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Ivalua Blog [ivory-search] Weathering Future Disruptions: 8 Steps to Building SupplyChainResilience February 8, 2023 | | Manufacturing by Doug Keeley In the face of an unprecedented global crisis, Procurement stepped up to become a crucial driving force for business continuity. Create speed and transparency.
One way of doing this is by leveraging Source-to-Pay (S2P) solutions, which can provide procurement with the tools needed to manage their supplier relationships and identify opportunities for cost savings. S2P: Where to Start Ivalua provides a comprehensive set of integrated solutions that span the entire Source-to-Pay lifecycle.
Tariff management is a strategic subset of direct materials management and sourcing that involves navigating and optimizing the complex costs and regulatory implications of importing materials and goods across borders. Tariffs essentially taxes imposed on imports and exports directly impact product cost structures.
Complete Source to Pay cycle and Strategic Sourcing Guide An optimized Source-to-Pay (S2P) process helps businesses enhance procurement efficiency, reduce costs, and improve supplier collaboration. Strategic sourcing plays a critical role in this transformation, ensuring organizations secure the best value while mitigating risk.
New platform release features a broad set of enhancements across Ivalua’s complete Source-to-Pay suite, including deep integration with Amazon Business. Out-of-the-box integration to Tealbook now enables customers to discover new suppliers with a single click and access a high-quality source of supplier information.
In the session “Driving Profitability and Agility in Today’s Dynamic Market”, Saini shared insights on their groundbreaking Source-to-Pay transformation, noting that it wasn’t just about achieving cost savings–it was about redefining what’s possible in procurement. Brent Griffith Day 2: More Keynotes, Sessions, and Silent Demos!
Let’s set sail on a journey towards efficient and effective supplychain management. By harnessing the power of data analytics and strategic insights, organizations can proactively mitigate the impact of tariffs on their supplychains while enhancing operational efficiency and cost-effectiveness.
They can proactively identify risks, optimize processes in real time, 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 supplychainresilience.
Supplychains are complex and varied; to manage them effectively, you need to understand exactly what’s happening in both your supplychain and your customers’ end markets. But most sourcing and procurement teams need to pivot and modify the way they handle SCM decisions.
For example, a single-stack approach can lead to low user adoption, because the incumbent sourcing solution, for example, fails to meet the needs of various business units. . This capability is not available in any ERP, but a best-in-class supplychain solution will provide dozens of models for you to shape your usage for the future.
Here’s a breakdown of the shifts over this period: 2011: Procurement as a Tactical Function Primary Focus on Cost Savings : In 2011, CFOs largely viewed procurement as a cost-control function , tasked with negotiating contracts, reducing spend, and maintaining compliance with budgets.
I can help procurement practitioners dramatically improve ProcureTech implementation timelines, ROI, supplychainresilience, risk management, tariff management, and overall implementation success. So, here are my answers to both questions: YES and YES! And just remember, YOU asked me!)
Supplier Value Management (SVM) platforms include the various applications used to automate and manage activities with suppliers, including Supplier Risk & Performance Management (SRPM), Source-to-Contract (S2C), and Procure-to-Pay (P2P).
How Predictive Procurement Has Become a Game Changer for High-Tech Manufacturing To stay competitive, high-tech manufacturers are increasingly adopting Predictive Procurement technology to gain greater agility, cost savings, and enhanced supplychainresilience. Subscribe to news from Arkestro. You can unsubscribe at any time.
The impending transformation, outlined in a recent report by Supply and Demand Chain Executive, is set to reshape the vrey foundation of how goods and services are sourced, managed, and delivered.
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.
A well-managed supplychain does not just survive crises it thrives in them. Why Project Management is Essential for SupplyChainResilience The approach provides a structured approach to handling complex tasks, timelines, and resources.
contract negotiation, risk mitigation) gives it the strongest alignment with core procurement practices. While supplychain is addressed, its secondary to procurement excellence, making it a top pick for procurement specialists seeking practical tools. Strong on supplychainresilience as it relates to procurement.
Many procurement teams are being asked to deliver value beyond savings alone , strengthening supplychainresilience, reducing compliance risk, and advancing ESG and sustainability goals, at greater speed and without headcount increases. On the demand side, there is pressure to do more with less. But the benefits go further.
However, the top three procurement challenges featured in the Hackett Group report demand immediate attention: slashing spending costs, securing supplychainresilience, and modernizing outdated operating models. Solutions: Strategic Sourcing: Move beyond transactional purchasing and embrace strategic sourcing.
The pandemic has accelerated this trend, with the Procurement function front and center in the fight to ensure supplychainresilience and continuity, reduce costs and protect the bottom line. There’s a much bigger dividend to obtain by automating the most boring, mundane tasks of your top sourcing professionals.” .
The result is improved business processes and the agility that makes you nimble—whatever comes. Strategies for Building ResilientSupplyChains Recurring disturbances in recent years have highlighted the need for manufacturers and contract manufacturers to build resilience into their supplychains.
How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. By digitizing core tasks like purchase order creation, invoice matching, contract tracking, and supplier onboarding, procurement teams have significantly reduced the time spent on repetitive admin.
