Empowering CPO

MAY 8, 2023

Importance of Risk Management in Procurement Procurement plays a critical role in the success of any organization, as it involves acquiring goods and services necessary for business operations. Finally, we will provide practical tips for incorporating risk management best practices into your organization’s procurement process.

Risk management 52

Risk management Risk Procurement strategies Strategy 52

ivalua

JULY 22, 2015

Supplier collaboration goes well beyond the sharing of product design documents, extending into initiatives involving product innovation, supply chain visibility, compliance, target cost programs, demand and capacity planning, and risk management. This means becoming proficient in the practice of collaboration.

Strategic sourcing 147

Strategic sourcing Strategic sourcing Sourcing Supplier consolidation 147

Spend Matters

APRIL 4, 2024

Compliance and risk management is a growing and interesting use case of GenAI for procurement, finance and, of course, legal operations. Its uptake is only going to grow as organizations begin to rely on its power to tackle big business issues, such as third-party risk management (TPRM).

Real-time Visibility 110

Real-time Visibility Management e2e Risk management 110

Procurement Templates

JANUARY 5, 2024

Ongoing Management: Schedule regular reviews of contract performance. Address and document any changes or amendments. Risk Management and Mitigation: Identify potential risks associated with the contract. Implement strategies to mitigate risks. Periodically reassess risk factors.

Contract management 130

Contract management Contract Management Negotiation 130

Procurement Templates

MARCH 7, 2024

A procurement playbook is a comprehensive document or set of guidelines that outlines the processes, procedures, best practices, and standards for managing procurement activities within an organization. It serves as a reference guide for procurement professionals and other stakeholders involved in purchasing goods and services.

Supply Chain Efficiency 130

Supply Chain Efficiency Procurement Ethics Contract management 130

Zycus Cognitive Procurement

AUGUST 29, 2022

With government organizations using entire suites with AI incorporated, it is a process that is being digitized to achieve ease of operations as well as better compliance and risk management. Secure : Enhanced stewardship, security, and continuity around important contract documents.

Risk management 52

Risk management Risk Suppliers Management 52

Procurement Tactics

OCTOBER 18, 2022

The solution or software is a part of a supplier relationship management system that enables monitoring and traceability of all external sales and procurement across your entire organization. . ProcureWare is an e-procurement system that offers sourcing, contract management, and supplier management functionalities.

Supplier relationship management 181

Supplier relationship management supply chain software solutions Suppliers Management 181

ivalua

AUGUST 16, 2021

A checklist guide to getting the most out of your supplier risk management program. This reliance can increase supplier risk or uncover a large source of value and supplier innovation for organizations. . The following are some of the most common objectives for implementing a supplier risk and performance management program. .

Risk 130

Risk Suppliers Management Supply Chain Efficiency 130

Spend Matters

DECEMBER 4, 2023

Omnea seeks to simplify the management of third-party spend across categories, removing manual approval workflows and accidental auto-renewals. Its AI-driven recommendation engine resolves issues of spend optimization and supplier oversight through its risk management capabilities.

Management 110

Management Market analysis Buyers Risk management 110

Procurement Tactics

NOVEMBER 23, 2022

It includes easy access to capital and markets, increased profits, improved brand image, gaining more customers, and better decision-making and risk management processes. . Proper execution of the CSR concept may bring a lot of benefits to companies. What is Sustainability in Procurement?

Procurement 206

Procurement Ethics Sustainability Supply Chain Efficiency 206

Jaggaer

FEBRUARY 5, 2025

If integration is required, provide clear technical documentation and ensure that both parties have the necessary resources for a smooth data transfer process. Its also wise to develop a risk management strategy that includes contingency plans for disruptions or non-compliance issues.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Strategy 52

SCMDOJO

OCTOBER 28, 2024

Improved asset lifecycle management: Effective asset lifecycle management can help identify optimal replacement times and reduce capital expenditure. Strengthening Risk Management: Enhanced security: Robust asset tracking systems can deter theft and unauthorized use.

Supply Chain Optimization 52

Supply Chain Optimization Supply Chain Efficiency supply chain software solutions supply chain budgeting 52

Spend Matters

MARCH 18, 2024

Day one — which Spend Matters did not attend as it was for customers and partners only — consisted of solution-focused sessions covering various topics: AI and generative AI, risk management, external workforce management, etc. Chat with documents to pull relevant data and insights from documents, contracts or invoices.

