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This guide breaks down the key procurement technologies in use today and the trends reshaping the future, such as AI-driven sourcing, predictive risk management, and deeper integration across the supplychain. Your procurement technology platform should help unify data and processes across tiers to avoid disruptions.
Strategic Sourcing: The Foundation of Effective Procurement Strategic sourcing is far more than simply choosing suppliers. It involves a methodical approach aimed at developing long-term supplier relationships, mitigating risks, and improving overall cost efficiency. Done well, it can become a key driver of competitive advantage.
Enterprise procurement teams face growing pressure to deliver strategic value – managing supplier risk, ensuring compliance, and supporting sustainability – all without sacrificing speed or control. This blog explores the most common challenges in digital procurement and the capabilities that matter most.
Alex Saric Franck Lheureux Pascal Bensoussan Together, we are committed to creating dynamic solutions that ensure procurement remains a driving force for success. The Cleveland Clinic is an intricate global healthcare operation, leveraging digital transformation to meet today’s goals while preparing for future success.
“Despite my team’s tireless efforts to resolve outstanding issues and improve vendor partnerships, it became evident that a more holistic, integrated approach to risk profiling was essential to manage third-party risk effectively. What are Halo Ai’s greatest strengths? What is the road ahead for Halo Ai?
Redwood City/Warsaw/ Hamburg – March 17th, 2020 | Ivalua, a leading global provider of procurementmanagement solutions, and OptiBuy, Ivalua’s long-standing implementation partner, announced their selection by Körber to enable a digital procurement transformation.
Why Your Procurement Strategy is More Critical Now Than Ever Before In an era of global supplychain disruptions, a robust procurement strategy is no longer optionalits essential. Optimize costs without compromising supplychain continuity. Want to future-proof your procurement function?
JAGGAER characterizes the steps in this process as Spend Management, Category Management, Sourcing , and Contracts. Secondly come eProcurement, SupplyChain Collaboration, Invoicing, and Payments. These four steps constitute the downstream procure-to-pay part of the process. These begin with enhanced visibility.
Procurement has long sought a strategic seat at the table. The modern procurement leader must manage risk, drive ESG, deliver cost savings and enable innovation often without additional headcount or budget. Against this backdrop, a new model is emerging: procurement as Orchestrator of Value.
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. . Session REPLAY. Körber at a Glance…. Körber + Ivalua.
In a world increasingly driven by the rapid developments within Artificial Intelligence (AI), procurement has the potential for enormous leverage using cutting-edge technology to become a powerhouse for generating efficiency, expanding margins, reducing risk and delivering solutions which the human mind is unable to see.
Moving Beyond the Traditional View of Procurement Many companies still view procurement primarily as a place to limit costs. According to The Hackett Group’s 2024 CPO Agenda , cost reduction remains the top priority for ChiefProcurementOfficers (CPOs).
STAKEHOLDER (AGENT) 1 What are the top five concerns for ChiefProcurementOfficers? Collaborative efforts between buyers and suppliers, along with better tools, education, and incentives, can help overcome these barriers and foster a more sustainable supplychain.
In August 2020 Gartner published this report “4 Tactics Procurement Can Use to Sustain Influence as Economic Conditions Improve” This blog summarizes the key points of the report which you can read in full, here. Procurement Teams Step-up. When Covid-19 hit, supplychains across the globe nearly came to a halt.
The US administrations announcement of reciprocal tariffs in early April sent a jolt through global supplychains. For many ChiefProcurementOfficers (CPOs), the real message was clear: Volatility is back, and this time, it demands faster, more coordinated and more data-driven responses.
The company has corporate offices in Houston, Texas, with offices in Brazil, Luxembourg and Nigeria. Pacific Drilling requires a fast, efficient and automated sourcing process to support the company’s Purchasing processes. We look forward to contributing to their Procurement cost optimization initiative”.
Procurement Priorities for 2025 and Beyond The manufacturing industry is evolving rapidly, leaving ChiefProcurementOfficers (CPOs) grappling with challenges that could make or break their organizations. Maintaining revenue and profitability depends on a resilient and adaptable supplychain.
Sebastian Chua started his procurement journey with Hewlett Packard/Agilent Technologies as their country manager for Singapore, India, Thailand, and the Philippines before he took on the job as the regional procurementmanager. . Sebastian Chua. Omid Ghamami. Trillion budget. . Trillion budget. .
Food service leader digitizes procurement to drive efficiency, transparency and effective supplier management as it accelerates global expansion. Jollibee Foods Corporation (JFC) is a chain of fast food restaurants with a worldwide store network of more than 5,000 stores.
And if your organization is big enough to need a ChiefProcurementOfficer , that person is directly or indirectly responsible for every stage of that journey. Rather than treat procurement as a series of disparate tasks, global organizations in all sectors implement efficiency across the source-to-pay journey.
Let’s say, for example, a supplier of facility management fails to meet its contractual obligations, causing the bank to make substantial losses. The bank’s ChiefProcurementOfficer may want to change vendor. Procurement’s Role in the Banking Industry. How Choosing the Right Spend Management Solution Can Help.
There’s no doubt that chiefprocurementofficers are being asked to contribute to board-level discussions more frequently. It’s been halcyon days for procurement, as the low-hanging fruit of low-cost-country sourcing and the pursuit of single- or dual-source strategies have delivered huge financial returns to the bottom line.
