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To round off that perspective we’d like to engage the thoughts of the solution providers themselves, particularly in terms of how they believe their customers perceive risk and what they want from today’s solutions. Visit our In-Depth Guide to RiskManagement for an explanation of this complex environment.
To round off that perspective, we’d like to engage the thoughts of the solution providers themselves, particularly in terms of how they believe their customers perceive risk and what they want from today’s solutions. Visit our In-Depth Guide to RiskManagement for an explanation of this complex environment.
A common thread among the conversations we’ve had recently with senior procurement practitioners tells of the extent to which attitudes towards risk have changed over the past decade. So these real-life practical considerations also come into play for the practitioner, and finding alternative sources of supply becomes a priority.
Each function’s objectives often overlap, particularly in areas such as financial reporting, cost management, budgeting and data-driven decision making, so when procurement strategies align with finance-led initiatives, organizations gain greater financial visibility, improved efficiency and stronger risk control.
This week, we examined how procurement can structure its collaboration with finance, and now, we turn to see how that collaboration can work in practice. It requires a structured approach to ensure financial visibility, riskmanagement and cash flow efficiency. For example: 1.
Yet, many organizations struggle to modernize procurement processes, not due to a lack of technology, but because they fail to align workflows, stakeholder collaboration and automation effectively. Approval workflow bottlenecks: Manual approvals cause delays, increasing cycle times and reducing procurement efficiency.
Managing a successful supply chain requires more than just ensuring products are delivered on time its about building strong, effective partnerships with your suppliers. which often rely on manual processes such as emails, phone calls, and spreadsheets, supplier collaboration software automates and streamlines many of these tasks.
Using technology to bridge the Finance-Procurement gap Once a well-defined technology adoption strategy is established in the collaboration phase, organizations can move to the next step: leveraging technology to bridge the finance-procurement gap. To resolve this, companies need to do the following: 1.
Businesses must find effective ways to strengthen their networks and improve flexibility to maintain stability during uncertain times. One of the most effective strategies for building resilience is integrating project management into supply chain operations. Enhance visibility across the supply chain through structured reports.
EDITOR’S NOTE: I have recently completed a preliminary analysis of Packaging & Container Companies’ challenges to enable greater supplier collaboration and automation around the purchase order process, including PO confirmations, shipment notices, and price/quantity changes.
This introduction to supplier riskmanagement outlines the importance of effectively identifying and managingrisks that may arise from suppliers. Supplier riskmanagement is crucial for businesses, as it helps them mitigate potential challenges that can disrupt operations.
The past few years have highlighted serious deficiencies in prevalent supply chain strategies and the major risk that disruptions pose to corporate success. Loss of sales and market share are the most visible and measurable impacts. Common Supply Chain strategies, such as just-in-timeinventory, exacerbate the impact of shocks.
Achieving true alignment between finance and procurement goes beyond initial collaboration it requires ongoing monitoring and measurement of shared objectives. Tracking performance over time is key to measuring the business value the collaboration is delivers.
Customers are able to consolidate real-time information spanning supplier performance evaluations, transactional data, spend data, contractual information and external risk information from major third-party data providers. The post Ivalua Launches Enhanced Third-Party RiskManagement Capabilities appeared first on Ivalua.
For many Chief Procurement Officers (CPOs), the real message was clear: Volatility is back, and this time, it demands faster, more coordinated and more data-driven responses. Supply chain visibility: The linchpin for tariff management If there is one lesson from recent disruptions, it is this: you cannot mitigate what you cannot see.
They can proactively identify risks, optimize processes in realtime, and even negotiate supplier contracts without human oversight. These AI agents leverage real-time data, predictive analytics, and generative AI to enhance resilience, reduce costs, and improve overall efficiency in AI-driven supply chain resilience.
However, they are also susceptible to disruptions and risks. Enhancing supply chain resilience as well as supply chain visibility is crucial in today’s interconnected world. The powerful concept of Supply Chain Visibility lies at the core of resilience.
The best procurement organizations think like conductors (the CPO is, in fact, the Chief Externalization Officer) and shape demand early, engage stakeholders proactively and dynamically adjust workflows based on context and risk. Proactive demand management : Orchestration allows procurement to anticipate rather than react.
Leveraging Technology: Implement procurement software and analytics tools to gain better visibility into spending patterns , identify areas of inefficiency, and automate processes. Supplier Collaboration: Collaborate with suppliers to explore joint cost-savings initiatives.
How to gain visibility and control of your indirect spend. How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. 4][5] Supplier Portals Enhance Collaboration: Digital supplier portals are now in use across 35% of procurement platforms.
With technology-driven solutions, governments can: Enhance Transparency AI-powered procurement systems ensure greater visibility, reducing the risk of fraud and inefficiencies. Improve Supplier Collaboration Digital platforms facilitate smoother interactions, from onboarding to contract execution.
A review of the key elements in supplier management for manufacturers and how Source-to-Pay procurement technology can support the journey towards supply chain resilience and agility in times of crisis. There are many supply chain management lessons to learn from the Covid-19 crisis. Risk & Performance Management.
All of the phases are peppered with real-world case studies from the people who have been in your shoes; so you dont have to step into the same holes theyve already avoided! The guide is an invaluable tool for anyone thinking about starting or actively undergoing a digitally-enabled procurement transformation.
