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AI in procurement: How different industries are harnessing its power

Spend Matters

Manufacturing and industrials: Strengthening the supply chain backbone In the manufacturing world, procurement is about much more than just tracking spend its the heartbeat of supply chain management. One of the biggest challenges in this sector is maintaining end-to-end visibility in the supply chain, and AI is proving to be a game-changer.

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CPO Crunch: The 1% Club

Procurement Leaders

Just 1% of respondents to a poll Procurement Leaders conducted at the World Procurement Congress said they have “excellent” multi-tier visibility of the supply base. Which leaves 28% of those who responded admitting that the visibility they have is “not great” and, at best, goes as far as Tier-1. This is surprising.

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A complete guide to operational procurement

TYA Suite

These are typically routine or recurring purchasessuch as office supplies, raw materials, tools, or maintenance servicesthat support the companys ongoing operations. This step often begins with employees or departments noticing a shortfall, whether its raw materials for production, office supplies, or maintenance equipment.

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How AI and Automation are Transforming Manufacturing Supply Chains

Jaggaer

The Manufacturing Supply Chain Journey through AI and Automation Manufacturing Supply Chains Explained The manufacturing supply chain 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.

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Supplier collaboration software: A full overview

TYA Suite

Additionally, it fosters innovation by encouraging the sharing of new ideas, materials, and processes, helping businesses stay competitive and meet evolving customer demands. Risk management collaboration involves working together to identify and mitigate potential risks in the supply chain.

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The Role of Blockchain in SCM, with Examples

SCMDOJO

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. All this data has a timestamp.

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Key Trends and Themes for Supply Chain and Logistics in 2024

SCMDOJO

The amplified visibility lets companies verify the authenticity and provenance of products, reduces the risk of counterfeiting, and helps ensure regulatory compliance. For example, you can scan a QR code on a product and instantly access its entire journey from raw materials to the store shelf. billion by 2026.