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Strategic sourcing and innovative solutions are often viewed as two distinct procurement tools, but they should not be seen in isolation. Think of them as apples and gearseach essential and effective on its own, yet when combined; they create a formidable mechanism for achieving procurement excellence. Click here!
A review of the key elements in supplier management for manufacturers and how Source-to-Pay procurement technology can support the journey towards supplychain resilience and agility in times of crisis. There are many supplychain management lessons to learn from the Covid-19 crisis.
Understanding how inflation impacts procurement and then taking action to mitigate its effects is essential for any business looking to stay ahead of the game. How Inflation Impacts Procurement Inflation affects a number of aspects of a business, including its ability to compete in the market, financial performance, and overall strategy.
Ivalua Blog [ivory-search] Weathering Future Disruptions: 8 Steps to Building SupplyChain Resilience 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. Work to achieve 100% supplychain visibility.
By automating routine tasks, procurementteams can focus on strategic initiatives, which appeals to CFOs and finance teams. The need for resilient supplychains is also a key factor driving procurement digitalization. Customers use Onventis to consolidate suppliers and negotiate better terms.
Ivalua Spend Management Insights [ivory-search] Navigating CSRD Regulation: What Procurement, SupplyChain, and Finance Leaders Need to Know June 12, 2023 | | Sustainability by Vishal Patel In an effort to drive sustainability and combat climate change, the European Union has introduced the Corporate Sustainability Reporting Directive (CSRD).
As the COVID-19 pandemic disrupts global supplychains, procurement organizations around the world are scrambling to react. There are many supplychain management lessons to learn from the Covid-19 crisis. These challenges in the direct material supplychain pose a real threat, especially in a time of crisis.
Global supplychains have always been complexbut in todays climate of rising geopolitical tensions and evolving trade policies, theyve become even more unpredictable. These changes impact the entire end-to-end supplychain, from planning and procurement to logistics and customer delivery.
Here are some typical procurement objectives that every procurement professional should consider. Strategic Objectives Cost Savings: Achieve cost reduction targets through effective supplier negotiations and strategic sourcing. Create Contingency Plans: Develop risk management protocols for supply disruptions and emergencies.
Complete Source to Pay cycle and Strategic Sourcing Guide An optimized Source-to-Pay (S2P) process helps businesses enhance procurement efficiency, reduce costs, and improve supplier collaboration. What is Source-to-Pay?
Supplychains are complex and varied; to manage them effectively, you need to understand exactly what’s happening in both your supplychain and your customers’ end markets. These teams were able to quickly communicate and negotiate with their key suppliers to establish a “supplier of choice” solution. .
Leveraging LeanProcurement. Have you ever been asked to “do more with less” in procurement? Perhaps the size of your team has been reduced, your function’s operating budget has been cut, or there is an organization-wide drive to eliminate waste and increase efficiency. What is leanprocurement?
Understanding regulations is critical – but what truly builds resilience is training agile, informed teams who can pivot fast, minimize risk, and protect performance when global trade gets turbulent. It sends shockwaves through sourcing, supplier relationships, profitability, and operational decision-making.
Excess inventory weighs down supplychains. This lean model doesn’t sacrifice speed, but instead thrives on it. The Shift to On-Demand Production Models Modern supplychains need flexibility more than volume. Businesses need to redesign how they source materials, manage logistics, and coordinate fulfillment.
This leap in AI capabilities is revolutionizing industries, and AI-driven supplychain management is no exception. The Role of Agentic AI in SupplyChainsSupplychains are dynamic and complex, requiring continuous decision-making across multiple functions, from procurement and inventory management to logistics and demand forecasting.
In the ever-evolving landscape of supplychain management, procurement leaders must stay ahead of the curve to ensure success in 2025 and beyond. In this article, we will explore four key strategies that procurement leaders can adopt to navigate the complexities of the future supplychain landscape.
The pandemic wreaked havoc on businesses and their supplychains, but even in these trying times, there’s a silver lining. What we learned about agility and resilience can be applied to future-proof the source-to-pay (S2P) process and help organizations meet any new challenge with confidence.
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. And one way to do that is to rethink where organizations source from. Thats where discovery tools like Forestreets platform come into play.
From this discussion, we compiled a list of 8 critical supplychain management activities that to improve, build, and maintain supplychain resilience now and in the years to come. But building an agile, resilient supplychain doesn’t happen overnight; it requires forethought and planning.
When you look behind the scenes of a global business operation, procurement strategy and supplychain management are usually top priorities, though theyre not always working in sync. This blog explores procurement vs supplychain strategy and looks at how aligning the two leads to operational excellence.
The Power of Source-to-Pay Digital Transformation To put it briefly, source-to-pay refers to the entire process that starts with finding, negotiating with, and contracting the suppliers of materials, goods and services, and culminates in the final payment for those items. Who Should Prioritize an S2P Digital Transformation?
