World of Procurement blog

APRIL 23, 2024

Understanding Procurement Technology Procurement technology refers to the software and systems that automate and streamline procurement processes for businesses, covering everything from sourcing materials and services to managing contracts and analyzing spending. Examples include IBM Emptoris and Oracle Supplier Management.

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Una

OCTOBER 9, 2023

How to Implement a Strategic Sourcing Process A play-by-play manual showing how to implement a strategic sourcing process that aligns with your organization’s goals, optimizes spend, and creates long-term value. At its core, strategic sourcing formalizes the process of finding, assessing, and choosing suppliers.

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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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Zycus Cognitive Procurement

JANUARY 12, 2021

What is Source to contract? Source to contract (S2C) refers to the set of procurement processes that come into play while sourcing a product or service. How is Source to contract affected during a crisis? How is Source to contract affected during a crisis? 2] Collaborative Sourcing.

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World of Procurement blog

APRIL 23, 2024

By leveraging technology, it helps businesses manage their purchasing activities through electronic methods. Its functionalities range from supplier management, purchase order management, invoice management, spending analysis, to electronic tendering, and contract management.

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World of Procurement blog

APRIL 23, 2024

By leveraging technology, it helps businesses manage their purchasing activities through electronic methods. Its functionalities range from supplier management, purchase order management, invoice management, spending analysis, to electronic tendering, and contract management.

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supply chain software solutions Supply Chain Efficiency supply chain budgeting Procurement 52

ivalua

FEBRUARY 27, 2023

One way of doing this is by leveraging Source-to-Pay (S2P) solutions, which provide procurement with the tools needed to maximize the value they get from their supplier relationships, automate and streamline processes, and identify opportunities for cost savings.

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Pipefy

JANUARY 30, 2024

That’s where procurement, sourcing, and purchasing technology comes in. This will also prevent spreadsheet sprawl, missing information, or errors as a result of manual, human intervention, which all translates into more accurate spend management and forecasting. Purchase orders. Contract and compliance management.

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Spend Matters

MAY 22, 2024

Fundamentally, it remains conservative, concerned mostly with purchase orders, invoices and control. You have a supplier onboarding process, a contract management process, a P2P process and spend data analytics. Similarly for contract management: ‘When is the contract expiring? Were all invoices paid?’

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ivalua

OCTOBER 28, 2022

Total estimated infrastructure bill allocations: Source. This bill sends plenty of money to the state and local governments–but along with these allocations comes solicitations, procurements, contracts, deadlines, reporting requirements, and other overhead. Why is modernizing these processes and tools so important? . A Path Forward.

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Jaggaer

FEBRUARY 14, 2019

Procure-to-Pay (P2P) and Source-to-Pay (S2P) are two terms often used within the software industry to describe digital solutions that create efficiencies within procurement. In the simplest of terms, P2P solutions deliver improved processes as it relates to purchasing.

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Pipefy

NOVEMBER 24, 2023

Procurement solutions encompass a wide range of specific functions due to the many aspects of the procurement process, including purchase requests centralization, procure-to-pay, sourcing, budget management, supplier management, and forecasting. What are e-procurement tools?

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World of Procurement blog

MAY 10, 2024

Some of the key capabilities and use cases for AI in procurement include: Automating repetitive and routine tasks : AI can take over low-value tasks like invoice processing, purchase order creation, expense report auditing, and other administrative workflows. This supports strategic sourcing efforts.

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Procurement Software

JUNE 13, 2023

All of these, as far as our research shows, are agnostic when it comes to the type of spend which can be sourced through the platforms. Above $1 billion businesses are typically a target of established, enterprise source-to-pay and source-to-contract suites. We love their UI/UX and can help you arrange a demo here.

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SCMDOJO

APRIL 20, 2023

Other roles within the procurement department may include procurement specialists, who focus on specific categories of goods or services, and procurement coordinators, who assist with administrative tasks such as processing purchase orders and invoices.

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Pipefy

DECEMBER 20, 2023

Purchase order cycle time Purchase order (PO) cycle time is a measurement of the total time it takes for a business transaction to go from turning a purchase requisition into a purchase order. Contract compliance rate Contract management is an important area for procurement.

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Procurement Software

FEBRUARY 27, 2024

But perhaps you don’t really understand how that impacts your sourcing decision when seeking out the best procurement software for your organisation. How is ERP different to a source-to-pay suite? These systems have little procurement-related functionality beyond day-to-day transactional purchasing and tactical sourcing.

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IBM Supply Chain Blog

DECEMBER 13, 2023

It can nurture collaborative partnerships with suppliers and integrate ethical and environmental (green purchasing) considerations into the sourcing strategy. This enables an effective and adaptive approach to sourcing that creates value and minimizes risk. Be flexible.

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TYA Suite

MAY 14, 2023

Create Standards For Procurement Management Create a solid procurement management framework before you can begin to fix any bottlenecks in your procurement process. Keeping track of and approving purchase requests Establishing a three-way match and quality management Do not be misled; this is not a quick process.

