World of Procurement blog

MAY 10, 2024

The Promise of AI for Procurement Teams Artificial intelligence (AI) has the potential to transform and revolutionize procurement processes. This supports strategic sourcing efforts. This maximizes value from sourcing partnerships.

Procurement team 52

Procurement team Procurement Real-time Visibility Supply Chain Efficiency 52

IBM Supply Chain Blog

FEBRUARY 13, 2024

For sourcing teams, that means pivoting their mindset around selecting suppliers from a tactical, lowest-cost-above-all approach to a strategic one. Where tactical sourcing is a short-term strategy, strategic sourcing is for long-term business goals.

Strategic sourcing 85

Strategic sourcing Strategic sourcing Supply Chain Efficiency Supply Chain Optimization 85

IBM Supply Chain Blog

FEBRUARY 28, 2024

Sourcing is getting smarter. To start, many organizations have already pivoted from a tactical to a strategic sourcing mindset—which can make all the difference when it comes to gaining and retaining a competitive advantage. But now, the benefits of strategic sourcing are becoming even more attainable thanks to innovation.

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Sourcing Strategy Supply Chain Efficiency e2e 103

Procurement Tactics

JUNE 28, 2023

Contract Management Contract Management is tracking the contractual lifecycle, including contract creation, renewal, and termination dates. Compliance with the agreed terms and conditions of a contract, as well as respect for the obligations arising from it, shall also be monitored.

Supply Chain Efficiency 178

Supply Chain Efficiency Procurement supply chain software solutions supply chain budgeting 178

IBM Supply Chain Blog

DECEMBER 13, 2023

Tasks such as vendor selection criteria, contract management and compliance initiatives should be clearly defined. Policies serve as guidelines for the procurement team, ensuring consistency and adherence to ethical standards. This is a good time to review current processes and adjust them to suit the new approach.

Procurement strategies 71

Procurement strategies Strategy Procurement Supply Chain Efficiency 71

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. Dirty Little Secret #1.

supply chain budgeting 89

supply chain budgeting Procurement Supply Chain Efficiency e2e 89

Procurement Software

MAY 16, 2023

The software automates workflows and approvals, manages supplier catalogues, and provides real-time analytics for better decision-making. The module also includes features such as contract management, invoice processing, and payment processing. They are not an end-to-end procurement software suite.

Procurement 96

Procurement Purchase orders Real-time Visibility Purchasing 96