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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.
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.
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.
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.
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 mid-level AI applications dont just save time; they empower procurement teams with better information, stronger supplier relationships and a sharper strategic edge.
AI is the game-changer that allows procurement professionals to escape the cycle of transactional work and focus on what really moves the needle: strategic sourcing, supplier collaboration, and advanced analytics. big data) in realtime, spotting correlations and trends that would otherwise go unnoticed.
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.
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.
By the time I have finished writing this article, and certainly before it is published, the situation will have changed. One is reminded of the Chinese proverb, Better to be a dog in times of tranquility than a human in times of chaos. Here are some of the lessons I took away from the webinar.
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.
To meet growing demands and reduce operational risk, the County is taking a proactive approach to modernization. By implementing JAGGAERs digital procurement solutions, the County is transforming how it manages sourcing, compliance, and contract workflows across departments. Proactive risk identification early in the sourcing cycle.
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.
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)?
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.
Join us as we delve into the unfolding drama of this new era, where supply chains are tested to their limits and demand forecasting becomes an ever more elusive pursuit. The uncertain trade surroundings is causing disruptions in the supply and demand dynamics,leading to challenges for manufacturers and suppliers alike.
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.
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.
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?
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.
Procurement teams are spread thin and have to manage everything from basic sourcing to board-level ESG compliance. The best procurement organizations think like conductors (the CPO is, in fact, the Chief Externalization Officer) and shape demand early, engage stakeholders proactively and dynamically adjust workflows based on context and risk.
EDITOR’S NOTE: In December 2010, I wrote an article about one of Time Magazine’s picks for the Top Innovations in 2008 – Made-in-Transit Packaging. I obviously think what EiKO is doing regarding process visibility is great – kudos to the company for its progressive customer-centric thinking.
Want to know how a global multibillion-dollar corporation increased their demandvisibility by 60% with near real-time data harmonized from myriad sources?
In the midst of the Coronavirus pandemic the need for complete, end to end Supply Chain visibility has never been more important! The necessity for visibility started with store shelves being emptied of toilet paper , food, and various household items. Supply Chain visibility and the Digital Supply Chain has never been more important!
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.
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. . Demand planning capabilities. Demand planning is the ability to create forecasts that predict the future need for your products. The post ERP vs.
The Role of Agentic AI in Supply Chains Supply chains are dynamic and complex, requiring continuous decision-making across multiple functions, from procurement and inventory management to logistics and demand forecasting. Uses machine learning to detect demand fluctuations and supply chain inefficiencies.
These disruptions can occur due to decreased consumer demand, supplier instability, or logistical challenges. An adaptable supply chain can quickly adjust to changes in demand, supply, or other external conditions. This makes demand patterns difficult to forecast, particularly for non-essential goods.
These shifting dynamics bring about unexpected disruptions—like changes in levels of demand—impacting your ability to effectively manage your inventory, satisfy your customer needs, and ultimately your bottom line. For example, you could renegotiate a supply contract to keep business inventory costs low.
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.
Supply Chain Visibility – An Overcomplicated Challenge! A recent Deloitte survey estimated only 15% of CPO’s have visibility beyond their tier one suppliers. I found this striking that there is so little multi-tier Supply Chain visibility. Visibility comes at a cost – one we’ve spoken about before: trust.
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]
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.
With the increasing demand for faster and streamlined transportation of goods, companies are leveraging AI to automate processes and optimize their operations. It is also used to improve the accuracy of demand forecasting, inventory management , and transportation planning.
Thus when launching an information gathering initiative, it can be difficult to ascertain where to put the most time to get the fastest and strongest return on the project. Block a supplier from participating in a sourcing event. Determine the criteria that will trigger the red flag and work your way back to its data sources.
By embedding analytics across logistics, sourcing, and fulfillment, businesses gain the visibility and foresight needed to stay competitive.Analytics-driven leadership is no longer a luxury; it’s the foundation of operational survival in todays volatile business environment. Not sure where your supply chain stands?
While many manufacturers rely on ERP systems for procurement, these platforms are designed for broad business management rather than the intricate demands of sourcing, supplier collaboration, and cost control in a manufacturing environment. This capability minimizes downtime and maximizes resource utilization.
With numerous options available across the source-to-pay spectrum, weve compiled the top three key technologies CPOs should embrace in 2025: 1. These procurement technologies empower teams to move beyond traditional methods, using data-driven insights for smarter sourcing, demand forecasting, and risk management.
This technology streamlines the invoicing and collection, reducing manual errors and saving valuable time. Benefits of AR Automation: Digital Invoicing : Generate and send digital invoices automatically for timely and accurate billing. This, in turn, accelerates the payment cycle and improves overall cash flow.
Inventory management was rudimentary, often relying on manual processes and paper-based systems. This approach limited visibility and control over stock, leading to inefficiencies and potential stockouts. The Shift Towards Efficiency: Streamlining Operations As supply chains grew more complex, the need for optimization emerged.
However, the top three procurement challenges featured in the Hackett Group report demand immediate attention: slashing spending costs, securing supply chain resilience, and modernizing outdated operating models. Solutions: Strategic Sourcing: Move beyond transactional purchasing and embrace strategic sourcing.
Hansens agent-based Metaprise Model directly addresses the core concerns of Chief Procurement Officers (CPOs) by combining human-AI collaboration, real-time adaptability, and ecosystem-wide integration. Example: A global manufacturer unified JD Edwards, NetSuite, and IFS workflows using agents, reducing procurement cycle times by 35%.
The result is a vehicle that meets market demands for sustainability and performance while reducing time to market and production costs. This not only helps avoid stockouts but also reduces the need for excessive inventory, reducing overage and storage costs. leading to a more innovative and efficient final product.
By selecting and developing the right suppliers and establishing streamlined, transparent communication with them, manufacturers gain the agility and resilience to respond to customer demands, rise to the top, and navigate disruptions more easily. That makes agility a foundational part of your manufacturing strategy.
Managing a successful supply chain requires more than just ensuring products are delivered on time its about building strong, effective partnerships with your suppliers. Improved efficiency and cost reduction A company's operations, efficiency, and lead times can be greatly improved via strong cooperation with its suppliers.
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