Planergy

MARCH 2, 2023

How to gain visibility and control of your indirect spend. Tail spend analysis helps companies identify areas of spend that are falling through the cracks and gain visibility into their overall spending. Defining Tail Spend Tail spend is a term used to describe the small, often overlooked purchases made by an organization.

supply chain budgeting 52

supply chain budgeting Supply Chain Efficiency Real-time Visibility supply chain software solutions 52

World of Procurement blog

MAY 8, 2024

Procurement differs from purchasing in a few key ways: Strategic focus : Procurement has a strategic, long-term focus on analyzing spend, reducing costs, managing supplier relationships, and mitigating risk. Purchasing is more transactional and tactical. Purchasing focuses specifically on the buying transaction.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

World of Procurement blog

MAY 10, 2024

Some of the key capabilities and use cases for AI in procurement include: Automating repetitive and routine tasks : AI can take over low-value tasks like invoice processing, purchase order creation, expense report auditing, and other administrative workflows. Overall, AI delivers unprecedented visibility into suppliers.

Procurement team 52

Procurement team Procurement Real-time Visibility Supply Chain Efficiency 52

Planergy

JANUARY 19, 2023

How to gain visibility and control of your indirect spend. This is an example of how the Pareto Principle can be applied to spend analysis; by focusing your efforts on reducing costs associated with stationery purchases, you could potentially save more money than if you were trying to reduce all office supply costs equally.

supply chain budgeting 52

supply chain budgeting Procurement Supply Chain Efficiency Supply Chain Optimization 52

Empowering CPO

JUNE 20, 2023

Definition of Tail Spend and Its Importance in Procurement Tail spend, or non-strategic spend, typically refers to the approximately 20% of a company’s purchases that account for about 80% of its suppliers. However, when taken collectively, these costs can add up to a significant portion of a company’s total spend.

Real-time Visibility 40

Real-time Visibility supply chain budgeting Spend management Risk 40

Empowering CPO

JUNE 27, 2023

This transformative practice enables organizations to delve deep into their purchasing data, gaining invaluable insights that can revolutionize their supplier relationship management (SRM) strategies. It enables organizations to identify potential savings, negotiate better pricing, and implement cost-effective procurement strategies.

Supplier relationship management 52

Supplier relationship management Suppliers Management Negotiation 52

Empowering CPO

JUNE 25, 2023

Its purpose is to increase visibility of procurement spend, identify savings opportunities, improve operational efficiency, and monitor supplier performance. Our team of experienced procurement professionals works tirelessly to provide our clients with accurate, timely, and actionable insights from their procurement data.

supply chain budgeting 52

supply chain budgeting Supply Chain Efficiency Real-time Visibility Data 52

Empowering CPO

JUNE 20, 2023

The process of Spend Analysis can be broken down into four key components: Data Collection: This is the initial stage where all the procurement-related data is gathered from various sources including invoices, purchase orders, contracts, and card transactions. Spend Analysis allows businesses to identify and manage these risks proactively.

Supply chain management 40

Supply chain management Supply chain management supply chain budgeting Supply Chain Efficiency 40

Empowering CPO

JUNE 16, 2023

This comprehensive visibility into an organization’s spend data is the cornerstone of strategic sourcing and purchasing decisions. It includes information about suppliers, invoices, purchase orders, payment terms, and more. Data Cleansing: Not all collected data is ready for analysis.

Import 52

Import Procurement Supply Chain Efficiency Real-time Visibility 52

Empowering CPO

JUNE 20, 2023

It can help identify patterns of maverick spend, areas of unmanaged spend, and potential supplier consolidation opportunities. Moreover, it provides a baseline for measuring the success of procurement initiatives, offering a clear benchmark to track performance improvements over time.

Real-time Visibility 40

Real-time Visibility supply chain budgeting Supply Chain Efficiency Data 40

Empowering CPO

JUNE 27, 2023

Real-world success stories and case studies illustrating the significant impact of spend analysis on achieving tangible cost savings and procurement optimization. We combine this expertise with advanced analytics tools to deliver insights that drive real and measurable impact for our clients.

Procurement 52

Procurement Real-time Visibility Supply Chain Optimization Procurement strategies 52