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Pipefy

JANUARY 31, 2023

Fraud Procurement fraud varies from unapproved purchases, intentional accounting mischarges, conflicts of interest, false invoicing, invoices that don’t match purchase orders, unregulated post-contract changes, and single-source supplier schemes.

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Procurement Tactics

JULY 2, 2023

Compliance and Audit Job Orders contribute to compliance with internal policies , regulations, and audit requirements. They shall ensure that a documented record of the procurement procedure, which can be vital for audits, contract management, and law enforcement purposes, is kept.

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Empowering CPO

JULY 17, 2023

From sourcing raw materials to securing high-quality services, procurement directly influences a company’s efficiency, productivity, and financial performance. These services typically encompass strategic sourcing, supplier management, contract management, procure-to-pay processes, spend analysis , and process optimization.

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Procurement Software

MARCH 5, 2024

Raindrop Raindrop is one of a number of US procurement startups offering enterprise-level spend management platforms. At its heart is a source-to-pay suite offering a range of functionality, with a complete suite of cloud-based modules. These modules can be purchased separately or as one complete suite.

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Procurement Software

JULY 18, 2023

Ask yourself when reading other similar articles whether this is also true of them… The Best 15 Purchasing Software Solutions for SMEs In putting together this list, we were mindful of ensuring that we cover a broad spectrum of requirements. It’s not just about procure-to-pay (P2P) or source-to-contract (S2C applications).

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Barkers Procurement

OCTOBER 2, 2023

Greater control over costs A procurement managed service must be flexible and should be able to adapt its services to your requirements; however, it will still have some clear processes that it follows to generate the results you’re looking for. Reduction of costs How much are the goods and services you’re purchasing?

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Pipefy

JANUARY 31, 2023

Why purchase request approval is important The purchase requisition approval process is the final layer of review that’s required for all purchase requests. Once purchase requisitions are processed and approved, a purchase order is generated and submitted to the vendor or supplier for fulfillment.

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Pipefy

MAY 23, 2023

Purchase orders Automating the purchase order cycle can drastically reduce future invoice processing time and costs. Document management Digital contract management should be included in any e-procurement tool; it’s that important. Life cycle management.

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ivalua

MARCH 9, 2023

A comprehensive Source-to-Pay platform is a critical component of an organization’s IT environment. Similar to how CRM manages everything around the customer, an S2P platform manages everything around the supplier. ​ What is Source-to-Pay? Sourcing: Where Procurement often creates value first.

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Procurement Software

MARCH 19, 2024

Spend Analytics As we showed in the example above, spend analytics can get a boost from using generative AI to assist with classification and taxonomy of free text purchase orders and vague descriptions. It can also assist with supplier discovery and due diligence on potential new sources of supply.

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Skill Dynamics

AUGUST 4, 2022

Implementing a contract management system. Make use of technology to save time and be more efficient by implementing a contract management system. Let’s admit it: creating contracts is time consuming and businesses often work with hundreds of vendors every year.

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Supply Chain Game Changer

MARCH 9, 2022

Operational procurement bears a reactive outlook concerning the purchase of materials and supplies, employing fast quote and order processes to persist in running smoothly. Often operational purchasing managers work to improve delivery management, contract management, and managing any criticisms.

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Supply Chain Game Changer

JUNE 18, 2021

This particularly comes into play during a contract management process. Contracts are the key elements of solidifying ties between businesses, vendors, partners and clients. Before the execution of these contracts, signatures have to be appended on agreements and other documents. Quick signing of contracts.

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Una

JUNE 15, 2023

10 Procurement Outsourcing Services Explore ten procurement outsourcing services available to help your sourcing function save more money, time, and effort. The CPO is supported by strategic sourcing managers, category managers, buyers, analysts, contract managers, a compliance officer, an SRM manager, and others as new roles emerge.

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Empowering CPO

JUNE 30, 2023

In simple terms, they are a suite of services where a third-party provider, like EmpoweringCPO, manages various procurement functions on behalf of an organization. These services can range from strategic sourcing and supplier management to purchase order management and invoicing.

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SCMDOJO

FEBRUARY 13, 2023

Strategic sourcing: Procurement performs a market analysis to identify potential sources of supply and support the organization’s needs. Leading procurement negotiations and agreeing to service levels and contracts with suppliers. Research other options to source the best value products and services.

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Procurement Software

FEBRUARY 20, 2024

Apadua Apadua is a professional services sourcing software, based in Cologne, Germany. Founded in 2016, the company is led by two experienced procurement and management experts. It serves Fortune 500 companies, and in 2020 the platform managed more than $150M of spend. The platform is especially suited for SMEs.

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Zycus Cognitive Procurement

FEBRUARY 2, 2021

The pandemic has revived interest in the digital transformation of the entire Source to Pay (S2P) process. Contract management and e-procurement are other immediate areas of transformational interest for enterprises. Contract management and e-procurement are other immediate areas of transformational interest for enterprises.

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