Procurement 117

Procurement Raw materials Sustainability Risk 117

ivalua

JULY 22, 2020

According to the EBA guidelines, outsourcing an activity shall never: Transfer bank’s senior management responsibility of running core management functions (e.g, risk strategy & oversight of business operations). Impair risk management obligations. Third Party Risk Management. fourth-party risk).

Risk management 130

Risk management Risk Contract Suppliers 130

Procurement Tactics

SEPTEMBER 21, 2022

Importantly, we know that sustainable procurement must be a strategic initiative and not just a reporting document. . A well-thought risk management approach. Sustainable procurement requirements are strategic visions tied to a company’s culture and policies that affect the decision-making level. Transparent communication.

Sustainability 188

Sustainability Procurement Cost of ownership Suppliers 188

Supply Chain Brain

APRIL 21, 2021

Avetta, a provider of supply chain risk management software, announced a partnership with DocuSign to offer legal risk compliance with its eSignature service, giving suppliers the ability to digitally and remotely sign documents.

supply chain software solutions 68

supply chain software solutions Risk management Risk Supply chain 68

Supply Chain Game Changer

FEBRUARY 27, 2020

The ISO 9001 outlines the security standards that a quality management system (QMS) should meet. A QMS documents the processes, responsibilities, and procedures of quality objectives. The ISO 9001 documentation has a lengthy list of both mandatory and optional requirements. ii) Document internal control procedures.

supply chain software solutions 87

supply chain software solutions Risk Networking Quality 87

Procurement Templates

APRIL 15, 2024

Review Existing Processes: Analyze current procurement processes, systems, and documentation to identify strengths, weaknesses, and areas for improvement. Stage 6: Risk Management Days 51-60 Risk Assessment: Conduct a comprehensive risk assessment to identify potential risks related to suppliers, contracts, and operations.

Procurement team 130

Procurement team Contract management Innovation Contract 130

Spend Matters

JULY 27, 2023

Collecting and managing supplier information At its core, effective supplier management has everything to do with data collection and management. Track and manage risk Supplier onboarding can potentially introduce significant risk to a business.

Suppliers 98

Suppliers Supply Chain Efficiency Risk management Procurement team 98

IBM Supply Chain Blog

FEBRUARY 8, 2024

” European Parliament News The EU AI Act in brief The primary focus of the EU AI Act is to strengthen regulatory compliance in the areas of risk management, data protection, quality management systems, transparency, human oversight, accuracy, robustness and cyber security.

Risk management 72

Risk management Risk Data Quality management 72

NLPA (Next Level Purchasing Association)

AUGUST 28, 2024

Key Steps in the Supplier Onboarding Process Define Supplier Requirements : Clearly outline what documentation and compliance standards are necessary for each type. Create a Documentation Matrix : Group similar supplier types to streamline the documentation process, ensuring consistency and efficiency in data collection.

Supply Chain Optimization 52

Supply Chain Optimization Supply Chain Efficiency Supply chain Suppliers 52

Procurement Templates

MARCH 3, 2024

Documentation : Proper documentation of the assessment process, including identified needs, stakeholder inputs, risk assessments, and budget analysis, is important for transparency and accountability. Prioritisation of Needs : Not all needs may be equally urgent or important.

Strategic sourcing 130

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 130

Spend Matters

MARCH 20, 2024

The examples represent the following segments: AP Automation/Invoice-to-Pay, Carbon Management, Contract Lifecycle Management, E-Procurement, Procure-to-Pay (P2P), Source-to-Contract (S2C), Source-to-Pay (S2P), Sourcing, Spend and Procurement Analytics, Supplier Management (SxM) and Supplier/Third-party Risk Management.

Procurement 114

Procurement Contract Sourcing Category management 114

Spend Matters

MARCH 11, 2024

Tech newcomers to PSI and Spend Matters FISCAL We met David Griffiths, CEO of FISCAL , a P2P risk management solution offering fraud forensics and SaaS risk software. million seed round in 2023 helped make otherwise static documents ‘queryable.’ Compliance and GDPR — does the data stay locked?

Procurement strategies 111

Procurement strategies Innovation Strategy Procurement 111

Spend Matters

JANUARY 5, 2024

Its approach uses an all-in-one spend platform that combines expense management, corporate cards, travel and business accounts. Gatekeeper combines contract lifecycle management with third-party risk management, two areas that are related but usually addressed with disparate software tools.

e2e 103

e2e Procurement supply chain software solutions Contract 103

Planergy

FEBRUARY 24, 2025

Key solutions to invest in include: Procurement System: This provides automated vendor tracking, real-time budget monitoring, comprehensive contract management, detailed spend analysis, and more for data-driven decision-making. They also provide secure document storage and integrate with financial systems.

