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Ivalua Blog [ivory-search] Weathering Future Disruptions: 8 Steps to Building SupplyChainResilience February 8, 2023 | | Manufacturing by Doug Keeley In the face of an unprecedented global crisis, Procurement stepped up to become a crucial driving force for business continuity. Create speed and transparency.
This Spend Matters Vendor Analysis gives an overview of Forestreet, a supplier discovery solution. In a world that feels like it is constantly teetering on the edge of chaos or permacrisis, procurement professionals must master uncertainty by building resilience and agility. This content is for members only.
A review of the key elements in supplier management for manufacturers and how Source-to-Pay procurement technology can support the journey towards supplychainresilience and agility in times of crisis. There are many supplychain management lessons to learn from the Covid-19 crisis.
Many businesses go to market for solution support within supplier management with ESG/Corporate sustainability as a primary compelling event, or driving factor. Customer requirements on more sustainable products/services, and/or requests for supplychain transparency/due diligence.
On an environmental level, progress toward targets needs to be measurable: not just at the customers company, but across their entire supplychain. On the growth side, selecting sustainable suppliers helps companies improve retention among their customer base. Many thanks to Prewave for sharing this insight with us.
Supplier Collaboration: Driving Innovation and Competitive Advantage In today’s hyper-connected global economy, where supplychains span continents, and industries are interlinked globally, supplier collaboration serves as the foundation to drive innovation and create a future-ready organization.
Many of these organizations are already using Source-to-Pay technology and are now realizing more than ever that technology is a “must have” to ensure their supplychain remains resilient and agile throughout a crisis. Supplier Data Quality & Management in Decision Making. Risk & Performance Management.
The release includes a broad set of innovations to help organizations better manage their spend and suppliers. in “ The Forrester Wave : Supplier Risk And Performance Management (SRPM) Platforms, Q3 2020.” Specific release highlights include: Supplier Management Innovations: . Sourcing Innovations: .
Supplier Collaboration: Fundamental to Elevating Manufacturing Performance Supplier relationships are at the heart of manufacturing performance. That’s why supplier collaboration—that consistent, trusted, and responsive interaction between supplier and manufacturer—is pivotal to manufacturing success.
Bonus PDF: 51 ChatGPT Prompts to 10X Your Productivity in Procurement Download 51 Prompts → Or receive our famous weekly newsletter Supplier Collaboration Software — What You Should Know The use of supplier collaboration software continues to rise as businesses grow and technology advances. However, what is it?
In this Spend Matters Vendor Analysis, we provide an overview of Supply Risk Solutions and its solution for supplier (chain) risk management. Supplier risk management is crucial for a variety of reasons. First and foremost, it helps organizations identify and mitigate potential disruptions in their supplychain.
By automating routine work, procurement professionals can focus on high-impact tasks like strategic sourcing and relationship building with key suppliers. It streamlines the entire procurement process by centralizing and automating interactions between buyers and sellers. Subscribe to news from Arkestro.
This Spend Matters Vendor Analysis gives an updated overview of Sphera’s SCRM solution, a solution built to improve supplychainresilience by tackling both predictable and unpredictable risks. The integration of the riskmethods application is a work in progress. GHG, human rights and PFAS). This content is for members only.
STAKEHOLDER (AGENT) 3 What are the main concerns for suppliers meeting ESG specifications? Suppliers face several obstacles in meeting ESG (Environmental, Social, and Governance) specifications, stemming from resource limitations, regulatory complexities, and operational challenges.
According to Geraint John , Vice President Analyst with the Gartner SupplyChain practice, “Supplychain executives overwhelmingly recognize the necessity to make their networks more resilient and agile.” In this blog, let’s explore best practices that drive supplychainresiliency with this definition at the core.
They may not consider potential issues of integrations, supplier onboarding, supplychain data management, change management and system optimization, all of which add to complexity and costs. Implementation is challenging: Healthcare organizations tend to underestimate what’s involved with successful implementation.
However, third party risk management should be implemented in every procurement department, as regulations and the uncertainties of the post-pandemic era are making these issues around compliance, data security, supplychainresilience and business continuity increasingly important. This content is for members only.
The complexity of today’s supplychain makes it more prone to severe impacts from disruptions, just like what happened at the start of the pandemic. . Due to this, many organizations have put supplychainresilience as a top priority. Benefits of SupplyChain Collaboration. Enhanced ethical standards.
