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In the midst of the Coronavirus pandemic the need for complete, end to end Supply Chain visibility has never been more important! The necessity for visibility started with store shelves being emptied of toilet paper , food, and various household items. Full visibility as to your whereabouts exists and is used every day.
By the time I have finished writing this article, and certainly before it is published, the situation will have changed. One is reminded of the Chinese proverb, Better to be a dog in times of tranquility than a human in times of chaos. We need to rewrite these systems and introduce new taxonomies to manage hyper-variability.
JAGGAER characterizes the steps in this process as Spend Management, CategoryManagement, Sourcing , and Contracts. Optimizing source-to-paythrough digital transformation streamlines every stage of your procurement strategy, improving visibility, efficiency, and collaboration. These begin with enhanced visibility.
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. Performance and stability can waver.
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.
AI can help create greater efficiency and value across all source-to-pay processes, including spend analysis, opportunity identification, sourcing and contract management, categorymanagement, supply relationship management and risk management.
Instead of waiting for others to realize that now is the time for Procurement professionals to make their value and contribution known. Now is the time for Procurement to SELL! Now I would never advocate selling something that isn’t real. They have an end to end view of the Supply Chain.
Enhanced Efficiency and Visibility: By adopting process orchestration tools and platforms, businesses gain real-time insights and control over their procurement activities, facilitating quicker decision-making and improved risk management. Modern process orchestration software is designed with the end-user in mind.
With the ability to handle huge volumes of data, operate 24/7, and continuously learn from experience, AI can bring new levels of speed, efficiency, and insight to procurement teams looking to transform strategic sourcing, supplier management, and end-to-end procurement processes.
It also provides real-time data and analytics that can be used to improve purchasing decisions. Ultimately, digital procurement enables organisations to enhance the overall procurement experience, as well as increase efficiencies and transform their end-to-end procurement function. What is procurement tech?
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