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Procurement is at a crossroads. Supply chains are more complex than ever, stakeholder expectations are soaring and the sheer volume of data that procurement teams must sift through is overwhelming. For years, procurement teams have been expected to do more with less while working with the same (or even fewer) resources.
In our In-Depth Guide , we introduce our series which is based on the critical roles finance and procurement play in shaping an organizations financial health and operational efficiency. Without this, procurements financial impact may go unmeasured, while finance may lack visibility into supplier costs and risks.
Our coverage also explores the latest thought leadership topics about procurement and supply, the technology that serves it and comparative analyses based on demos and the scoring of 500+ RFI requirements across 12 source-to-pay (S2P) categories that create our Vendor Ranking data. The success of the Procurement team at Utz Brands, Inc.,
But once again, is Practical Procurement Utilization taking a back seat to Progressive AI Theories? That said, I thought it would be interesting to compare our respective backgrounds in the context of procurement and supply chain focus, and more specifically, the practical application of AI, Generative AI, and Agentic AI.
As we move towards a new decade is the emphasis in the procurement world changing – are we going to see a new age, where the Art of Procurement comes to the fore? The huge growth in the use of technology has been the most visible part of that developing picture.
It made me wonder if and how the C-Suite view of procurement has evolved over the past 14 years. Starting with the CFO, then the CIO, CEO, and The Board, here is the outline of changes in how top executives view procurement going forward in 2025. Analytics and insights from procurement data were minimal.
“ The Forgotten Three A successful ProcureTech implementation can significantly influence product quality, supplier delivery performance, and full-time equivalents (FTEs) in indirect procurement by enhancing efficiency, visibility, and collaboration across the supply chain. Real-time data and AI (e.g.,
ChatGPT Inflation refers to the general increase in prices of goods and services in an economy over time, resulting in a decrease in the purchasing power of money. These indices track the average price changes of a basket of goods and services over time. Money buys less than before How should procurement manage inflation?
Discover Ways to Boost Supply Chain Visibility through Digital Marketing Supply chain visibility is essential for providing a superior customer experience and sustaining customer loyalty over time. Customers face significant frustrations that erode brand trust and sales without supply chain visibility.
Collaboration across Tier 1, Tier 2, Tier 3, and beyond requires visibility and communication regarding capacity, cost, risk, order quantities, inventory levels, quality , timelines, logistics, and more. Collaboration brings visibility and agility for gaining market share.
Furthermore, the Covid-19 crisis has led to the realization that paying suppliers on time, no matter where they are, is critical to maintaining a strong and reliable supply chain and a preferred customer status. All within the same automated workflow, tightly linked to the invoice and procure-to-pay process.
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.
blog (Web ID: 18) implies low response rates are a common challenge, with procurement teams often struggling to get adequate replies, suggesting a baseline below 50%. government contracts), may see slightly higher response rates (30-50%) due to legal requirements and broader visibility, per TechTarget (Web ID: 6).
Why Procurement Transformation Can Fail! The duties of procurement managers are diverse, ranging from creating solicitations to collaborating with vendors. The importance of digital procurement is increasing rapidly. Along with cost savings, procurement managers are focusing on optimizing and automating processes.
The metric results in either a favorable or unfavorable variance, influenced by internal or external factors. Suppliers whose prices fluctuate significantly over time may not be suitable for long-term partnerships, whereas those who consistently provide products at estimated costs can be considered for future contracts.
Supply chains are particularly affected by these changes, as well as other external influences that threaten to disrupt their daily operations, such as: extreme weather conditions, supply shortages, global health issues, and economic crises. Leveraging Technology to Transform The Supply Chain.
MODEL #1 DPW (Digital Procurement World) is widely recognized as one of the most influential platforms in the digital procurement space. It hosts global events, supports startup innovation, and provides thought leadership to procurement professionals seeking digital transformation. Positive Aspects of DPW 1.
Bonus PDF: 51 ChatGPT Prompts to 10X Your Productivity in Procurement Download 51 Prompts → Or receive our famous weekly newsletter Top 10 US Dropshipping Suppliers — Pricing & Reviews The US dropshipping market reached an estimated amount of $15.64 Top 10 US Dropshipping Suppliers Study Procurement Study Negotiations 1.
At Spend Matters, it’s as important for us to get to know the requirements and opinions of the procurement community of practitioners as it is for us to understand the world of tech solutions and their providers. So it was good to see a nice mix of both presenting at Procurement Strategies and Innovation (PSI) last week.
Its a time-saver for procurement teams or C-level execs needing a starting point. Trusted Benchmark What: Gartners reputation as a leading IT research firm lends credibility to the MQ, influencing buying decisions across enterprises. Why Its Good: Combines hard data with real-world feedback, offering a balanced view.
I received an email a few moments ago with the headline – NEWS: Beroe Acquires nnamu to Turbocharge Procurement Negotiations with Game Theory and AI. Anyone who has followed the Procurement Insights blog for any length of time knows I love to ask questions and am voracious about gaining new insights.