Key metrics were tied to cost reduction and spend under management. Collaboration with finance was transactional rather than strategic. Impact of Globalization and Supply Chain Complexity : The complexity of global supply chains highlighted procurement’s role in managingrisks, ensuring continuity, and driving efficiencies.
Hansens agent-based Metaprise Model directly addresses the core concerns of Chief Procurement Officers (CPOs) by combining human-AI collaboration, real-time adaptability, and ecosystem-wide integration. Continuous Learning: AI agents refine workflows using real-time market data, closing gaps in analytics and automation.
Compliance and riskmanagement is a growing and interesting use case of GenAI for procurement, finance and, of course, legal operations. Its uptake is only going to grow as organizations begin to rely on its power to tackle big business issues, such as third-party riskmanagement (TPRM).
by leveraging state-of-the-art tracking systems and real-time data analytics,TecPlata ensures the secure and efficient movement of goods across the global market. Through the adoption of advanced technologies and proactive riskmanagement practices, TecPlata is setting new benchmarks in supply chain security.
contract compliance), but his focus is less on riskmanagement, offering limited support for supply chain volatility. Hansen: Specializes in supplier relationship management through his Relational Contracting Model, emphasizing collaboration to mitigate risks. His practical tech insights (e.g.,
The adoption of an agent-based Metaprise model will significantly improve ProcureTech implementation success rates by addressing systemic inefficiencies, enhancing adaptability, and fostering ecosystem-wide collaboration. Multi-Stakeholder Collaboration Challenge : Siloed systems and fragmented communication hinder cross-enterprise alignment.
Manual procedures take a lot of time and are prone to human mistake. An automated system minimizes the need for manual intervention, reducing the risk of mistakes. Improved Compliance and RiskManagement Any firm must adhere to internal policies and regulatory regulations.
Ability to collaborate, identify opportunities or issues and act. These challenges in the direct material supply chain pose a real threat, especially in a time of crisis. Risk & Performance Management. Some of these challenges include limited: . Transparency, or ability to scale data, across an organization.
The software automates key tasks such as collecting and validating vendor information, ensuring compliance with regulatory standards, managing contract approvals, and setting up payment terms. By automating these processes, businesses can reduce human error, improve data accuracy, and accelerate time-to-market for new products and services.
The system gives the user accuracy, visibility, and control over whether the project can be profitable or not. Financial management. Visibility of the workflow. Before the creation of ERP systems, the coordination of the involved parties in the project is time-consuming and takes a lot of effort. . CAD interface.
This structure adds a legal buffer while allowing for operational flexibilitymaking it a smart foundation for riskmanagement. Dont Put All Your Products in One Basket: Diversification & Supplier RiskManagement If your entire supply chain depends on a single supplier, youre one hiccup away from disaster.
This statistic shows a real and common problem in many companies today. Now let's discuss how the right software can solve these problems and bring real value to your business. Vendor lifecycle management refers to the process of managing a vendors relationship with your business from the very beginning to the end of the contract.
In this book, you learn the basics of supply chain riskmanagement (SCRM), and how companies are using SCRM systems to create more resilient supply networks. The author also outlines how using a technology-based SCRM system provides visibility into your supply base.
Direct material management oversees the sourcing, procurement, storage, and flow of raw materials, components, and subassemblies. This ensures just-in-time (JIT) or just-in-sequence (JIS) delivery to reduce inventory costs. Direct material management involves demand forecasting, inventory control, and warehouse operations.
With automated systems, purchase orders can be generated based on predefined criteria, such as inventory levels or specific triggers, ensuring timely and accurate procurement. Procurement management tools offer features that enable businesses to track supplier performance, manage communications, and evaluate vendor reliability.
Implementing robust compliance measures regularly reviewing tariff codes and classifications Engaging with customs authorities for clarification leveraging technology for tariff managementCollaboration between supply chain and compliance teams is pivotal in ensuring seamless tariff management.
This content does not express the views or opinions of Spend Matters In our previous installment on Spend Matters, we discussed the rapid evolution of Supply Chain RiskManagement happening within procurement organizations. And so it should.
The real estate industry, characterized by intricate processes and substantial investments, constantly seeks ways to enhance efficiency, reduce costs, and ensure timely project completion. From sourcing construction materials to hiring contractors, a well-organized is essential for timely project completion and cost control.
ChatGPT Inflation refers to the general increase in prices of goods and services in an economy over time, resulting in a decrease in the purchasing power of money. These indices track the average price changes of a basket of goods and services over time. What is inflation?
It aims for 500+ AI skills by 2025, enhancing real-time decisions (Forbes, Jan 21, 2025). SIDE NOTE: What Self-learning algorithms are they using to analyze suppliers, e.g., historical and real-time? Its agents handle real-time spend analytics under tariff volatility (Emergen Research, Feb 1, 2024).
is a leading AI-powered platform specializing in third-party riskmanagement, compliance, and supplier lifecycle automation. AI-First Automation: AI is built into every step, simplifying workflows, automating processes, and delivering real-time insights for compliance, onboarding, KYC/AML, contract management, and ESG initiatives.
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