World of Procurement blog

MAY 10, 2024

This supports strategic sourcing efforts. Predicting future spend : By analyzing historical spend data, AI algorithms can create spending forecasts, predict seasonal demand changes, and model the impact of external factors on budgets. This maximizes value from sourcing partnerships.

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Procurement team Procurement Real-time Visibility Supply Chain Efficiency 52

Supply Chain Game Changer

OCTOBER 28, 2021

Lack of Visibility Beyond Tier 1. According to the 2021 Deloitte Chief Procurement Officer Survey, “Around 70% of CPOs felt that they had good visibility on the risks that existed in their direct (tier 1) suppliers. And, only 15% had visibility into tier 2 or beyond. Change requires Change Management.

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Procurement Software

MAY 16, 2023

Mid-market businesses, on the other hand, could invest in this software and easily see a quick return if they have the right change management and procurement talent in place. Above $1 billion businesses are typically a target of established, enterprise source-to-pay and source-to-contract suites.

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Empowering CPO

JUNE 25, 2023

Through tools like spend analysis, businesses can gain in-depth insights into their spending patterns, identify cost-saving opportunities, and drive strategic sourcing. AI can enhance supplier selection, contract negotiation, and risk management, while blockchain can improve transparency and traceability in the supply chain.

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