Procurement 52

Procurement Supply Chain Efficiency supply chain budgeting Budget 52

Procurement Tactics

JULY 17, 2023

This frees up contract managers to focus on more strategic work rather than getting bogged down in administrative duties. Secondly, these tools improve organization and accessibility by providing a central location to store and manage contracts and related documents.

Contract management 189

Contract management Contract Management Negotiation 189

IBM Supply Chain Blog

FEBRUARY 13, 2024

For example, organizations can use generative AI to: Quickly turn mountains of unstructured text into specific and usable document summaries, paving the way for more informed decision-making. Generative AI proves highly useful in rapidly creating various types of documentation required by coders. Automate tedious, repetitive tasks.

Data 118

Data Ethics Quality Project management 118

Supply Chain Game Changer

AUGUST 31, 2021

The thesis is usually a written document which may also be presented in an oral format. The Professor who sponsors and mentors the thesis for the students may be the sole reviewer of the document, or there may be a committee to which the authors must present and defend the thesis, its content and its conclusions. Risk Management.

Agile and Lean Supply Chain 98

Agile and Lean Supply Chain Supply Chain Optimization Supply Chain Efficiency Supply chain 98

SCMDOJO

DECEMBER 11, 2023

In summary, the Purchase Order Status Report consists of critical information, empowering stakeholders to make informed decisions, identify bottlenecks, and ensure efficient procurement management. This document fosters transparency, accountability, and streamlined processes within the procurement function. Download Free GRN Report 6.

Supply Chain Efficiency 21

Supply Chain Efficiency Purchase orders Procurement Bidding 21

Procurement Tactics

JUNE 28, 2023

Documents concerning the contracts shall also be undertaken. Compliance and Risk Management Throughout the procurement process, monitoring compliance with the applicable legislation and regulations is crucial. Risk Mitigation In risk management, there is a key role to be played by procurement monitoring.

Supply Chain Efficiency 178

Supply Chain Efficiency Procurement supply chain software solutions supply chain budgeting 178

Spend Matters

JUNE 20, 2024

Image courtesy of Corcentric Understanding and preventing invoice fraud The first step in combating payment fraud and dealing with supplier risk management is understanding its various forms. Awareness of the common types of scams can help businesses identify potential threats and take preemptive action.

Strategy 114

Strategy Risk Suppliers Risk management 114

SCMDOJO

OCTOBER 14, 2023

It manages pre-designed events for managing financial issues or transactions securely. Risk Management It records and manages all the data and operational history, includes all details about the supplier or vendors and relevant documents, and keeps it immutable. All this data has a timestamp.

Supply Chain Efficiency 105

Supply Chain Efficiency supply chain software solutions Supply chain management Supply chain management 105

ivalua

JUNE 2, 2016

CPO’s are now being asked to manage not only the transactional piece of the supply chain, but to also create partnerships with suppliers who are beginning to become more deeply vested in the entire product lifecycle. Challenges in this new manufacturer/supplier partnership Burton cites include: Risk management. Integration.

Supply Chain Efficiency 113

Supply Chain Efficiency Procurement supply chain software solutions Supply chain 113

Spend Matters

MARCH 25, 2024

We recently spoke with Stuart Brock , founder and President of startup iKinetiq Innovation Solutions which helps procurement functions design the right strategy to optimize processes, gain deeper insights, and enable data-driven risk management with a focus on using AI technologies responsibly.

Procurement contracts 124

Procurement contracts Contract Procurement Negotiation 124

Spend Matters

JUNE 19, 2023

Why buy an SxM with Enhanced Risk solution Despite that there is no single ‘supply risk management’ solution market (i.e., Their search function is also more powerful and can be based on profile content, metadata extracted from documents and sentiment analysis.

Risk 97

Risk Risk management Supply Chain Optimization Suppliers 97

SCMDOJO

JANUARY 29, 2025

Supply chain reports are data-driven documents that provide key metrics and insights into various aspects of your supply chain, including: Inventory Levels Tracking stock levels in real-time to ensure adequate inventory to meet demand while minimizing holding costs. What are Supply Chain Reports?

Supply Chain Optimization 98

Supply Chain Optimization Supply Chain Efficiency supply chain budgeting Agile and Lean Supply Chain 98