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How to Improve Your Indirect Spend Management Strategy

Procurement Express

Cost savings opportunities are missed, supplier management becomes reactive, and contract management falls apart. Inventory management also takes a hit, with teams over-ordering or scrambling to make last-minute purchases. Heres how they do it: Educate teams on the hidden value of indirect spend management.

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Direct vs Indirect Procurement: Key Differences, Challenges, and Opportunities

ivalua

There are different phases of procurement value creation that tie into the Source-to-Pay process: Identifying Value: Procurement teams leverage spend data and spend analysis to understand trends in spend management, identify opportunities and develop category management strategies.

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Expanding the influence and impact of Procurement

Spend Matters

In his assessment, Utz previously excelled in the operational aspects of procurement, such as transacting business, supporting manufacturing operations and maintaining raw material inventory the day-to-day firefighting of procurement. Instead, he noted, we had to choose our solutions in a more targeted and perhaps even piecemeal fashion.

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What is Source to Pay? Steps, Benefits, and Best Practices

Jaggaer

Each stage contributes to a more strategic approach to procurement: Spend management: Despite the title, source to pay cannot really start with sourcing. Category management: Whereas spend management aims to depict the entire landscape, category management fills in the detail for each major spend category.

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Procurement vs. Supply Chain Management: Differences, Challenges & Solutions

ivalua

Supply Chain Management: Procurement is responsible for identifying suppliers, negotiating contracts, and ensuring cost-effective, compliant purchases. It’s heavily tied to spend management, risk mitigation, and supplier performance. What Is Procurement?

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7 Ways That Poor Procurement Data Costs You Money

Procurement Software

Conversely, if suppliers can deliver faster than your data indicates, you’re missing valuable inventory optimisation opportunities that could improve cash flow. You may be carrying weeks of additional inventory that isn’t actually necessary. It’s vital that supplier lead times are properly documented.

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Aligning Finance and Procurement – Phase 4: Leveraging technology to bridge the Finance–Procurement gap

Spend Matters

Automated spend management AI-powered spend analytics automatically reconcile procurement cost data with financial reports, reducing the risk of mismatched data and inaccurate financial forecasting. Fraxion Spend management platform offering expense management, focusing on quick deployment, low cost and fast ROI.