“A 2023 survey by KPMG highlights this transition, revealing that procurement leaders are now focusing on supplychainresiliency (68%), introducing new products or expanding into new markets (65%), and improving margins through cost reduction (71%). The focus is on efficiency and control. What is your take?
Focus on large-scale transformations, strategic frameworks, and cutting-edge technologies like AI and supplychainresilience. Offers insights into emerging trends and supplier innovation. Downsides : Heavy focus on technology; less coverage on broader supplychain challenges.
How AP can improve relationships with your key suppliers. Common disruptions such as economic instability, vendor delays, natural disasters, and supply shortages uniquely challenge schools due to tight budgets and rigid schedules. How to capture early payment discounts and avoid late payment penalties.
Our flagship product, Onventis Buyer cloud software, stands as a comprehensive procurement system designed to empower organizations across all aspects of procurement. Onventis Buyer represents a powerful solution that streamlines and automates the entire procurement journey, from the initial sourcing to the final payment to spend analysis.
They come primarily from a cyber perspective, from an anti-bribery and corruption (ABAC) perspective, from an ESG and a supplychainresiliency perspective and, of course, data privacy. It takes risk-intelligence technology to detect all the suppliers in the chain,” he says, “because questionnaires alone don’t work.
They’ve hired strategic SupplyChain professionals who can turn this data into actionable intelligence, and redesign the supplier, production, and transportation network to get products to market quicker and cheaper. Then came COVID-19. I think, as a field, we need to step up and embrace this moment. ”
At the same time, complex and fragmented supplychains can introduce challenges like supplychain compliance and fraud mitigation. Supplier visibility and traceability is growing in importance to help achieve environmental, social and governance (ESG) targets.
Enhancing supplychainresilience. Improving supplychain sustainability. Building Agile SupplyChain Ecosystems : . Supplychain management has long been characterized by the need to source and aggregate goods from various vendors, manufacturers, and suppliers across a wide geographic area.
Utilize Networks and Relationships An often overlooked source of industry trends is your network and relationships, such as automakers and suppliers. Benchmark Best Practices Last but not least, benchmarking with leading auto suppliers on current industry best practices is a great exercise for procurement teams.
Geopolitics becomes a procurement issue Supplychainresilience will assume new meaning, with geopolitical tension presenting a complex puzzle for any global business. Chief Procurement Officers will come under mounting pressure to accelerate supplychain reconfiguration efforts started during the pandemic.
Sometimes getting out there, requesting demos, and seeing what the market has to offer is the clearest way to understand what kind of requirements you should be putting on prospective suppliers in an RFx or a deepened solution evaluation process. Need to strengthen supplier compliance ? That means you need to know your supplier.
Sam explains that they identified five areas in Procurement where improvements could be made: Risk and master data processes Increasing insights and value from the data in the supply chain Reducing reactive risk management and moving to proactive risk management. He gives an example in the area of supplychainresilience.
The reason being quite simply that there is so much else going on in our organizations and in the world at large that’s grabbing our attention: supplychain disruptions, supplier value management, risk factors, finding the right balance between savings and lead times and, last but not least, sustainability, in particular reducing carbon footprint.
Limited Supplier Network. Relying on a limited number of suppliers can lead to back-orders and other delays. Constrained supplychains and the associated shortages have resulted in mounting pressures for organizations to diversify their supplier bases. Managing Supplier Relationships. Managing risk.
Procurement refers to the business processes involved in acquiring goods, services, and work from external suppliers. It involves identifying needs, sourcing potential vendors, obtaining quotes and proposals, negotiating contracts, selecting suppliers, managing relationships, and meeting obligations.
A New Paradigm in Procurement In 2023, an overwhelming 95% of manufacturers plan to ask their suppliers for cost reductions. In this evolving climate, procurement and finance are coming together to re-think the procurement function as a strategic player driving value, especially when it comes to supplier relationship management.
This results in lower demand, which will affect the supplychain. As demand falls, businesses need to reduce production or orders, which could mean the same for suppliers further down the supplychain. Global supplychains. How can supplychain managers manage higher inflation and interest rates?
It’s a strategic function that involves understanding market trends, analyzing suppliers, negotiating contracts, and managing relationships, among other tasks. For one, they often focus too heavily on price at the expense of other factors, such as quality, sustainability, and supplier innovation.
Scoutbee is an AI-powered procurement network that connects buyers with potential suppliers. Agentic AI takes this a step further by enabling autonomous supplychain systems. They can proactively identify risks, optimize processes in real time, and even negotiate supplier contracts without human oversight.
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