The code lays down the framework for engagement with suppliers and other stakeholders to accomplish the company’s goals for a sustainable supplychain and procurement. Thus, when a new code is distributed throughout the supplychain, it must be in accordance with your policy. What is a procurement policy?
Subscribe to SupplyChain Game Changer. What is Supplier Relationship Management (SRM)? The Supplier Management Secret Recipe article and permission to publish here provided by Sam Jenks. Kodiak Rating’s Family Secret Recipe for smooth Supplier Management. 2 dl | Transformation/Process Managers.
Continuing our series of analyst observations on procurement tech market movements, this week we are considering the shift in CPO priorities towards supply-related risks. So, in 2022 our analysts pooled their knowledge of solution vendors that address third-party supplychain risk.
The World Procurement Awards celebrate excellence in procurement and represent the pinnacle of professional achievement. Recognised globally for its prestige, this event honours the leaders and organisations that excel in innovation, efficiency, and sustainability.
The company has corporate offices in Houston, Texas, with offices in Brazil, Luxembourg and Nigeria. Pacific Drilling requires a fast, efficient and automated sourcing process to support the company’s Purchasing processes. We look forward to contributing to their Procurement cost optimization initiative”.
Subscribe to SupplyChain Game Changer. Why Procurement Transformation Can Fail! The duties of procurementmanagers are diverse, ranging from creating solicitations to collaborating with vendors. The importance of digital procurement is increasing rapidly. Benefits of Procurement Automation.
How do ChiefProcurementOfficers and their teams leverage digital transformation to take control of their data and better deliver against their strategic objectives? . Dramatic supply and demand shifts during the pandemic prioritized the need for data accuracy to solve short and long term supplychain challenges.
” – Albert Einstein It started as a simple exercise: ask ChatGPT, “What are the Top 3 concerns for ChiefProcurementOfficers in 2025?” What are the Top 3 concerns for ChiefProcurementOfficers in 2025? What are the Top 3 concerns for ChiefProcurementOfficers in 2023?
Leader Forrester Supplier Value Management Platforms, Q1 2022. Ivalua remains the only vendor recognized as a leader in every current Procurement report spanning S2P by Gartner and Forrester. The group covered localizing suppliers, right shoring, ESG, and managing risk. NEW Payments Solution. 750 plus employees.
Hansens agent-based Metaprise Model directly addresses the core concerns of ChiefProcurementOfficers (CPOs) by combining human-AI collaboration, real-time adaptability, and ecosystem-wide integration. Heres how it tackles each challenge: 1. tariffs, port strikes), reducing costs by 2030% (DND case study).
Introduction In the dynamic world of business, the ability to effectively manage and optimize supplychains has emerged as a critical success factor. At the heart of this revolution lies a powerful tool that many companies are now leveraging to achieve competitive advantage: ManagedProcurement Services.
Subscribe to SupplyChain Game Changer. Featuring Our 12 Best Procurement Articles! Procurement is a function that is undergoing an exciting transformation in the majority of global value chains; simultaneously, within its own strategy, process, and technology. Change requires Change Management.
Subscribe to SupplyChain Game Changer. Could the CPO Be Replaced by the Chief Value Officer? The Procurement, or Purchasing, function is considered by many to be a necessary but non-strategic part of any organization. But there is a profoundly significant Procurement value chain. Subscribe Here!
The procurement department is an integral part of any organization, playing a crucial role in the purchasing process. This department manages the selection, acquisition, and payment of goods and services needed to run a business. They also manage the organization’s supply base to ensure coordination and efficiency.
In the complex structure of modern businesses, the role of a procurementmanager is pivotal for efficient operations and cost management. Who is a ProcurementManager? A procurementmanager, also known as a purchasing manager, plays a vital role in a company's supplychainmanagement.
In the complex structure of modern businesses, the role of a procurementmanager is pivotal for efficient operations and cost management. Who is a ProcurementManager? A procurementmanager, also known as a purchasing manager, plays a vital role in a company's supplychainmanagement.
Resources / Case Studies / Box Establishes an Inclusive and Diverse SupplyChain Box Establishes an Inclusive and Diverse SupplyChain Box is one of the most widely used enterprise technologies around the world for secure content management, workflow, and collaboration.
You may face challenges such as choosing reliable suppliers, controlling costs, and managing orders. You may face challenges such as choosing reliable suppliers, controlling costs, and managing orders. Research-backed procurement strategies can help CFOs achieve their goals while minimizing risk exposure across global supplychains.
Introduction Welcome to our exploration of a fascinating convergence shaping the future of business operations: the intersection of technology and managedprocurement services. Before we dive in, let’s first set the stage by discussing EmpoweringCPO, a leader in the field of managedprocurement services.
The process of strategic sourcing starts with spends analysis and category management, which identifies, consolidates and standardises information from a wide range of data sources. The Evolution of Procurement’s Value Proposition. Are we witnessing the dawn of a big shift in the way strategic procurement is done?
Subscribe to SupplyChain Game Changer. Featuring Our 12 Best Procurement Articles! Procurement and Sustainability are your business’ Yin and Yang. ChiefProcurementOfficers’ priorities seem to be changing with the times in order to further implement initiatives necessary to meet broader organizational goals.
Maximizing Cost Savings Through Strategic Supplier Collaboration With the growing emphasis on long-term value creation, ChiefProcurementOfficers are increasingly turning to supplier collaboration as a cornerstone of cost reduction.
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