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Originally published in the 2022 ProcureCon Report “Transforming Procurement: Embracing Digital Innovation and Driving Sustainability” Ethical business practices and sustainability initiatives are forcing organizations to not only stand up, but to also set themselves apart from the competition by implementing ESG and CSR commitments.
Procurement leaders have increasingly turned to Spend and Supplier Management platforms to improve decision-making, efficiency and collaboration. 393% ROI from process automation, better visibility, and replacing old systems. Reductions in operational overhead and improved supplier engagement. What is Total Economic Impact?
Enterprise procurement leaders are under more pressure than ever—juggling cost control, compliance, supplier risk, and internal complexity, all while trying to modernize outdated systems. It forms the foundation of digital procurement, enabling better spend visibility, improved compliance, and faster, more efficient operations.
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 manage risk, compliance, and costs.
At Ivalua, we’ve seen how a Procure-to-Pay business process ensures sustained benefits through good buying practices, improves visibility and swifter issue resolution, and enables proactive management of suppliers. Spend is led away from preferred suppliers. Lots of new suppliers added on a regular basis.
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.
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.
Sustainable Procurement Maintain high profitability while moving toward sustainability 4. 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. Supplier Order Management Software: What it is?
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.
Managing a successful supply chain requires more than just ensuring products are delivered on time its about building strong, effective partnerships with your suppliers. Supplier collaboration refers to the strategic process of working closely with suppliers to improve the efficiency, quality, and overall performance of the supply chain.
At Ivalua, we’ve seen how a Procure-to-Pay business process ensures sustained benefits through good buying practices, improves visibility and swifter issue resolution, and enables proactive management of suppliers. Spend is led away from preferred suppliers. Lots of new suppliers added on a regular basis.
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.
Another CPO pointed to the urgent internal push for greater transparency at the supplier-level mapping and for granular understanding of sub-tier suppliers, component origins and even HS-code-level exposure. Others turn to last-minute supplier switches or price renegotiations. It is not just about knowing your suppliers.
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.
Your customers, employees and shareholders want to know you have a plan to address supply chain sustainability. Supply chain sustainability is defined as embedding environmental, social or corporate governance considerations as raw materials are sourced, converted to products and delivered to market.
Consumers also expect transparency – in product origin, quality standards, and how organizations are improving their environmental and sustainability efforts. . Digital supply chains use one integrated network for all relevant supply chain partners, including procurement, suppliers, service providers, and even customers.
Everything You Need to Know End-to-end process and end-to-end solution may be one of the most overworked phrases in business and IT. The term refers to the entire journeyfrom finding suppliers and negotiating contracts to finalizing agreements and making the final payment for goods. What is Source to Pay (S2P)?
It also requires close collaboration and coordination among all the stakeholders in the supply chain, including suppliers, manufacturers, distributors, and retailers. Sustainable Procurement Course Maintain profitability while moving toward sustainability 4. CERTIFICATE COURSES Related courses about this subject 1.
Sustainable Procurement Maintain high profitability while moving toward sustainability 4. It typically looks for details such as supplier information, item descriptions, quantities, prices, or arrival dates. Supplier Performance The quality, timeliness, and adherence to contractual commitments of suppliers shall be monitored.
Join us on a journey to discover the strategies and principles that propel businesses toward a more secure and sustainable future. Another best practice is to establish strong partnerships with suppliers and logistics providers. This includes: Implementing end-to-end encryption to secure data in transit and at rest.
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. The result?
Viparis has chosen Ivalua and CKS to equip its Procurement department with a software suite that meets the challenges of an exceptional deadline for the 2024 Olympic Games in Paris and will help sustain the Group’s growth. With Ivalua, we benefit from a fully integrated, end-to-end process that meets this goal perfectly.
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.
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.