Categories for the Pro-to-Know recognition include but are not limited to Supplier Management, Sourcing, Contract Management, eProcurement, Form Requests, and AP Automation. Metrics may include cycle times for each process, use of templates, user and supplier adoption, as well as process and cost savings.
So no wonder it takes on average six years for a large program simply to go on contract,” he stated. This challenge is exacerbated by a lack of visibility in government supplychains, which hinders risk management and makes it difficult to build a resilientsupplychain.
This is due to factors such as fragmented procurement, lack of centralized contracts, supplychain disruptions, and rapid adoption of new technologies 3 5. Direct materials are usually managed with formal procurement processes and long-term contracts, which dampen price volatility and create predictability.
His case studies, like the GE Capital-Lear Seating-GM collaboration, demonstrate how solving client problems can lead to multi-million-dollar contracts. In procurement, this might translate to better supplier negotiations or sourcing strategies, especially for tariffs. Sourcing savings: $2.5M (5% on $50M spend). 5M in savings.
The pandemic wreaked havoc on businesses and their supplychains, but even in these trying times, there’s a silver lining. What we learned about agility and resilience can be applied to future-proof the source-to-pay (S2P) process and help organizations meet any new challenge with confidence.
CPO’s and CFO’s will join forces to combat inflation and supply risk, supply assurance will be perceived as more important than price, convenience and customer service gaining significant popularity, and vigilance against commodity and supply market manipulation will be critical. #3. More on that here.
When you think about supplychainresilience, technology can help, but if you’re not actively pursuing a stronger relationship with your strategic suppliers, it’s really difficult to reap the benefits when the hard times are over,” he said. An Analysis by Ivalua Read More : What is Source to Pay Best Practice?
When you think about supplychainresilience, technology can help, but if you’re not actively pursuing a stronger relationship with your strategic suppliers, it’s really difficult to reap the benefits when the hard times are over,” he said. An Analysis by Ivalua Read More : What is Source to Pay Best Practice?
How do smart teams spot red flags before contracts get signed? How Private Equity Shapes Modern SupplyChains Money from private equity doesnt just change ownership. For example, lets say youre acquiring a supplychain partner with silent investors or long-term profit-sharing agreements buried in old contracts.
It involves identifying needs, sourcing potential vendors, obtaining quotes and proposals, negotiating contracts, selecting suppliers, managing relationships, and meeting obligations. Scope : Procurement spans the entire process from identifying requirements to contract closure. Purchasing is more transactional and tactical.
The Manufacturing SupplyChain Journey through AI and Automation Manufacturing SupplyChains Explained The manufacturing supplychain comprises all the processes a business uses to turn raw materials and components into final products that are ready to be sold to customers, whether these are consumers or other businesses.
The global supplychain is undergoing an incredible transformation that will change the way we do business. Today, organizations are looking to build supplychainresilience and maximize opportunities for growth as we pivot and prepare for unexpected global events. . Session REPLAY. Körber + Ivalua.
Comprehensive Curriculum: MCIPS covers a broad spectrum of topics, from procurement principles and strategies to contract management, negotiation, and ethical considerations. Think of it as the gold standard for procurement professionals. It provides a holistic view of the procurement landscape.
Common disruptions such as economic instability, vendor delays, natural disasters, and supply shortages uniquely challenge schools due to tight budgets and rigid schedules. Tools like PLANERGY enhance supplychainresilience by providing real-time tracking, data-driven insights, and streamlined communication with suppliers.
Source: Deloitte CPO Survey 2019. Below are some outlets that are trustworthy sources of news, content, reports, and conversations: LinkedIn Groups. Above all, LinkedIn Groups focused around procurement & sourcing keep you in large networks, amongst your peers. Source: Paua Ventures. What do you have to lose?
This proactive approach can help identify potential issues early, allowing businesses to seek alternative suppliers or adjust their contracts accordingly. Factors such as machinery breakdowns, labor strikes, or disruptions in their own supplychains can lead to delays in delivery.
As a result, it remained profitable, gained market share, and became a leading example of recession-resilientsupplychain management (Saxena & Sharma, 2011). Diversifying the supplier base, especially for critical materials, enhances resilience.
That could be operating model design, it could be sourcing activities, it could be supplychain support….the but Covid and Ukraine have pushed this subject much further and deeper and the need to plan for today and tomorrow using multiple sources and collaborate with the business operations.
Even now, the global GDP for 2020 contracted by an estimated 4.3% Resiliency is now the name of the game for supplychains. Let’s look at the impact of each of these trends and see how you can incorporate them into your supplychain for 2021. Supplier Diversification. Automation.
According to Deloitte, the manufacturing industry was in contraction throughout most of 2023 due to challenges like increased lead times, tight labor markets, and rising costs. As we move into 2024, procurement teams continue to face hurdles like supplychain volatility, geopolitical tensions, budget restrictions, talent shortages, and more.
Stronger risk management and supplychainresilience Effective collaboration provides greater visibility into potential risks, such as raw material shortages or market disruptions. This may involve sharing best practices for reducing waste, sourcing materials responsibly, and improving energy efficiency.
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