This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Fragmented systems, rising cost pressures, and shifting risk profiles are making it harder than ever to manageprocurement effectively. Strategies that worked just a few years ago are now too rigid, manual, or disconnected to keep up. How do you begin developing a procurementstrategy?
Fragmented systems, rising cost pressures, and shifting risk profiles are making it harder than ever to manageprocurement effectively. Strategies that worked just a few years ago are now too rigid, manual, or disconnected to keep up. How do you begin developing a procurementstrategy?
Procurement and supplychainmanagement are often used interchangeably—but in practice, the lines between them can blur in ways that create real friction. Misaligned priorities, siloed systems, and unclear ownership can directly impact key performance indicators like cost savings percentage and procurement cycle time.
This guide breaks down the key procurement technologies in use today and the trends reshaping the future, such as AI-driven sourcing, predictive risk management, and deeper integration across the supplychain. Your procurement technology platform should help unify data and processes across tiers to avoid disruptions.
Supplier Relationship Management: Build and maintain strong supplier partnerships to ensure long-term business value. Having good relationships with our suppliers means that they are also willing to work with procurement collaboratively, after all a win win situation should benefit both parties. Cut the waffle and get to the point.
The global supplychain landscape is undergoing significant transformations, influenced by rapid technological advancements, shifting consumer expectations, and the intricacies of international commerce. Conversely, a student who quickly grasps procurementstrategies can be challenged with advanced case studies and leadership projects.
This article delves into how these two elements, working together, can transform procurementstrategies into long-term competitive advantages. Strategic Sourcing: The Foundation of Effective Procurement Strategic sourcing is far more than simply choosing suppliers. Done well, it can become a key driver of competitive advantage.
Direct and indirect procurement are two fundamental approaches in supplychainmanagement, each serving distinct functions within an organization. Both focus on improving efficiency and reducing costs but differ in their strategic approach and impact on the core business operations.
Procurement and purchasing are often used interchangeably, but they serve distinct roles within any successful organization.While both involve acquiring goods and services, their workflows, objectives, and impact on enterprise risk management differ significantly. What is Procurement? What is Procurement?
Subscribe Digital Procurement Improves SupplyChain! And so are your procurement responsibilities. Sometimes, unforeseen disruptions, whether a natural disaster or an internal planning issue, can throw your procurement process off course. Effective lead time management is essential to avoid operational disruptions.
Why Your ProcurementStrategy is More Critical Now Than Ever Before In an era of global supplychain disruptions, a robust procurementstrategy is no longer optionalits essential. The right procurementstrategy ensures that organizations: Mitigate risks before they escalate.
Gathered around a table laden with insights and expertise, industry leaders recently convened at the institute for SupplyManagement to delve into the latest hot topics shaping the world of supplychain management.From procurementstrategies to risk mitigation, the roundtable discussion was a lively exchange of ideas and perspectives.
JAGGAER characterizes the steps in this process as Spend Management, Category Management, Sourcing , and Contracts. Secondly come eProcurement, SupplyChain Collaboration, Invoicing, and Payments. These four steps constitute the downstream procure-to-pay part of the process. These begin with enhanced visibility.
Misaligned priorities across finance, legal, and procurement create friction that delays decision-making and reduces impact. Success depends on integration, transparency, and alignment with help from modern spend analysis software that supports trusted data, configurable logic, and cross-functional collaboration.
When you look behind the scenes of a global business operation, procurementstrategy and supplychainmanagement are usually top priorities, though theyre not always working in sync. This blog explores procurement vs supplychainstrategy and looks at how aligning the two leads to operational excellence.
They can improve performance, lead to stronger strategic alignment, and enhance the career development opportunities for your procurement staff. A typical procurement competency framework covers several key areas, including but not limited to strategic sourcing, supplier management, risk management, and contract negotiation.
Best-of-breed solutions often specialize in specific aspects of procurement, while full-suite solutions seamlessly automate multiple process steps. Organizations leverage procurement software to achieve heightened efficiency, accuracy, and compliance in their procurement activities.
Using a procurementmanagement system is one practical strategy to strengthen these connections. This comprehensive guide explores what procurementmanagement software is, its key features, its role in vendor relations, its integration with business processes, and the benefits it offers.
Modern procurement needs have far surpassed transaction management; procurement is now a critical component in driving strategic value across businesses and AI has become a key tool in procurement teams back pockets. This means better compliance, fewer disruptions and greater efficiency in managing supplier relationships.
Digital Tools: The Key to Unlocking Value A major reason why many manufacturers have not fully realized the potential of procurement is the lack of appropriate digital tools. An advanced source-to-pay platform is crucial for unleashing procurement’s potential and optimizing supplychain performance.
**Cognitive Computing Integration** : Cognitive computing systems, which mimic human thought processes, will be integral to procurement. This integration will streamline strategic sourcing, reducing cycle times and enhancing efficiency. The procurement gateway 2024 – [link] CXOs and enterprise security 2010 – [link] 5.
A process audit report is designed to, ultimately, streamline processes, enhance decision-making and drive overall procurement excellence. The outputs are then monitored and managed to ensure they are always fit for purpose. As a result, teams achieve greater productivity and efficiency.
