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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. Work to achieve 100% supplychain visibility.
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. As the COVID-19 pandemic disrupts global supplychains, procurement organizations around the world are scrambling to react.
Maja Tepeh , Senior Brand Manager at supplychainrisk management solution Prewave , shares what their customers are looking for from their digital procurement investment. However, the cost avoidance from mitigating ESG-related supplychainrisks, such as regulatory fines or disruptions, is equally important.
Consult TechMatch our tech selection tool that helps procurement and finance technology buyers quickly explore the market and identify best-fit solutions. As always, reach out to discover how Spend Matters can help with your procuretech ambitions for next year.
Speaker: Kelly Barner - Co-Founder & Managing Director of Buyers Meeting Point, LLC
Global inflation is at record highs and the Great Resignation has given way to the Great Reshuffling, leading to uncertainty in talent markets. What will 2023 bring? Time will tell, but it is unlikely to be a return to the pre-pandemic normal.
This is where Source-to-Pay (S2P) technology can help, by enabling procurement teams to capture important information across the entire supplychain so they can identify potential issues early, initiate collaboration with the necessary parties and take action to support suppliers and mitigate potential issues. . Financial, etc.).
In this Spend Matters Vendor Analysis, we provide an overview of SupplyRisk 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.
Customers can now ensure greater supplychainresilience through improved supplier discovery and collaboration, increase efficiency across each step of the source-to-pay process and better understand and optimize cost drivers for goods and services purchased. Learn more at www.ivalua.com. Media Contact. Michael Gallo.
This Spend Matters Vendor Analysis provides an overview of Halo Ai and its solution for third party risk management. Third-party risk management (TPRM) is often an afterthought for organizations or a measure only taken after a risk event occurs. This content is for members only. Visit the site and log in/register to read.
For supplychain leaders , this isnt theory; its happening across the industry every quarter. Overlooked Ownership Structures That Complicate Deals A tangled web of joint ventures, minority stakes, and layered holding companies can catch buyers off guard. Sometimes these overlap or even contradict each other.
To get ahead of risks, procurement leaders are expected to put heavier reliance on advanced AI-driven analytics to better analyze supplier data, market trends, regulatory and compliance requirements, and internal processes. To mitigate these risks, procurement leaders will need to embrace new, predictive , and prescriptive technologies.
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). GHG, human rights and PFAS).
The appetite for third-party risk management (TPRM) within procurement and the supplychain is keener than ever before — risks are more numerous and complex in what is an increasingly fast-paced and global business environment. Read our analysis: Risk is complex — The different types and sources of risk.)
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.
Collaborative efforts between buyers and suppliers, along with better tools, education, and incentives, can help overcome these barriers and foster a more sustainable supplychain. C-suite executives are navigating a complex landscape of challenges in 2024.
Wendy Tate, professor of supplychain management at the University of Tennessee, and coeditor-in-chief of the Journal of Purchasing and SupplyChain Management said it well , “Eliminating waste is good, but inventory isn’t necessarily the same as waste. Take out too much inventory, and you add risk.
Are ERP systems better than best-in-class supplychain solutions for managing healthcare supplychains? What are the pros and cons, and what supplychain strategy will pave the way to higher margins, improved supplychainrisk management in healthcare and improved patient care?
“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%). What is your take?
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. LEARN MORE.
SRM is a systematic approach to evaluating vendors that supply your organization with goods, materials, and services, then implementing strategies to develop those suppliers and improve their performance. The primary goals of SRM are to foster hand-in-glove supplier relationships, manage risk, and optimize the value chain.
Supplier collaboration goes beyond traditional buyer-supplier relationships by promoting cooperation, transparency, and innovation throughout the supplychain. Regular collaboration between buyers and suppliers helps align their goals and strategies, making sure that every interaction benefits both parties.
This underscores the need for different procurement strategies, risk management, and technology solutions for indirect MRO spend versus direct materials 3 5. Many vendors and buyers have accelerated purchases to get ahead of these tariffs, causing temporary price drops followed by sharp increases once tariffs take effect 1 4 5 6.
Download Free Copy SupplyChain Disruptions in Schools: Challenges and Solutions Category Inventory Written by Keith Murphy 17 min read Tags Education Risk Management SupplyChain Management Last edited March 18, 2025 Download PDF KEY TAKEAWAYS Efficient school supplychains are critical for maintaining consistent educational services.
Furthermore, inflation often leads to fluctuating prices and unstable supply and demand dynamics, making procurement more complex. This challenge is exacerbated by a lack of visibility in government supplychains, which hinders risk management and makes it difficult to build a resilientsupplychain.
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.
Now, the top SupplyChain professionals are those who can find those efficiencies, while providing a strong customer experience that safeguards the company’s brand. Long-term business relationships between suppliers and companies are inherently more resilient than purely transactional relationships.
From a buyer’s perspective, it can drive significant improvement in working capital, superior supplier performance and accelerated ESG initiatives. Additionally, artificial intelligence (AI) plays an important role.
The fluctuating economic landscape has forced many procurement departments to reassess and diversify their sourcing strategies to maintain supplychainresilience. While the hurdles appear formidable, this report outlines what well-prepared procurement teams stand to benefit in this environment. After years of focusing on cost.
Navigating the complexity of the global supplychain as a procurement professional can sometimes feel like taking a walk through the Amazon without a compass, or entering into outer space without an oxygen tank. So, with these statistics in mind, would you say that working w/ a startup is too big of a risk…? Nelson Mandela.
Here are the 7 supplychain management trends for 2023 – Building agile supplychain ecosystems. Managing supplychainrisk. Improving supplychain analytics. Enhancing supplychainresilience. Improving supplychain sustainability.
Particularly around risk listening. 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.
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.
They include safety equipment, office supplies, cleaning, IT, rental cars, and others. Rather than making up a strategic or critical component of the final product’s performance (the car itself), these materials are often sourced by plant operations and buyers on a case-by-case basis as needed.
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.
Procurement teams get better pricing, the ability to influence more spend, and reduced risk. Teams can easily diversify suppliers and mitigate risks, supplychain disruptions, and compliance issues. The end result? Subscribe to news from Arkestro. No spam, just relevant procurement news and tips.
But as businesses around the globe rapidly adopt the technology to augment processes from merchandising to order management, there is some risk. Over 90% of business buyers say a company’s customer experience is as important as what it sells. And the centrality of these experiences isn’t limited to B2C vendors.
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. Metrics : Procurement tracks savings, efficiencies, supplier performance, and risk.
Leaner supplychains and less safety or buffer stock can increase the risk of stockouts if demand fluctuates or there are delivery disruptions from suppliers. Global supplychains. With a resilientsupplychain, your business can absorb the additional stress so that it can recover, whatever the circumstances.
It’s no longer about simply obtaining goods and services at the lowest cost, but also about adding value to the organization, reducing risks, enhancing sustainability, and promoting social responsibility. This could involve joint product development, shared risk and reward models, or long-term partnerships.
According to McKinsey , companies can minimize supplychain disruption through “greater visibility, rigorous risk management, and newer technologies that help companies better anticipate and respond to shocks.”. The relationship between buyers and suppliers remains at the forefront of the procurement process.
Studies show that companies with an automated procurement negotiation process consistently save money, improve their supplychainresilience, and increase buyer productivity. If CPOs want to prove their value beyond cost-savings, they need the right tools to give them the insights to get there.
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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