Many businesses use some form of Total Cost of Ownership model to support their Procurement and sourcing decisions. MOQ, Safety Stock) Performance (quality, delivery, responsiveness) Inventory positioning (eg. However outsourcing to low cost geographies result in incurring many other costs, which are not as visible as unit price.
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 procurement teams to find what they need quickly, and even harder to manage vendors in a smooth, professional way.
Murphy & Sons and advice to individuals starting their journey within Procurement. I have spent over 30 years in the Procurement and supply chain in the construction industry. Additionally, it felt like the right time for a new challenge, as I had spent nearly 24 years with my previous employer. It was set up in 1951.
How to gain visibility and control of your indirect spend. Thanks to AI and other tools, you can now make better decisions with real-time data. But what exactly is FP&A, and how is it evolving with the advent of real-time data? How to report and analyze indirect spend to identify savings opportunities.
The Procurement, or Purchasing, function is considered by many to be a necessary but non-strategic part of any organization. But there is a profoundly significant Procurement value chain. Procurement is strategic! Now is the time for Procurement to SELL! Could the CPO Be Replaced by the Chief Value Officer?
This content does not express the views or opinions of Spend Matters In our previous installment on Spend Matters, we discussed the rapid evolution of Supply Chain Risk Management happening within procurement organizations. But what is procurement’s role in managing something as technologically complex as cyber risk across the supply chain?
In our digital age, where viral trends dominate, TikTok’s influence now extends to supply chain management. As TikTok and influencers gain prominence, they’re reshaping consumer behavior and marketing. Discover the Top 10 TikTokers reshaping how you view supply chains.
Resources / Blog / The Predictive Procurement Payoff: Transitioning From Traditional to Predictive for Scalable Growth The Predictive Procurement Payoff: Transitioning From Traditional to Predictive for Scalable Growth For years, procurement teams have struggled with a fundamental challenge: too much spend and too little time.
Resources / Blog / 4 Key Trends Reshaping Manufacturing Procurement in 2024 4 Key Trends Reshaping Manufacturing Procurement in 2024 The dust is settling after the upheaval of the pandemic, yet the manufacturing industry remains forever changed. So what’s in store for 2024? Sustainable bidding.
Resources / Blog / What Does Finance Think of Procurement? What Does Finance Think of Procurement? Procurement and finance are two sides of the same coin. On the other side, procurement is concerned with keeping company operations running smoothly and judicially making the most of budgets.
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.
The year I first tasted procurement. Procurement, or purchasing as it was usually called back then, was definitely a back office function. We’re in 2024, and procurement teams are still getting trapped in administrative work and firefighting. Why does Procurement get labelled as a back office function? Don’t get me wrong.
The procurement of materials is a vital process in supply chain management, involving the timely acquisition of high-quality goods and services at the most economical prices from reliable suppliers. This process not only influences the direct cost of production but also affects the overall efficiency of the project or organization.
The procurement of materials is a vital process in supply chain management, involving the timely acquisition of high-quality goods and services at the most economical prices from reliable suppliers. This process not only influences the direct cost of production but also affects the overall efficiency of the project or organization.
Resources / Blog / Why Predictive Procurement is the Next Frontier in Cost Savings Why Predictive Procurement is the Next Frontier in Cost Savings In todays fast-moving business world, procurement leaders face constant pressure to optimize costs while managing supply chain risks.
Let’s Talk Supply Chain gives them a platform to share what drives them and how they are igniting real progress at their organizations. The premise for the company was working with local companies across Alabama, Georgia, and Northern Florida developing tools to provide more visibility into their suppliers across their supply chain.
In today's competitive business environment, procurement isn't just a necessity; it's a strategic function that can significantly influence a company’s bottom line. Technology has transformed procurement operations from a complex, manual process into an automated, streamlined function that enhances decision-making and transparency.
As someone who loves to engage the audience, I am going to do this the next time I speak at a live event. So, here it is (unfiltered and unedited): Jon Hansen is highly respected within the procurement and supply chain industry. Would you like to explore his key contributions or get a deeper look at his work?
Not many people outside of our profession understand what is Procurement and what we do. Thus, it’s not surprising that investment into digital procurement tools has been behind tech investments into other departments over the past 20 years. Procurement tools will plug those leaky holes in your spend with external suppliers.
Not many people outside of our profession understand what is Procurement and what we do. Thus, it’s not surprising that investment into digital procurement tools has been behind tech investments into other departments over the past 20 years. Procurement tools will plug those leaky holes in your spend with external suppliers.
Time is really important in business. Knowing how crucial time is for keeping customers happy and influencing what they buy, it’s clear that handling lead time (which means the time it takes to get things ready) is not just needed for business, but it also gives an edge in today’s competitive and complex economy.
Procurement has a direct impact on a company’s financial health. 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.
Predictive procurement is a must-have in chemical manufacturing. And this is why predictive procurement is a must-have. How Complex is Procurement in Chemical Manufacturing? . It’s one thing to cite the various ways that procurement and sourcing are complex for chemical manufacturing companies. You might be asking why.
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