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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. Create speed and transparency.
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.
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.
But it just isn’t possible to achieve the levels of organization and collaboration necessary to collect all the data from suppliers, 3 rd party data providers and internal business processes to give buyers a complete picture of each supplier across the supplychain without a serious database and supporting processes.
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.
With these legislations being transposed into national laws as we head into 2025, the need to invest in procuretech that will enable efficient compliance but also ensure supplychainresilience will only grow beyond that. Many thanks to Prewave for sharing this insight with us.
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.
Nearshoring and ally-shoring arent just buzzwords anymore; theyve shot to the top of the agenda for anyone trying to keep supplychainsresilient and businesses competitive. And one way to do that is to rethink where organizations source from.
According to Geraint John , Vice President Analyst with the Gartner SupplyChain practice, “Supplychain executives overwhelmingly recognize the necessity to make their networks more resilient and agile.” In this blog, let’s explore best practices that drive supplychainresiliency with this definition at the core.
In a nutshell, e-procurement involves buying and selling supplies, equipment, and services over the Internet. It streamlines the entire procurement process by centralizing and automating interactions between buyers and sellers. E-procurement uses networked systems and web interfaces for supplychain operations.
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).
Collaborative efforts between buyers and suppliers, along with better tools, education, and incentives, can help overcome these barriers and foster a more sustainable supplychain.
However, third party risk management should be implemented in every procurement department, as regulations and the uncertainties of the post-pandemic era are making these issues around compliance, data security, supplychainresilience and business continuity increasingly important. This content is for members only.
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.
To potential buyers — SRS focuses on increasing supplychainresilience in the healthcare and semiconductor industries for buying organizations eager to rely on a network effect and ready to invest in increasing resilience of their most critical direct suppliers.
Additionally, a purpose-built solution will enable you to measure and monitor buyer adherence to compliance purchasing, ensuring your team is taking advantage of preferred items and reaping the rewards of the contracts you have in place. Best-in-Class Beats Single-Stack.
In a world where geopolitical uncertainty is becoming commonplace, and retailers must stay resilient, leaders would be wise to apply a lesson from the past: make visibility an absolute priority. When Covid-19 first hit five years ago, retailers experienced the need for supplychainresilience.
Focus on large-scale transformations, strategic frameworks, and cutting-edge technologies like AI and supplychainresilience. Kelly Barner (Buyers Meeting Point) Strengths : Accessible and pragmatic advice for procurement professionals. McKinsey Strengths : Deep industry research and data-driven insights.
“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?
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.
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. P&G’s value-sharing model.
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. Asset transfers may activate withholding taxes or indirect levies.
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. Tariffs and Trade Policy: New and proposed tariffs (up to 60% on Chinese imports) are expected to directly impact hardware prices in 2025 and beyond.
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.
This resilience can be defined as “ the ability of a central procurement and supply management function to prepare for unexpected events, respond to disruptions, recover, and emerge even stronger. ” Manufacturers cannot foresee every risk, inconvenience, or disaster, but they can equip themselves to handle the unexpected and come out on top.
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.
Real-World Examples: Audio Translation in Action COVID-19 Pandemic Early in the COVID-19 pandemic, supplychains were disrupted worldwide. Language barriers facilitated the slow relay of urgent updates from Asia-based producers to Western buyers. Audio translation will be a critical component of this environment.
Common disruptions such as economic instability, vendor delays, natural disasters, and supply shortages uniquely challenge schools due to tight budgets and rigid schedules. Tools like PLANERGY enhance supplychainresilience by providing real-time tracking, data-driven insights, and streamlined communication with suppliers.
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.
buyers, suppliers) interacting based on real-world commodity traits (e.g., Hansens Context and the Absence of a Learning Loopback Process Metaprise Model Overview: Hansens Agent-based Metaprise model (2007 post) uses autonomous agents to represent stakeholders (e.g., cosmetics luxury inputs, coffees farm-gate prices).
Top consulting firms are taking notice too, in their own advice to corporate leaders: Bain , Deloitte , McKinsie , and Baker McKenzie , and others have released white papers in recent days on the importance of SupplyChainresiliency and risk mitigation in this new era. appeared first on SupplyChain Game Changer™.
He gives an example in the area of supplychainresilience. Buyers, he says, are spending a lot of time trying to get materials to their factories. They need to be handled as holistic supplychainresilience digital transformation issues, he advises.
I have been negotiating as either a buyer or a seller for most of my life. Like supplychainresiliency, negotiations must also have a certain fluidity to address the volatility we have experienced over the past few years. If you are balking at the idea that a negotiated contract is final, consider the following.
Here are the 7 supplychain management trends for 2023 – Building agile supplychain ecosystems. Managing supplychain risk. Improving supplychain analytics. Enhancing supplychainresilience. Improving supplychain sustainability.
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 come primarily from a cyber perspective, from an anti-bribery and corruption (ABAC) perspective, from an ESG and a supplychainresiliency perspective and, of course, data privacy. So you have to consider the role of your buyer and the problem they want to solve.
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.
One of the best ways to support supplychainresilience is to ensure that you’re preemptive. Looking to be a part of the conversation on LinkedIn? Adopting solutions that enhance risk management, transparency, visibility & compliance is more important now than ever before. That means you need to know your supplier.
We need to bring cost, resilience and sustainability into harmony and in doing so we need to look again at strategic leadership in the function. From resilience to agility As Iain was quick to point out, there is no shortage of people offering advice on supplychainresilience.
Over 90% of business buyers say a company’s customer experience is as important as what it sells. To avoid this, it’s crucial for businesses to carefully plan and design intelligent automation initiatives that prioritize the needs and preferences of their customers, whether they are consumers or B2B buyers.
Stronger Supplier Relationships: With intelligent counteroffers and transparent feedback loops, suppliers and buyers align more effectively, creating long-term value for both sides. More than 70% of procurement leaders are integrating AI tools like Arkestro to help them thrive in this new reality.
Understand the resilience of your supplychainSupplychainresilience means managing day-to-day risk and having systems and processes to adapt to disruption in the supplychain. You might want to consider non-traditional sources of capital, such as supplychain finance solutions.
Well-defined contracts help ensure suppliers meet expectations while protecting the buyer's interests. Buyer/Purchasing Agent - Executes purchase orders and transactions. Risk Management : With global supplychain disruptions, procurement is prioritizing supplier risk assessment and mitigation.
They can also create adversarial relationships between buyers and suppliers, as they often involve tough negotiations and a focus on short-term gains rather than long-term collaboration. Organizations are now expected to not only manage cost but also to ensure supplychainresilience, mitigate risks, and contribute to strategic objectives.
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