AdaptOne Overview: A supplier management platform focused on diversity, risk, and compliance, often integrated with S2P suites like Coupa or SAP Ariba. Unique Benefits: Supplier Diversity and ESG: Tracks and promotes diverse suppliers (e.g., Unique Benefits: Supplier Diversity and ESG: Tracks and promotes diverse suppliers (e.g.,
With new accelerated payment capabilities, users can more readily capture supplier discounts, support growth, and strengthen the supply chain. . Ivalua’s global reach of buyers and their suppliers helps us deliver on our mission-providing access to working capital to businesses so they can grow and thrive. It Pays to Partner!
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.
A Complete Guide Strategic sourcing is a data-driven approach to securing the best value for your organization from its strategic suppliers. The process creates efficiencies across all spend categories, minimizes supply chain risks through improved supplier selection and awards, while giving visibility into pricing and forecasting.
Visibility. Visibility into other key inventory (e.g., Automate to ensure consistent service levels Without real-time demand sensing combined with visibility into performance across supplier networks, increasing grid/energy demands for consumers and growing communities can lead to product excess or shortages.
Nowadays, Procurement practitioners primarily talk about emerging topics like the reduction of scope 3 emissions, supplier-enabled innovation and supply risk management. Many large organizations implement a Procure to Pay platform with the aim to deliver efficiency, visibility, simplicity, and compliance.
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?
Sustainable Procurement Course Maintain profitability while moving toward sustainability 4. Strategies may include negotiating shorter lead times with suppliers or finding alternative suppliers with quicker delivery times. Negotiation Course for Procurement Learn from industry experts who negotiated billion $ deals 2.
These shifts in consumer behavior may be small but the bullwhip exaggerates their effect the further you go up the supply chain, because each vendor along the chain from end-consumer to raw materials supplier, has greater observed variation in demand, and thus greater need for safety stock.
Wikipedia SAP Supplier Relationship Management (SRM) : SAP introduced its SRM solution in 2005, providing tools to manage supplier relationships and procurement activities. Manugistics : Focused on supply chain and logistics, Manugistics provided procurement tools to enhance sourcing and supplier management.
As pressure to improve supply chain cost performance increases for many companies, the evaluation and selection of competent suppliers becomes a key concern. Typically, total cost, quality, and delivery performance appear as critical factors in the supplier selection process. All of these aspects impact procurement processes.
For example, the chip shortage has been a call to action for both original equipment manufacturers (OEMs) and suppliers. 3 tips for accelerating the path to a more resilient and sustainable automotive supply chain 1. A lack of MRO inventory visibility can lead to a lack or obsolescence of key parts. Why is this happening?
In sourcing, the AI can rapidly analyze supplier options based on pricing, quality, sustainability and other factors to identify optimal partners, while also predicting performance to mitigate risk. AI-powered source-to-pay is the future At GEP, we leverage proprietary AI algorithms to streamline all procurement processes.
Supplier management involves selecting, onboarding, and maintaining relationships with tier 1 suppliers and those further up the supply chain (tiers 2 and upward). Effective supplier management ensures quality control, risk mitigation, and compliance with sustainability and ethical sourcing standards.
This request typically includes details like the product specifications, quantities needed, and preferred suppliers. Issuing a purchase order (PO) After the request is approved, a is created and sent to the supplier. The PO serves as an official record of the transaction between the buyer and the supplier.
The impending changes include connected, end-to-end, value chains, and more intelligent, automated, and autonomous distribution systems. Organizations, which are looking to automate their processes significantly by 2025, need to insist that major suppliers have clear strategies to ensure a seamless transition of the processes.
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.
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. Supply expenses escalate due to over-ordering, waste and emergency orders.
Enormous, complex, global enterprises use procurement technology to manage their spend, suppliers, contracts and bids every day without seeming to run into the same stumbling blocks as the public sector, which operates on a smaller and more localized basis. Configuration is a far more logical and sustainable approach.
The list is presented in the order the responses were received in: 1) Andreas Wieland , Assistant Professor at Copenhagen Business School Successful supply chain management means that organizations are well-orchestrated in an end-to-end value network. delivery reliability”), but is that really “supply chain thinking”?
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