This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Key Takeaways Procurement technology is evolving from basic digitization to a strategic enabler, helping enterprises automate processes, reduce risk, and improve supplier collaboration. AI, automation, and generative tools are redefining efficiency, allowing procurementteams to move from reactive to proactive decision-making.
Enterprise procurementteams face growing pressure to deliver strategic value – managing supplier risk, ensuring compliance, and supporting sustainability – all without sacrificing speed or control. This blog explores the most common challenges in digital procurement and the capabilities that matter most.
As Procurementteams are tasked to do more with less in an increasingly complex and uncertain market, digitization has become a must. Procurement leaders have increasingly turned to Spend and Supplier Management platforms to improve decision-making, efficiency and collaboration. What is Total Economic Impact?
At Ivalua, we’ve helped some of the world’s most complex organizations transform their procurement operations, giving us deep expertise in what works – and what doesn’t. In this post, we’ll break down proven strategies to help you streamline processes, improve visibility, and take back control of your procurement stack.
Key Takeaways Procurement vs Purchasing: Procurement is a strategic function focused on long-term value, while purchasing handles the tactical execution of buying. Aligning procurement and purchasing ensures efficiency, cost control, and reduced risk across the organization. What is Procurement?
In particular, the integration of Shopify CRM, about which you may read here [link] , is turning out to be an important tactic for businesses that aspire to harmonize their supply chain operations with timely customer insight, personalized service, and elastic fulfillment. Check out this course by Vera Rozanova!
Modern procurement needs have far surpassed transaction management; procurement is now a critical component in driving strategic value across businesses and AI has become a key tool in procurementteams back pockets. Maintenance, Repair and Operations (MRO) is also benefiting from AI.
Opportunities for Procurement Technology As we look toward 2025, European businesses are reshaping their supply chains to navigate an increasingly complex global landscape. A recent report by Maersk and Reuters Events highlights that 68% of companies are making supply chain visibility and monitoring solutions a top priority.
They can proactively identify risks, optimize processes in realtime, 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 supply chain resilience.
ANSWER #1 AdaptOne could provide significant value to Byrne Dairy , a food and beverage company, by optimizing and digitizing its procurement operations particularly in supplier management , compliance tracking , and procurement workflow visibility. Here’s how: 1.
AdaptOne could provide significant value to Byrne Dairy , a food and beverage company, by optimizing and digitizing its procurement operations particularly in supplier management , compliance tracking , and procurement workflow visibility. Here’s how: 1.
These four steps constitute the downstream procure-to-pay part of the process. Optimizing source-to-paythrough digital transformation streamlines every stage of your procurement strategy, improving visibility, efficiency, and collaboration. These begin with enhanced visibility.
At the same time, the importance and criticality of services spend for organizations hasn’t shrunk (on the contrary …) nor the need to address typical challenges and hurdles inherent to complex service categories: inefficient processes, lack of control and low spend visibility.
In times of pressure and crisis , highly responsive and trustworthy suppliers make agility possible. Following widely-known standards keeps your vendor options open so you’re not locked into sourcing from a small pool of specialty suppliers that can negatively impact time to market.
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. And for a number of reasons.
The answer often lies in disconnected systems, manual workflows, and a lack of visibility between procurement and finance teams. Procure to pay automation addresses these issues by digitizing and streamlining the entire cycle, from to invoice payment.
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 risk management, compliance and sustainability. That added benefit helps procurement meet its tactical metrics and stay aligned with overarching strategic goals.
While it may not seem as strategic or high-profile as long-term sourcing deals, operational procurement is essential. It ensures that every team has the right resources at the right time, without delays or extra costs. What is the goal of operational procurement? is made after the necessity has been determined.
Similar to how CRM manages everything around the customer, an S2P platform manages everything around the supplier. 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.
This helps reduce errors to improve data quality and response times to questions, which improves customer and supplier satisfaction. With cognitive intelligence in their toolbelts, sourcing teams can better understand and act on changes in the increasingly complex supplier market—as they happen.
This integration enables businesses to have real-timevisibility into order status, inventory levels, and supplier performance, enabling them to make informed decisions and respond quickly to changing market demands. This automation saves time and effort, making the procurement process more efficient.
72% of procurement leaders say vendor data is scattered across tools, emails, and spreadsheets. This statistic shows a real and common problem in many companies today. This makes it hard for procurementteams to find what they need quickly, and even harder to manage vendors in a smooth, professional way.
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. Continuous Learning: AI agents refine workflows using real-time market data, closing gaps in analytics and automation.
The Promise of AI for ProcurementTeams Artificial intelligence (AI) has the potential to transform and revolutionize procurement processes. One of the biggest challenges in procurement has been gaining visibility into exactly where money is being spent across the organization.
