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Ivalua, a global leader in spendmanagement, today announced that it has been selected by Swedish steel manufacturer SSAB to further improve the efficiency of its procurement processes and uphold and strengthen supplychainriskmanagement thanks to Ivalua’s Source-to-Contract (S2C) solution. About Ivalua.
With 30% of respondents indicating their organizations are suffering from an inability to assess risk across suppliers, many are investing in new strategies to minimize the frequency and impact of disruption. The study also found that suppliers will be vital for successfully ensuring supply continuity. About the research.
Ivalua SpendManagement Insights [ivory-search] Procurement in the Age of Uncertainty: 4 Lessons from the New Forrester Study May 9, 2023 | | Innovation by Alex Saric In today’s age of uncertainty, procurement departments are under tremendous pressure. Furthermore, their rapidly shifting nature requires a new level of agility.
Ivalua SpendManagement Insights [ivory-search] A Balancing Act: Drive Sustainability while Managing Cost and Risk April 27, 2023 | | SupplyChain by Vishal Patel Cost, Risk, and Sustainability. Meanwhile, the pace of business is accelerating, requiring organizations to be more responsive and agile.
So, the term ‘spend orchestration’ that some like to use is really just upgraded spendmanagement. TPRM is a huge opportunity right now, as document-centric approaches die when they reach the scale needed to perform supplier management (i.e., See our riskmanagement guide and ongoing TPRM coverage.
Supplychains are becoming more and more complex, constrained, and daunting by the day. Covid and post-Covid periods have reaped havoc on supply lines. They all include enhancements of: SpendManagement. The underpinning of effective spendmanagement is the capacity to formulate and execute an Annual Buying Plan.
Finally, procurement teams are responsible for anticipating and responding to disruptions in the supplychain and their own process. From procure-to-pay software to spendmanagement and analysis tools, procurement technologies are disrupting the status quo and bringing efficiency to teams like never before.
Now we have entered a period of relative stability, spendmanagement and cost reduction has moved back to the top spot, and ensuring supply continuity has moved from first down to second. Strengthen third-party riskmanagement visibility and capability JAGGAER delivers unique strengths in this area.
With new legislation being introduced for 2023 in Europe, such as the SupplyChain Due Diligence Act (SCCDA), CPOs and other procurement and sourcing leaders need to devise an agile procurement strategy to ensure compliance. Still, 50-67% of the companies failed to change their riskmanagement standards.
With the increasing complexity of supplychains and the growing importance of sustainability and social responsibility, the role of procurement professionals has become more critical than ever. Improve spendmanagement by implementing a buying plan Effective spendmanagement is crucial for any organization’s financial health.
The Essential Guide to Source to Pay, Source to Contract, and Procure to Pay Whether youre new to the world of procurement and supplychainmanagement, or a seasoned veteran; whether you work in a major manufacturing industry, a university, or a medium-sized clinical research organization, you may find procurement jargon rather confusing.
Spendmanagement and procurement will play a key role in enabling banks to achieve their efficiency targets while managingsupplychainrisks,” he added. At the same time banks have to invest in new technology to ‘reinvent the industry’,” Carande said.
Business spendmanagement suites, including SAP Ariba and Coupa software, offer marketplaces with App-Store like functionality. Maintaining their moat and preventing customers from defecting to more agile offerings on the market is a smart move. The cost of change is high, as is the risk of switching to another provider.
If you work in procurement and supplychain , you know there are hundreds of technology solutions geared toward making the purchasing process easier and more efficient. It is also common for procurement and IT teams to run lean, making it very easy for tech contracts to be left unmanaged. Get new resources weekly! Related Posts.
Many manufacturers also struggle to get a clear view of long-tail spend, since it involves numerous transactions spread across various departments and suppliers. Managing these supplies can be time-consuming and complex, leading to inefficiencies and higher administrative costs. On average, Arkestro sourcing cycles are 46.5%
Supplier diversity Maintaining a diverse supplier base is important in terms of risk mitigation and ESG. Small businesses may struggle to find and engage with diverse suppliers, potentially missing out on valuable opportunities and risking reputational damage.
Raindrop Raindrop is one of a number of US procurement startups offering enterprise-level spendmanagement platforms. Raindrop has also been recognised as a cloud-enabled procurement focused Contract Lifecycle Management (CLM) application. FRDM FRDM is a software company specialising in supplychainriskmanagement.
Procurement teams are often confronted with issues such as maintaining cost control and visibility over spending, managing relationships with a diverse range of suppliers, staying compliant with a myriad of regulations, mitigating risks in the supplychain, and leveraging new technologies effectively.
Procurement teams are often confronted with issues such as maintaining cost control and visibility over spending, managing relationships with a diverse range of suppliers, staying compliant with a myriad of regulations, mitigating risks in the supplychain, and leveraging new technologies effectively.
How to Implement a Strategic Sourcing Process A play-by-play manual showing how to implement a strategic sourcing process that aligns with your organization’s goals, optimizes spend, and creates long-term value. By proactively addressing risks, organizations can safeguard their supplychains and drive efficiencies.
The answer lies in the powerful tool of spend analysis. Spend analysis, a cornerstone of procurement and supplychainmanagement, is the process of collecting, cleansing, classifying, and analyzing expenditure data with the goal of reducing procurement costs, improving efficiency, and monitoring compliance.
Sophisticated SaaS procurement solutions like the JAGGAER ONE SpendManagement Platform allow you to consolidate all your procurement processes, data, and analytics on a single, unified platform. This is where you truly see operational effectiveness (more value delivered), agility, and systemic change.
Being able to adapt fast keeps businesses agile and ready for whatever the market throws their way. Prioritize cybersecurity Make sure that your outsourcing partner has robust cybersecurity measures in place to minimize the chance of a supplychain or back-door attack on your organization.
Vertical Integration: By taking control of different stages of the production or distribution process, businesses can gain supplychain control, reduce costs, increase efficiency, and differentiate their products and services. What is Horizontal Integration?
Furthermore, regular assessment of supplier performance can help you identify potential supplychainrisks early on so that they can be remedied before they cause major problems. Flexibility / Agility. This will go a long way with riskmanagement. Use PLANERGY to manage purchasing and accounts payable.
It enables organisations to achieve a more efficient, transparent and agile procurement process, thus allowing them to focus on strategic decision-making and business growth rather than transactional and operational tasks. Blockchain can be used across various industries, including both finance and end-to-end supplychainmanagement.
But effective procurement goes beyond these tasks to include activities such planning, strategy, and supplychainmanagement. Nowhere is this more true than in the challenges to the supplychain. Simplifies spendmanagement. Processes managed with Tradogram include: Purchase-to-pay. Compliance.
Risk reduction. If your industry has volatile inclinations or there is a supplychain disruption, a digital contract management tool can monitor and forecast those changes so that you can mitigate possible disasters. Life cycle management. Regulations and requirements can change over the duration of a contract.
This new digital strategy also uses predictive analysis to detect patterns, and predict outcomes, while offering better riskmanagement capability. Use PLANERGY to manage purchasing and accounts payable. Download PDF. What’s your goal today?
They are arguably the market leader and self-proclaimed “inventor of the Business SpendManagement (BSM) category”. They quickly rose to be the market leader, especially in the untapped area of spendmanagement for indirect procurement teams. They will be more agile now under PE ownership than SAP will ever be.
Agility is key to any company’s long-term success. Teams must respond swiftly to risks and make informed moves based on up-to-the minute data. Bots can be trained on supplychain data, learning how to monitor inventory spikes or predict parts starvation.
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