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A common thread among the conversations we’ve had recently with senior procurement practitioners tells of the extent to which attitudes towards risk have changed over the past decade. According to one procurement leader we spoke to, all that changed around 2020. That statement couldn’t be less true today.
Modern procurement needs have far surpassed transaction management; procurement is now a critical component in driving strategic value across businesses and AI has become a key tool in procurement teams back pockets. In short, AI is making manufacturing procurement faster, smarter and more resilient than ever.
Opportunities for Procurement Technology As we look toward 2025, European businesses are reshaping their supply chains to navigate an increasingly complex global landscape. A recent report by Maersk and Reuters Events highlights that 68% of companies are making supply chain visibility and monitoring solutions a top priority.
Spend Matters has been speaking with procurement practitioners and solution providers to get a wide view of how procurement and digital transformation is happening in the real world. We wanted to ask her what she has witnessed as the main motivator for procurement transformation.
Digital procurement tools offer both immediate benefits and long-term returns. While full-scale digital transformation certainly takes time, organisations can see rapid improvements in efficiency, collaboration, and data accuracy right from the outset. As a result of better data, procurement teams gain a whole range of benefits.
Procurement Priorities for 2025 and Beyond The manufacturing industry is evolving rapidly, leaving Chief Procurement Officers (CPOs) grappling with challenges that could make or break their organizations. Amid economic uncertainties and geopolitical shifts, procurement leaders face mounting pressure to drive sustained growth.
Enhancing supply chain resilience as well as supply chain visibility is crucial in today’s interconnected world. Supply Chain Resilience refers to a supply chain’s ability to withstand and recover from unexpected events. The powerful concept of Supply Chain Visibility lies at the core of resilience.
A review of the key elements in supplier management for manufacturers and how Source-to-Pay procurement technology can support the journey towards supply chain resilience and agility in times of crisis. As the COVID-19 pandemic disrupts global supply chains, procurement organizations around the world are scrambling to react.
As we move towards a new decade is the emphasis in the procurement world changing – are we going to see a new age, where the Art of Procurement comes to the fore? The huge growth in the use of technology has been the most visible part of that developing picture.
PME is not only an opportunity to warm up the market but also ensuring that any issued RFP can be met, specifications and conditions are fit for purpose and the opportunity to add innovation into the procurement and Contract and Supplier management process.” Here’s how: 1.
Supply Chain Visibility Has Never Been More Important! Supply Chain visibility article and permission to publish here provided by Adam Miglio. Even the most robust ERP systems seem to lack the visibility that organizations are desperate to acquire, and in real-time. Shipment to customer. “C” Subscribe Here!
AdaptOne could provide significant value to Byrne Dairy , a food and beverage company, by optimizing and digitizing its procurement operations particularly in supplier management , compliance tracking , and procurement workflow visibility. Impact: Centralized procurement ecosystem, data consistency, and reduced duplication.
MODEL #1 DPW (Digital Procurement World) is widely recognized as one of the most influential platforms in the digital procurement space. It hosts global events, supports startup innovation, and provides thought leadership to procurement professionals seeking digital transformation. Positive Aspects of DPW 1.
It made me wonder if and how the C-Suite view of procurement has evolved over the past 14 years. Starting with the CFO, then the CIO, CEO, and The Board, here is the outline of changes in how top executives view procurement going forward in 2025. Analytics and insights from procurement data were minimal.
Discover Ways to Boost Supply Chain Visibility through Digital Marketing Supply chain visibility is essential for providing a superior customer experience and sustaining customer loyalty over time. Customers face significant frustrations that erode brand trust and sales without supply chain visibility.
51 ChatGPT Prompts to 10X Your Productivity in Procurement Download ChatGPT PDF Procurement Courses Or receive our famous weekly newsletter Last Mile Logistics — What You Should Know Last mile logistics is often associated with e-commerce due to its rising popularity in the modern market. CERTIFICATE COURSES 1.
ChatGPT Inflation refers to the general increase in prices of goods and services in an economy over time, resulting in a decrease in the purchasing power of money. These indices track the average price changes of a basket of goods and services over time. Money buys less than before How should procurement manage inflation?
Supply Chain Visibility – An Overcomplicated Challenge! A recent Deloitte survey estimated only 15% of CPO’s have visibility beyond their tier one suppliers. I found this striking that there is so little multi-tier Supply Chain visibility. Visibility comes at a cost – one we’ve spoken about before: trust.
Heres why this matters toyou: Whether youre a small business owner, a team leader, or someone curious about streamlining workflows, understanding a can save time, money, and stress. What Is a Procurement Management System? How Does a Procurement Management System Work? See real-time updates (e.g., 10 laptops). :
The Procurement Insights blog, including posts like The GenAI Metaprise (Orchestration) and Operating System (Intake) Priority (Oct 11, 2024), discusses AIs role in procurement but doesnt claim Agentic AI will replace humans. SAP: Agentic AI Role: SAPs Joule AI in S/4HANA Cloud uses agentic capabilities for procurement tasks (e.g.,
Collaboration across Tier 1, Tier 2, Tier 3, and beyond requires visibility and communication regarding capacity, cost, risk, order quantities, inventory levels, quality , timelines, logistics, and more. Collaboration brings visibility and agility for gaining market share.