It is a process that creates efficiencies across all spend categories, minimizes supply chain risks through improved supplier selection and awards, while giving visibility into pricing and forecasting. Implementation of new supply structure Track results and restart assessment This model has essentially stood the test of time.
This is not to say that they believe Procurement doesn’t play a role, but rather that they don’t view Procurement as playing a critical role beyond cutting costs and finding suppliers. Procurement is strategic! Now is the time for Procurement to SELL! They have an end to end view of the Supply Chain.
AI-First Automation: AI is built into every step, simplifying workflows, automating processes, and delivering real-time insights for compliance, onboarding, KYC/AML, contract management, and ESG initiatives. Advantage AI-First Automation End-to-end automation, from onboarding to risk and compliance, with AI at every step.
Contract lifecycle management (CLM) software has become an invaluable tool for procurementteams looking to optimize their contracting processes. A dedicated CLM platform provides the automation, control, and analytics procurementteams need to maximize the value of contracts while minimizing risk.
Onventis Onventis provides a Procure-to-Pay module for buyers that streamlines the procurement process from purchasing to payment. The software automates workflows and approvals, manages supplier catalogues, and provides real-time analytics for better decision-making. They are not an end-to-endprocurement software suite.
Its an integrated, end-to-end process that unifies procurement and finance, helping organizations streamline purchasing, minimize delays, and ensure timely payments. A well-managed P2P process improves operational efficiency, controls costs, and enhances compliance with procurement policies.
Improvements to existing procurement processes, procedures, and operations are as time-sensitive as ever. In the 2024 State of Procurement Data Report by Amazon Business, 95% of decision-makers surveyed acknowledge that there’s room for procurement optimization.
This gives teams more visibility and control by providing a central hub for all purchases, payments, and other information. Better visibility improves alignment between buyers, legal teams, and accounts payable. Pipefy also makes it easy for procurementteams to standardize and structure their processes and workflows.
Near-sourcing, in addition to lowering emissions, also cuts transportation costs and delivery times. Sourcing and procurementteams may also strategically leverage data and intelligence to determine which supplier will provide the most value and minimize the total cost-to-serve.
From reducing waste and containing costs to mitigating risks such as procurement fraud and inflated expenses, procurement’s insights and expertise can help businesses navigate some of their most pressing challenges. This means bringing the right people — including procurement — to the strategy table.
In the wake of supply chain disruptions and global shortages, businesses are quickly recognizing the need for greater visibility over their supply network, from documenting the origin of material components to tracking shipments. For your supply chain map to have any real benefit, you must go beyond your direct suppliers.
In the wake of supply chain disruptions and global shortages, businesses are quickly recognizing the need for greater visibility over their supply network, from documenting the origin of material components to tracking shipments. For your supply chain map to have any real benefit, you must go beyond your direct suppliers.
In this situation, you might choose to leverage Expressive Bidding , which creates a collaborative marketplace where buyers showcase their capabilities and buyers provide real-time guidance that results in more competitive and advantageous bid responses. You can also lower bottom-line costs and increase top-line value.
Spend analysis in procurement provides teams with actionable insights and improvements to optimize existing procurement processes, reduce costs, increase efficiency, generate bottom-line business value, and grow competitive advantages. Spend analytics creates the visibilityprocurementteams need to complete a spend analysis.
Invoices provide procurementteams the ability to leverage information from past purchases to better inform future purchases. Automated invoice processing simplifies end-to-end invoice processing activities by eliminating the time and costs associated with manually processing invoices.
Key takeaways When an invoice is received, the accounts payable team is responsible for reviewing and reconciling the invoice so payment can be posted. Manual invoice approval workflows are inefficient and time-consuming, they lack control and transparency for teams, and are expensive and error-prone. and 45 days.
Many organizations have implemented software automation tools that allow them to get more done at a lower cost, but procurement is one area that has lagged behind in this trend. According to Amazon’s 2024 State of Procurement report, 95% of decision makers believe that procurement has room for optimization.
Automate the simple As Sam explains, “We need to break our procurementteams free from the day-to-day tasks that burden them.” In his words, “If we don’t have visibility of it, we don’t know where to go at it.” Analytics, on the other hand, done correctly, can provide this visibility.
Key Takeaways: Why we need Intake and Procurement Process Orchestration Streamlining of Procurement Process: Process orchestration simplifies the intricate procurement process by automating and integrating each step from intake to procurement, ensuring operational efficiency and strategic alignment with business objectives.
The concept of “connected logistics” covers the relevant end-to-end processes of warehouse management, transportation management, track & trace and the entire logistics network. Thus, increased real-timevisibility into shipments leads to more efficient throughput of goods and reduced logistics lead times.
We organize all of the trending information in your field so you don't have to. Join 69,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content