing and services at low prices. The extraction economies can be the key suppliers of raw material such as the African countries.

Businesses have grown in last 3 decades with strategies focusing on top line and business expansion. The improvement in internal and external operational efficiencies thereby controlling the bottom line has started driving the profits. The advances in computer processing speed and cost of data storage has brought the world to a stage where business analytics is becoming the need of the hour.

The techniques of decision sciences and optimization can enhance the resources utilization. So far most of these techniques are not used by the management professionals when they join corporate careers such as knowledge process industries, consulting, or research labs. The primary reason is that they do not gain sufficient confidence in their classroom learning of various modeling and cost control tools, that it takes years for the executives to reach implementation stage, but by then they are habitual of the other common transactional methods of executing the business.

The understanding of the market research, industry analysis, and supplier risk profile assessment are the key areas to understand the potential of outsourcing and off shoring to a remote geography. Organization can be seen saying that “Every dollar spent, should be spent professionally”. Have organizations truly applied this? The procurement analytics can play a vital role in impacting the bottom line. Spend analytics is an area which can be used to identify the potential areas of savings in an organization.