The report explains that: “Scope 3 emissions reduction is a key challenge for companies, often due to a lack of visibility and monitoring of suppliers’ data. Companies also face engagement gaps between their suppliers and procurement teams.”. But time is of the essence for organizations. Collaborate to innovate.
The past few years have been a boon for procurement, which has become increasingly strategic and critical to business. The pandemic has accelerated this trend, with the Procurement function front and center in the fight to ensure supply chain resilience and continuity, reduce costs and protect the bottom line.
In times of pressure and crisis , highly responsive and trustworthy suppliers make agility possible. Following widely-known standards keeps your vendor options open so you’re not locked into sourcing from a small pool of specialty suppliers that can negatively impact time to market.
Bonus PDF: 51 ChatGPT Prompts to 10X Your Productivity in Procurement Download 51 Prompts → Or receive our famous weekly newsletter Inventory Forecasting — Everything You Should Know Inventory forecasting allows you to predict when supply chains and consumer demand are going to change. However, what is it?
Based on the input from the 1998 Agent-based RAM platform, which featured self-learning algorithms within a nascent AI framework, confirmed prior research indicated that Indirect Material MRO products were prone to much greater volatility over time than Direct Materials.
33 Procurement Interview Questions in 2023. After taking the time to read this article, you will have a deeper understanding of what supply chain collaboration is all about. Thus, allowing you to know if your decision is right when the time comes you are going to collaborate in the supply chain. . Download Whitepaper →. .
Five years ago, global logistics company UPS’s procurement function was far from playing a strategic role. Delivering on these ambitious goals required the team to implement a dramatic overhaul of the procurement function that would bolster its capabilities and help cement a new relationship with the wider organisation.
Lifted from their latest webinar, Jean-Baptiste Anne from Amazon Business and Vishal Patel from Ivalua offer insights into tail spend management programs and the ROI these programs can generate for procurement teams. . Lack of control or visibility into what is being spent and with which suppliers. Tail Spend Challenges.
At Spend Matters, it’s as important for us to get to know the requirements and opinions of the procurement community of practitioners as it is for us to understand the world of tech solutions and their providers. So it was good to see a nice mix of both presenting at Procurement Strategies and Innovation (PSI) last week.
Procurement departments tend to be less visible to many stakeholders than sales, operations or even finance departments, but the impact they have on everything from the bottom line to product quality and service delivery shouldn’t be overlooked, which is why “procurement excellence” is a worthy pursuit.
As part of Ivalua’s journey to bridge the gap between Finance and Procurement, Ivalua has partnered with TransferMate to reduce the financial friction within cross-border trade. By removing the friction in global supply chains, for the first time, the payment and the sourcing event are seamlessly linked.
IoT (Internet of Things) enables real-time tracking of goods, equipment health, and environmental conditions. Blockchain ensures transparent, tamper-proof records of transactions and shipments, thereby reducing fraud and errors. It should include inventory strategies, IT recovery, and communication frameworks.
This Spend Matters series takes a look at the state of procurement technologies in the market today and whether they meet user demands. In this article, our analyst Xavier Olivera looks at Procure-to-Pay solutions. In this article, our analyst Xavier Olivera looks at Procure-to-Pay solutions.
This Spend Matters series takes a look at the state of procurement technologies in the market today and whether they meet user demands. In this article, our analyst Xavier Olivera looks at E-Procurement. In this article, our analyst Xavier Olivera looks at E-Procurement. What does an E-Procurement solution do?
Similar to how CRM manages everything around the customer, an S2P platform manages everything around the supplier. It is a crucial process for organizations that are looking to streamline their procurement activities, better manage spend and suppliers and increase operational efficiency. What is Source-to-Pay?
Loss of sales and market share are the most visible and measurable impacts. Herculean efforts by Procurement and Supply Chain departments to keep supplies flowing have prevented even more extreme disruptions than what we’ve experienced, but have inadvertently created additional risks. . Few knew until impacted.
Supply chain processes include procurement from source to pay, together with inbound logistics, production, quality control, outbound logistics and post-sales service. This recognizes the interconnected nature of procurement, production, logistics, and distribution. A supply chain is thus a complex sequence of operations.
This content does not express the views or opinions of Spend Matters In our previous installment on Spend Matters, we discussed the rapid evolution of Supply Chain Risk Management happening within procurement organizations. But what is procurement’s role in managing something as technologically complex as cyber risk across the supply chain?
It encompasses activities such as procurement, supplier selection, and evaluation. Efficient transportation systems minimize delays, reduce costs, and ensure timely delivery to customers. Accurate demand forecasting enables businesses to optimize production levels, reduce inventory costs, and meet customer expectations.
By automating and standardizing these steps, businesses save time, reduce errors, and maintain control over spending. What sets a modernPurchase Order Approval Workflowapart is its ability to providereal-time insights. Before a purchase order is approved, the finance or procurement team reviews it to make sure everything is correct.
Cognitive procurement is a hot topic in the business world today. In simple words, cognitive procurement is the process of using disruptive technologies such as artificial intelligence (AI) to assist with procurement. But why is cognitive procurement becoming so popular, and what impact does it create on businesses?
Customers are able to consolidate real-time information spanning supplier performance evaluations, transactional data, spend data, contractual information and external risk information from major third-party data providers.
It is a process that creates efficiencies across all spend categories, minimizes supply chain risks through improved supplier selection and awards, while giving visibility into pricing and forecasting. Implementation of new supply structure Track results and restart assessment This model has essentially stood the test of time.
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