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This guide breaks down the key procurement technologies in use today and the trends reshaping the future, such as AI-driven sourcing, predictive riskmanagement, and deeper integration across the supply chain. This end-to-end integration helps organizations reduce risk, boost efficiency, and make more strategic, data-driven decisions.
Enterprise procurement teams face growing pressure to deliver strategic value – managing supplier risk, ensuring compliance, and supporting sustainability – all without sacrificing speed or control. Key Takeaways Legacy procurement processes limit scale, speed, and visibility, making it harder to managerisk, compliance, and costs.
With raw materials, equipment and maintenance making up the bulk of their expenditures, procurement professionals in manufacturing are turning to AI to gain deeper insights and stronger control over their supplier networks. Supply network modeling, now integrating large language models (LLMs), allows for precise tracking and material tracing.
The company achieves this by using an advanced Al paired with real-world, in-the-moment perspectives from a proprietary network of partners that deliver insights down to the bill of material level. The last few years have put the word “supply chain” in the headlines as so-called supply chain disruptions and shortages have impacted everybody.
However, they are also susceptible to disruptions and risks. 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.
This kind of end-to-end tariff strategy demands visibility, coordination and scenario planning, which are capabilities that traditional procurement tools often lack. Supply chain visibility: The linchpin for tariff management If there is one lesson from recent disruptions, it is this: you cannot mitigate what you cannot see.
Additionally, it helps companies to streamline supplier selection, supplier onboarding, supplier performance assessment, supplier document management, and other important supplier-related processes. Additionally, the software may allow add-on solutions for third-party applications or integration with existing network systems. .
Compliance and riskmanagement is a growing and interesting use case of GenAI for procurement, finance and, of course, legal operations. Its uptake is only going to grow as organizations begin to rely on its power to tackle big business issues, such as third-party riskmanagement (TPRM).
By prioritizing robust security measures and compliance protocols, TecPlata ensures the integrity of the supply chain from end to end. Through the deployment of advanced technologies, such as blockchain and IoT devices, TecPlata guarantees end-to-endvisibility and traceability, fostering trust and reliability among stakeholders.
Existing network assets are aging, and more intelligent asset management strategies must emerge to maintain and replace the grid within tightening budgets. Asset investment planning must find a balance between these systems while minimizing risk and carbon footprint.
Successful strategic sourcing often results in process optimization, cost management, customer satisfaction, riskmanagement , increased sustainability and other benefits. For instance, one company is using a network of trusted suppliers built on IBM Blockchain® to provide product provenance for sustainably sourced shrimp.
Working within a resilient global supply chain results in complexities around basic matters like communication, time zones and languages, along with more challenging aspects like riskmanagement, compliance and sustainability. Third-party riskmanagement through a specialized vendor moves beyond the onboarding and intake process.
04.04] How the pandemic exposed vulnerabilities in supply chains worldwide, bringing the topic of risk to the fore; and the most significant lessons we learned. “No-one You’ve got to have a riskmanagement plan, but if you don’t test it, how do you know it works?” No-one was prepared!
is a leading AI-powered platform specializing in third-party riskmanagement, compliance, and supplier lifecycle automation. Leadership Founder & CEO: Jag Lamba, former McKinsey consultant, leads the company with a focus on operational agility, riskmanagement, and AI innovation. Everything about Certa.ai
The biggest implication of this new imposition on procurement process is that now procurement managers have to deliver suppliers that are cost conscious and timely in their operations but at the same time can adapt to the changing demands of end customers. Reducing the dependence on a sole supplier is crucial in managingrisk.
It comprises all elements from the origin (the raw material) to the consumption networks (end users). Initially, these were managed manually, but the intrusion of digital technologies revolutionized it. It has made visible changes in the SCM systems. It ensures the integrity and genuineness of the data.
Stronger riskmanagement and supply chain resilience Effective collaboration provides greater visibility into potential risks, such as raw material shortages or market disruptions. Riskmanagement collaboration involves working together to identify and mitigate potential risks in the supply chain.
Lack of Visibility Beyond Tier 1. According to the 2021 Deloitte Chief Procurement Officer Survey, “Around 70% of CPOs felt that they had good visibility on the risks that existed in their direct (tier 1) suppliers. Yet only 26% were able to confidently predict risk within their supply bases. Dirty Little Secret #1.
Demand & sales forecasting is a related discipline which uses market data, historical trends, and AI-driven analytics to predict demand to help optimize production volumes and distribution networks. To reduce risk and increase resilience, manufacturers are deploying riskmanagement software and diversifying their suppliers.
Altana is the world’s first Value Chain Management System – a unified, comprehensive approach that goes far beyond supply chain riskmanagement, with unprecedented visibility, contextualized netrt across business areas, and a collaborative network with end-to-end workflows to get jobs done.
Distribution Network. Find customers or distributors networks that will sell the foodstuffs. You can generate channel partnerships with local organisations or internally create distribution structures that can sustain the networks. Link these channels with reliable logistics networks. RiskManagement.
Whether you''re a manufacturing company in China, a sourcing agent in London or a world''s leading company in Silicon Valley, we''re all in a global supply chain networks. We believe many practices in global supply chain management can be applied in every industry. However, you may wonder what kind of practices really work.
