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While finance focuses on extending days payable outstanding (DPO) and maintaining liquidity buffers, procurement is driven by supplier relationships, cost reductions and efficiency improvements. Without an integrated process, organizations experience: Long invoice processing times, leading to unpredictable cash outflows.
The series follows the methodology described in our Aligning Finance and Procurement in-depth guide , which offers a practical, structured approach to enhancing cash flow visibility, optimizing payment timing, reducing working capital risk and improving liquidity outcomes through closer collaboration between finance and procurement.
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.
Supply Chain Visibility Has Never Been More Important! Supply Chain visibility article and permission to publish here provided by Adam Miglio. Even the most robust ERP systems seem to lack the visibility that organizations are desperate to acquire, and in real-time. Supplier Receipt and acknowledgement ?Supplier
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.
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. Full visibility as to your whereabouts exists and is used every day.
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. This means better compliance, fewer disruptions and greater efficiency in managing supplier relationships.
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. Others turn to last-minute supplier switches or price renegotiations. The complexity of tariff exposure today extends far beyond first-tier suppliers.
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!
How does “visualizing spending, benchmarking suppliers, and maximizing profits” impact the following areas individually and collectively? To what degree does a breakdown or inefficiency at one point have a ripple effect through the other E2E touchpoints? Here are five critical “touchpoints” in the supply chain.
Managing a successful supply chain requires more than just ensuring products are delivered on time its about building strong, effective partnerships with your suppliers. This software enables companies to create more efficient and transparent relationships with their suppliers, improving the overall performance of their supply chain.
Supplier Collaboration: Fundamental to Elevating Manufacturing Performance Supplier relationships are at the heart of manufacturing performance. That’s why supplier collaboration—that consistent, trusted, and responsive interaction between supplier and manufacturer—is pivotal to manufacturing success.
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.
A recent report by Maersk and Reuters Events highlights that 68% of companies are making supply chain visibility and monitoring solutions a top priority. The Visibility Challenge: Why Seeing Clearly Matters A major insight from the report is the visibility gap, particularly with tier 2 and tier 3 suppliers.
However, adoption (by teams, by stakeholders, by suppliers) is not a reality for most organizations. Larger organizations likely have matured and updated their tech environment over many years with best-of-breed or suite solutions, so its easier for them to get the organization on board with an end-to-end digital transformation.
In this article, we will explore what supplier order management software is, its benefits, and some of the best software options available in the market. Defining Supplier Order Management Before diving into the software itself, let’s first understand what is Supplier Order Management.
PME is not only an opportunity to warm up the market but also ensuring that any issued RFP can be met, specifications and conditions are fit for purpose and the opportunity to add innovation into the procurement and Contract and Supplier management process.” Here’s how: 1. HACCP, FSMA, GFSI).
The goal of integrated logistics is to optimize the entire supply chain by minimizing costs, improving efficiency, and ensuring timely delivery of products to customers. It also requires close collaboration and coordination among all the stakeholders in the supply chain, including suppliers, manufacturers, distributors, and retailers.
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. Mock RFP: Procurement Automation & Supplier Management Platform Issued by: Byrne Dairy, Inc.
To stay ahead of all of these risk factors and changing demands, organizations need to discard their linear supply chain models and embrace an autonomous, end-to-end connected ecosystem. The financial benefits include greater profitability, reduced costs, accelerated time-to-market, and faster time-to-delivery. .
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. A closer look at these functions reveals how ERP streamlines operations and supports long-term growth.
At some point, there was a need for this, a solicitation process to select a supplier, a competitive bidding process, a contract negotiation, transactions and so on. For the longest time, leading Procurement technology providers in my experience just ignored this space.
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. Analytics allows organizations to move beyond intuition.
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.
This approach to taking your business to the next level often involves end-to-end (E2E) processes to deliver solutions. This guide examines the benefits, challenges, and major steps of implementing these processes and includes real-world examples. What is an end-to-end process?
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. Procurement automation.
So why is it that the Supply Chain in so many companies is being run without the end to endvisibility needed to even function, yet which we have in our personal lives? In this age of exponential growth in digital connectivity the time has come to ensure you have End to End Supply Chain visibility.
Ensuring End-to-EndVisibility in the Supply Chain In the realm of enhancing supply chain security, it is indeed crucial to implement real-time tracking systems that provide visibility into the entire supply chain.
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. In real terms, this translates to three of those who responded to our poll claiming they had “cracked the code” of supply chain transparency. This is surprising.
For the energy and utilities industry (E&U), time is not on their side. Equipment-heavy and reliant on an aging infrastructure, E&U clients suffer from costly supply chain disruptions as wear, tear and time take their toll. Visibility. However, maintenance inventory optimization is only part of the solution.
The answer often lies in disconnected systems, manual workflows, and a lack of visibility between procurement and finance teams. Procure to pay automation is a smart way to speed up your P2P operations by cutting out manual data entry and reducing the time spent on repetitive, routine tasks.
3 steps to building healthcare supply chain resiliency Step 1: Improve visibility and proactivity Hospital systems work with multiple fragmented teams, technologies and processes to manage daily operations, leading to a pervasive lack of data visibility. Doing so streamlines purchasing power and optimizes inventory management.
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.
Having the complete source-to-pay journey within the Ivalua Platform will help our customers build stronger, reliable supplier relationships”, said David Khuat-Duy, Founder and CEO of Ivalua. By removing the friction in global supply chains, for the first time, the payment and the sourcing event are seamlessly linked.
By prioritizing robust security measures and compliance protocols, TecPlata ensures the integrity of the supply chain from end to end. by leveraging state-of-the-art tracking systems and real-time data analytics,TecPlata ensures the secure and efficient movement of goods across the global market.
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.
This statistic shows a real and common problem in many companies today. Now let's discuss how the right software can solve these problems and bring real value to your business. Vendor lifecycle management refers to the process of managing a vendors relationship with your business from the very beginning to the end of the contract.
Similar to how CRM manages everything around the customer, an S2P platform manages everything around the supplier. It is a crucial process for organizations that are looking to streamline their procurement activities, better manage spend and suppliers and increase operational efficiency. What is Source-to-Pay?
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: During a tariff spike, agents switch suppliers or adjust logistics routes, capping cost overruns.
In order to truly cross this chasm, your business does not require major construction, but simply a supplier self-service portal. With two-factor authentication and embedded real-time change processing there are no payment files to edit. This portal acts as a bridge between the Invoice and the Electronic Payment.
The technology opens up a wealth of capabilities not previously possible for the procurement practitioner in terms of data availability, end-to-endvisibility, cost, time and risk reduction, and ultimately the overall health of the third-party network. 20 years ago, risk management was way simpler.
Because organizations with strategic sourcing mindsets look beyond price and cost savings-centered supplier selection initiatives. They consider factors—like supplier performance or sustainability —that support long-term partnerships, advance business needs and increase purchasing power.
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 alone increases efficiency,” he continued.
Businesses use various methods of inventory management, each with its own advantages and disadvantages, depending on what they require. Inventory management is a way for companies to figure out what and how much they should order, and when to do it. Preventing stock-outs is another crucial aspect of inventory management.
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