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Supply chain visibility is about knowing where things are at all times, from their sources to their final destinations. Various technologies can track goods in realtime. Blockchain, AI, data…
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.
We believe these companies deserve greater visibility, especially in a market which is increasingly consolidating and diluting buyer choices. To potential buyers — True ValueHub can save category managers and buyers significant time and money by identifying new opportunities based on a deep analysis of costs and drivers.
Technology is a powerful enabler of finance-procurement collaboration, bridging gaps in spend visibility, cost control and data integration. Without integration, finance teams struggle to track procurement-driven savings, while procurement lacks visibility into financial planning and liquidity management.
From simple automations that save time to sophisticated strategies that drive major business value, embedding AI in your business processes can provide immense value. These require a bit more effort, such as better data integration and more refined algorithms, but they unlock deeper insights and smarter decision making.
“Yes, we’ve seen a clear increase in demand for risk-related technology from our customers, driven by the growing complexity and volume of data they are required to manage. We’re seeing larger RFPs over time asking for greater complexity. Beyond timely delivery, companies need to consider ethical and long-term sustainability issues.
Supply chains are more complex than ever, stakeholder expectations are soaring and the sheer volume of data that procurement teams must sift through is overwhelming. With AI, procurement teams can process and analyze vast amounts of data (i.e., big data) in realtime, spotting correlations and trends that would otherwise go unnoticed.
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.
As little as 10 years ago, we heard stories of pretty much indifference to risk: “supply risk management was young,” we heard, and “we didn’t worry too much about risk; we spent a very small percentage of our time on it.” In financial services for example,” says Stephen, “the biggest risk concerns are around cyber attacks and data breaches.
Approval workflow bottlenecks: Manual approvals cause delays, increasing cycle times and reducing procurement efficiency. Lack of visibility into budgets and contracts: Without real-time tracking, procurement teams risk exceeding budget allocations and violating contract terms.
Without an integrated process, organizations experience: Long invoice processing times, leading to unpredictable cash outflows. Inadequate cash flow visibility Finance teams often lack real-time insight into procurement expenditures, supplier contracts and upcoming financial obligations, making it difficult to forecast cash flow accurately.
Primarily, our customers are prioritising supply chain visibility, adopting proactive risk management strategies and staying compliant with evolving regulations. A unified platform providing a single source of truth enables better collaboration, regular oversight and audit readiness.
Businesses must find effective ways to strengthen their networks and improve flexibility to maintain stability during uncertain times. In supply chain operations, it plays a crucial role in mitigating risks, improving response times, and optimizing workflows. Enhance visibility across the supply chain through structured reports.
Our coverage also explores the latest thought leadership topics about procurement and supply, the technology that serves it and comparative analyses based on demos and the scoring of 500+ RFI requirements across 12 source-to-pay (S2P) categories that create our Vendor Ranking data.
We believe these companies deserve greater visibility, especially in a market which is increasingly consolidating and diluting buyer choices. Core strengths Authentic, needs-driven foundation – “Built from the ground up to address real-world challenges, Halo Ai is designed to meet the complex needs of modern third-party risk management.
The Power of Source-to-Pay Digital Transformation To put it briefly, source-to-pay refers to the entire process that starts with finding, negotiating with, and contracting the suppliers of materials, goods and services, and culminates in the final payment for those items. These begin with enhanced visibility.
By harnessing the power of data-driven insights, organizations can navigate these challenging waters with precision and grace. Key Strategies for Navigating Tariff Turmoil: Utilize Data Analytics: Leverage advanced analytics tools to gain deep visibility into supply chain dynamics and identify potential areas of vulnerability.
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. Supplier diversification across geographies to reduce dependency on high-risk sources. Contract rebalancing to shift tariff liability.
From automating repetitive tasks to enabling more informed data-driven decision making, the impact of this technology is both significant and rapidly accelerating. Its increasingly evident: GenAI is no longer a future concept; its already reshaping operations in realtime.
Want to know how a global multibillion-dollar corporation increased their demand visibility by 60% with near real-timedata harmonized from myriad sources?
Tracking performance over time is key to measuring the business value the collaboration is delivers. To align with financial reporting goals, procurement teams should: Improve spend visibility: Validate and accurately report procurement savings to finance.
If youre in procurement or supply chain, chances are youve wondered: How can I rethink this process, make smarter decisions, and still save time? Automation within the source-to-pay (S2P) cycle from sourcing to payment is redefining how businesses handle suppliers, contracts, quotes, and payments. What is Source-to-Pay (S2P)?