Technology-driven visibility AI and machine learning can be used to analyze large amounts of data quickly and accurately, providing insights that can improve forecasting, inventory management, and customer service. A supply chain control tower can connect many sources of data-driven information and improve end-to-endvisibility.
Envisioned to comprehensively address information and communications technology (ICT) riskmanagement in financial services, DORA aims to harmonize existing regulations across EU member states. Furthermore, the RTS Article 6 highlights the necessity for all networked traffic, both internal and external, to be encrypted.
Depending on the specific needs of the client, the scope of contract logistics can range from managing individual aspects of the supply chain to offering full end-to-end solutions. These providers have established networks, infrastructure, and economies of scale that enable them to operate more efficiently and cost-effectively.
It also can help optimize transportation costs and service-level agreements as well as improve inventory management and visibility. Sign up for a 30-day free trial here Riskmanagement Supply chains are under tremendous stress, facing challenges from supply, demand, logistics and shifting industry landscapes.
What do these capabilities really mean in terms of the day-to-day realities of managing a supply chain? This level of visibility also provides unprecedented responsiveness to changes in customer demand. You’ll see a premium placed on holistic, end-to-end supply chain management leadership skills.
For example, the global e-commerce giant Amazon uses AI algorithms to analyze historical sales data, customer behavior, and external factors like weather and holidays to predict demand for millions of products across its vast network of warehouses. And considering Amazon’s success, it’s safe to say the model works. billion by 2026.
Ecosystem Orchestration: Agents align procurement with finance, logistics, and suppliers, ensuring end-to-end process coherence. Recognized for industry-specific solutions in complex procurement networks. Zycus Cognitive procurement powered by GenAI enhances visibility and efficiency. South Africas B-BBEE).
Risk Mitigation SCM minimizes supply chain risks through careful planning and collaboration. Proactive riskmanagement prevents major losses. The delivery network aims to store and transport goods efficiently to minimize costs while meeting customer service standards.
Supplier collaboration serves as the foundation for supply continuity, agility, riskmanagement, and resilience when disruptions occur. To avoid communication gaps from the start, you can lay the groundwork for collaboration with comprehensive supplier onboarding and enablement using a fee-free network that welcomes new suppliers.
SimpliContract SimpliContract is a SaaS-based, AI-powered end-to-end enterprise contract authoring and lifecycle management platform. You can use Contract Insight to manage everything from contracts (drafting, authorising, signing, and tracking), to compliance, workflows, vendor management, and risk governance.
Understanding the value of pre-emptive end-to-end supply chain management. He sees it like the Google Maps of b2b commerce, giving customers multi-tiered visibility of supply chain networks by using a broad pool of datasets, all stitched together with AI. Visibility is lacking, all round and this needs to change.
From procure-to-pay software to spend management and analysis tools, procurement technologies are disrupting the status quo and bringing efficiency to teams like never before. When businesses have poor contract management, buying and negotiation power suffers, quality issues arise, and problems with delivery go unaddressed.
Their solution is made up of five modules: Payables Supplier management Analytics (spend, contract, and supplier intelligence) e-Sourcing Contract management Key Data: Founder / CEO: Vijay Caveripakkam Date Founded: 2019 Visit Raindrop profile in our Software Finder 4. The platform also offers supply and riskmanagement insights.
José Carande, Managing Director, Accenture Strategy, explained some of the difficulties and challenges faced by banks and financial services companies at a JAGGAER webinar on October 8, 2020. Having visibility over spend data has provided a basis for achieving savings. It has subsidiaries in Europe and in Egypt.
The benefits include cost savings increase, better decision making and riskmanagement. Advanced analytics assess procurement data and draws meaningful insights and identifies risks, inefficiencies, and opportunities to streamline or optimize procurement workflows for better, more data-driven business decisions.
This is where managed procurement services come into the picture. Managed procurement services can be defined as an external service that helps streamline a company’s acquisition processes, offering an end-to-end solution that takes into account all aspects of procurement – from sourcing to payment.
It also has an analytics system claiming to focus on riskmanagement rather than retrospective troubleshooting. M&A) The solution gives you full spend visibility. Canopy Canopy is a supplier relationship management (SRM) and master data platform that aims to provide complete visibility of your suppliers’ information.
This is where managed procurement services come into the picture. Managed procurement services can be defined as an external service that helps streamline a company’s acquisition processes, offering an end-to-end solution that takes into account all aspects of procurement – from sourcing to payment.
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. While these investments can lead to long-term benefits, they can also strain a company’s financial resources and require careful planning and riskmanagement.
Disaster Recovery Planning and RiskManagement processes are foundational elements of any effective Supply Chain operation and strategy. If you haven’t dusted off your Disaster Recovery plans or your RiskManagement strategies by now then you may be too late to mitigate impacts to your organization. Subscribe Here!
.” Given that 52% had not even started during the pressure cooker of the pandemic, our guess is that when things become more relaxed after the pandemic an even higher percentage of companies are at risk of abandoning a resilience strategy. It’s hard to get more resilient than having real time visibility and decision making.
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