Below is a ranking from highest to lowest focus on procurement and supplychain practices, as of April 4, 2025, based on their stated missions, agendas, and historical emphasis. Its emphasis on actionable strategies (e.g., CPO roundtables, SIG University workshops) and real-world procurement execution (e.g.,
This article serves as the executive summary of a six-part series built for finance and procurement leaders aiming to strengthen their organizations cash flow management and liquidity position. Cash flow management is no longer an isolated finance function, it requires end-to-end coordination across teams and systems.
Enterprise procurement teams face growing pressure to deliver strategic value – managing supplier risk, ensuring compliance, and supporting sustainability – all without sacrificing speed or control. This blog explores the most common challenges in digital procurement and the capabilities that matter most.
SupplyChain’s Moment of Truth Has Arrived! In 1982 Keith Oliver is credited with coining the phrase “SupplyChainManagement” As I began my career in 1982 I can attest to the fact that the term SupplyChain was not in general use at that time. But this is my view of SupplyChain.
What Is AI in Supplier Management? AI in supplier management is the use of artificial intelligence (AI) technologies to streamline and enhance various supplier-related processes. What is the use of AI in supplychainmanagement? What is the role of AI in supplier relationship management?
Subscribe Strategic Supplier Relationship Management – Do’s and Don’ts At any given time, working with the resources of any business depends on procuring the right materials at the right time and at the right cost. Sourcing and procurement take on a meaning that transcends the mere buying of materials or services.
Procurementefficiency (or lack of it) is the elephant in the room. Most experienced ProcurementManagers don’t enjoy performing administrative tasks and firefighting operational issues. This is neither an effective, nor or efficient use of their time. Is the function somehow seen as being less valuable?
This guide is designed to be a practical resource, offering targeted insights on each critical phase of the finance-procurement alignment journey. Procurement platforms are getting smarter, or most people think so at least.
Metrics such as reducing supplier numbers, increasing digital contract usage and enhancing sourcing efficiency are common priorities. By integrating these technologies, organizations unlock efficiencies, enhance decision making and create more agile, connected supplychains, ultimately boosting their ROI.
This is especially true as many manufacturing procurement departments struggle with exactitude, efficiency, and unforeseen events that keep them from meeting their goals. This process ultimately leads to faster delivery times, more significant cost savings, and improved supplychain resilience.
MODEL #2 An agent-based model within a metaprise framework outperforms traditional equation-based intake and orchestration models in procurement because it better addresses the complexity, unpredictability, and multi-stakeholder nature of modern supplychains. Focused on efficiency, not innovation; maintains status quo.
These procurement technologies empower teams to move beyond traditional methods, using data-driven insights for smarter sourcing, demand forecasting, and risk management. Predictive AI, on the other hand, uses historical data to forecast potential disruptions, price changes, and supplychain risks.
Managing a successful supplychain requires more than just ensuring products are delivered on time its about building strong, effective partnerships with your suppliers. Supplier collaboration is essential for optimizing supplychain performance and achieving long-term business success.
Key Outcomes from the DND Implementation In a 2003 deployment for the DND’s Maintenance, Repair, and Operations (MRO) procurement, Hansen’s ABM achieved remarkable results: Cost Savings : Consistent 23% year-over-year reduction in cost of goods over seven consecutive years. within three months.
In a world of ever-growing economic uncertainty, procurement is at the heart of organizations’ aim to drive efficiency and cost savings. AI capabilities are a major factor when choosing procurement technology, with the promise of unlocking unprecedented levels of efficiency, cost-savings and data-based decision-making.
The landscape of public sector procurement has undergone significant transformation in recent years, driven by advancements in technology, evolving regulatory frameworks, and an increasing emphasis on sustainability. Predictive analytics powered by ML helps organizations anticipate procurement trends and identify potential risks.
We’re continually looking for ways to “Innovate to Elevate” as Procurementstrategies undergo a significant transformation–requiring organizations to prioritize resilience while staying agile and adaptable in an ever-changing business landscape. Brent Griffith Day 2: More Keynotes, Sessions, and Silent Demos!
In the Executive Summary to this use case series on aligning finance and procurement for cash flow optimization and liquidity we examined five phases that help organizations break down silos, align priorities and build the operational and technological capabilities needed to manage cash more effectively.
The Manufacturing SupplyChain Journey through AI and Automation Manufacturing SupplyChains Explained The manufacturing supplychain 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.
Introduction Negotiation is at the heart of supplychainmanagement. One negotiation strategy that often plays a crucial role in achieving practical outcomes is compromising negotiation. For more information on how to develop a negotiation strategy, check out this super course from the negotiations expert, Richard Todd.
Introduction As global supplychains evolve, ensuring cost efficiency is crucial. One way to assess the cost performance of any function within the supplychain is through Cost Performance Index (CPI). Below are some key areas where CPI can improve supplychainefficiency: 1. A CPI of 0.83
Public procurement departments are navigating a complex landscape of challenges, including regulatory shifts, inefficiencies, difficulty building resilient supplychains, and an increasing demand for sustainability and transparency. Limited tech adoption Procurement technology adoption in the public sector is slow.
We organize all of the trending information in your field so you don't have to. Join 69,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content