Strategic Sourcing Success: Best Practices and Key Strategies Of course, there are many definition s of source-to-pay but put simply, strategic sourcing is a data-driven approach to securing the best value for your organization from its strategic suppliers. How Has Strategic Sourcing Evolved?
Procurement teams are spread thin and have to manage everything from basic sourcing to board-level ESG compliance. With better visibility and stakeholder alignment, procurement can manage requests more efficiently, reducing risk and boosting resilience. It blends internal and external data to create context-aware decisions.
How do Chief Procurement Officers and their teams leverage digital transformation to take control of their data and better deliver against their strategic objectives? . Johan, can you give us a bit of background on the digital transformation journey at Booz Allen and the role of data? What role did data play on a day-to-day basis?
Reducing the total cost of procurement through supplier negotiations and sourcing strategies. Why alignment matters Strategic alignment between finance and procurement unlocks better financial visibility, stronger risk control and operational efficiency.
A comprehensive Source-to-Pay platform is a critical component of an organization’s IT environment. What is Source-to-Pay? The Source-to-Pay process itself is quite broad but it covers most if not all the aspects of a procurement organization, at least from a process and technology perspective.
Thats where AI steps in, offering a proactive approach to predicting supplier lead times and optimizing demand forecasts for buyers. It is not only reducing spending on spare parts and improving inventory management, it is helping manufacturers create digital twins of their machinery to anticipate breakdowns before they happen.
Global conflicts, macroeconomic shocks, and shifting global trade routes are all combining to provide real challenges to modern supply chains, and are driving the uncertainty that organizations feel. A lack of resilience can cause disruptions and delays to sourcing, transportation, or even manufacturing all of which lead to higher costs.
I have some real context of this, living in NYC and having a family member that works at a hospital. While it is a difficult time, you have to also applaud the heroic efforts of this industry as a whole. According to OECD and National Health Expenditure data, US healthcare spending per person was approx $10,224 in 2017.
They may not consider potential issues of integrations, supplier onboarding, supply chain data management, change management and system optimization, all of which add to complexity and costs. Sustainable master data management and governance: As much as 55% of projects fail due to data management issues.
For example, many reports show that the adoption of e-sourcing by best-in-class companies has stagnated at 60% – 70% since 2007. Time and resources can also be a stopping point. Sourcing alone involves the many and often manual processes for RFxs, like RFIs, RFPs, RFQs, etc. Procurement has many moving parts.
Spend Matters has been speaking with procurement practitioners and solution providers to get a wide view of how procurement and digital transformation is happening in the real world. And in the real workplace, thats where those decisions come from rather than procurement itself. Do you have your data cleansed? Not yet anyway!
These obstacles can lead to inefficiencies, lack of visibility and misaligned procurement strategies. Leveraging real-time synchronization with SAP ERP, BeNeering eliminates the need for redundant configurations and data duplication, ensuring procurement processes are efficient, transparent and accessible.
Collaboration across Tier 1, Tier 2, Tier 3, and beyond requires visibility and communication regarding capacity, cost, risk, order quantities, inventory levels, quality , timelines, logistics, and more. Collaboration brings visibility and agility for gaining market share.
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. Supply Chain Visibility refers to tracking and monitoring the movement of goods, services, and information throughout the supply chain.
– Spend control through real-timevisibility into budget consumption, negotiated prices, preferred suppliers, engagement channels. Also, an eprocurement solution provides you with clean spend data, which is the basis for a sound spend analysis and eventually relevant category management. 100% of electronic POs.
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. Supplier Data Quality & Management in Decision Making. Transparency, or ability to scale data, across an organization.
While full-scale digital transformation certainly takes time, organisations can see rapid improvements in efficiency, collaboration, and data accuracy right from the outset. By automating routine tasks, streamlining communication, and centralising information in one single source of truth, you create tangible quick wins.
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. These portals improve real-timevisibility into purchase orders, payment timelines, and dispute resolution, directly enhancing vendor satisfaction. [5]
In IDC’s 2022 Global Supply Chain Survey , they identified that “lack of visibility and resiliency to see necessary changes in time to react effectively” was the most problematic and unaddressed deficiency in modern supply chain management and inventory optimization.
From rule-based systems to predictive analytics and the generative AI boom, businesses have leveraged these technologies to optimize operations, forecast trends, and create data-driven strategies. They can proactively identify risks, optimize processes in realtime, and even negotiate supplier contracts without human oversight.
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.
Innovating to Uncover New Sources of Revenue in the Public Sector. Step 1: Use eProcurement Systems as a Potential Source of Revenue. Thinking of procurement as a new source of revenue is certainly counterintuitive, but it fits the bill of thinking differently. 11 state central procurement offices have other sources of funding.
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