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How to implement a future-ready e-procurement function

Spend Matters

Lack of visibility into budgets and contracts: Without real-time tracking, procurement teams risk exceeding budget allocations and violating contract terms. Integrate procurement with budgeting and contract compliance: Ensure purchases are validated against financial plans and existing contract terms in real-time.

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What is a Purchase Requisition? Definition and Process

ivalua

Strictly internal and used within the organization for planning, approval, and compliance External and shared with the supplier to confirm and authorize the transaction Is it a request or a formal contract?

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Boost Vendor Relations with Procurement Management Software

TYA Suite

Detailed reporting features also provide valuable insights into procurement activities, assisting organizations to make data-driven decisions and improve their Contract management is another critical aspect of. Effective contract management ensures that all agreements with suppliers are tracked, monitored, and adhered to.

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Top 10 Hottest Courses at SCMDOJO Academy 2024

SCMDOJO

The Fundamentals of Sourcing Process This course by SCMDOJO academy provides a comprehensive overview of sourcing strategies and best practices, including: Supplier Selection Negotiation Contract Management Risk Mitigation.

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ERP Procurement: Unify Procurement Workflows Across Multiple ERPs

ivalua

When ERP workflows are rigid, sourcing and contracting are hard to manage, and teams must work around system limitations by using spreadsheets and disconnected tools. They may avoid using the system, and that results in more inconsistent processes, more off-contract purchasing and, ultimately, more confusion.

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Why Did I Ask Tealbook’s Stephany Lapierre This Question?

Procurement Insights

Automated Best-Fit Sourcing: For non-strategic spend, AI agents will autonomously identify the “best-fit” supplier based on a multitude of real-time criteria (price, lead time, historical performance, sustainability scores, geographic proximity, risk profile), directly issuing RFQs/RFPs or placing orders with minimal human intervention.

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Which ProcureTech solution providers indicate Agentic AI will replace humans?

Procurement Insights

ProcureTech Solution Providers and Agentic AI Stances Agentic AI in procurement involves AI agents handling tasks like sourcing, contract management, and supplier coordination with minimal human oversight, often integrated into platforms like SAP or Coupa. It automates supplier performance tracking and order fulfillment.