Sajid Kunnummal, Vice President and CPO at Navistar, was interviewed in late 2020 by Philip Ideson from Art of Procurement. In fact, the pandemic spurred enormous growth and expansion for Procurement, while helping uncover hidden weaknesses in procurement processes and procedures. Why is visibility so important?
The majority of organizations consider supplychain transparency to be a top priority, however less than a third are satisfied with the level of visibility into their suppliers. Most organizations continue to suffer from severely limited visibility in the lower levels of their supplychains.
Strategic Sourcing Success: Best Practices and Key Strategies Of course, there are many definition s of source-to-pay but put simply, strategic sourcing is a data-driven approach to securing the best value for your organization from its strategic suppliers. How Has Strategic Sourcing Evolved?
The global supplychain is undergoing an incredible transformation that will change the way we do business. Today, organizations are looking to build supplychain resilience and maximize opportunities for growth as we pivot and prepare for unexpected global events. . Körber at a Glance…. Körber at a Glance….
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 procurementteams back pockets.
Procurement needs digitization at its core to enable automation, efficiency, and innovation within the supplychain. To foster inter-enterprise collaboration, best-in-class procurementteams are implementing cloud-based technologies that support workflow-enabled processes.
Analytics and insights from procurement data were minimal. 20152020: Procurement Gains Strategic Recognition Emergence of Strategic Sourcing : CFOs began to recognize procurement’s role in driving long-term value through strategic sourcing, supplier relationships, and risk management.
We continue our Procurement Transformation Guide by hearing from Sammy Rashed, a productivity advisor and procurement strategist. Introduction Seven years ago, procurement organizations faced immense pressure to evolve balancing operational efficiency with strategic agility in an increasingly digital world.
Ivalua, a global leader in spend management, 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 supplychain risk management thanks to Ivalua’s Source-to-Contract (S2C) solution. Global Media Contact.
How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. 4][5] Supplier Portals Enhance Collaboration: Digital supplier portals are now in use across 35% of procurement platforms. 4] These platforms streamline reporting, reduce risk, and free teams to focus on value creation.
The global supplychain in 2024 faces a myriad of challenges that continue to disrupt procurement processes across industries. The interplay of economic, geopolitical, environmental, and technological factors has created a volatile environment, compelling organizations to rethink their procurement strategies.
A comprehensive Source-to-Pay platform is a critical component of an organization’s IT environment. 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?
For procurement, this concept translates into creating an intuitive, AI-driven interface where stakeholders internal teams, suppliers and external partners can access resources, insights and tools efficiently. The age of AI has introduced unprecedented opportunities for procurement leaders.
By selecting and developing the right suppliers and establishing streamlined, transparent communication with them, manufacturers gain the agility and resilience to respond to customer demands, rise to the top, and navigate disruptions more easily. That makes agility a foundational part of your manufacturing strategy.
BoB solutions are specialized tools that focus on doing one or a few things exceptionally well, such as contract lifecycle management, spend analytics or sourcing. For organizations with very particular requirements or operating in niche environments, BoB platforms can offer a more tailored, agile and cost-effective approach.
In it, Pierre Mitchell and Bertrand Maltaverne from Spend Matters, Piotr Pierzak from Novartis and Sudhir Bhojwani from ORO Labs explored how orchestration is becoming a strategic imperative for procurement leaders and what it looks like in practice across technology and operations. This fragmentation is not just operational; it is strategic.
Looking back just 30 years, procurement was mainly seen as an ordering department. Procurementteams now include specialists such as category managers with deep market knowledge who drive sourcing events and significantly impact the companys bottom line. But the procurement transformation journey is far from over.
It leverages advanced technologies to optimize and automate procurement cycles and predict more favorable outcomes. Its real-time insights allow procurementteams to respond swiftly and effectively to changing market conditions and component availability.
Today Im joined by ProcurementIQ , a company whose talented team of analysts, editors, sales, client services, management and support members work hard to serve the specific needs of procurement departments every single day. Its making it much harder to plan and strategize for de-risking supplychains.
The investment will accelerate Arkestros ongoing innovation in AI-powered procurement technology, advancing its mission to help enterprises unlock hidden savings, reduce supplychain risk, and drive operational efficiencyempowering procurementteams to focus on strategic, high-impact initiatives.
When Covid-19 first hit five years ago, retailers experienced the need for supplychain resilience. Now, as they build the agility and strength needed to respond to potential unexpected events, we can look to this period for guidance. A key flaw to emerge was that supplychains were murky. Nothing moved.
Stepping out of the shadow of the past few years, procurement leaders are having to rapidly master the art of supply continuity as organizations undergo major changes that demand more agility, innovation, and collaboration to survive. . Map Your Sub-tier SupplyChain. Build a Solid Data Foundation.
Sourcing isn’t just a concern for procurementteams. With rising consumer and stakeholder expectations around ethical and responsible supplychains, who supplies your organization’s goods and services is also a C-suite consideration. It’s distinct from the procurement process.
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