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To round off that perspective we’d like to engage the thoughts of the solution providers themselves, particularly in terms of how they believe their customers perceive risk and what they want from today’s solutions. Visit our In-Depth Guide to RiskManagement for an explanation of this complex environment.
This piece covers how risk data specifically comes into play for traditional spend analytics vendors. The post How spend analytics solutions support riskmanagement appeared first on Spend Matters. This content is for members only. Visit the site and log in/register to read.
Contract lifecycle management (CLM) providers may be best known for their repositories, clause libraries, obligation management features and authoring. However, risk is a major element of the contract lifecycle. The post How contract management solutions support riskmanagement appeared first on Spend Matters.
To round off that perspective, we’d like to engage the thoughts of the solution providers themselves, particularly in terms of how they believe their customers perceive risk and what they want from today’s solutions. Visit our In-Depth Guide to RiskManagement for an explanation of this complex environment.
Direct materials sourcing is evolving, with procurement now tasked not only with cost efficiency but managing sustainability and riskmanagement. The environment is marked by heightened demand and expectations, compounded by challenges such as rising input prices, supply chain disruptions and geopolitical tensions.
As part of our series on all aspects of riskmanagement, we are taking a look at the digital capabilities of risk solutions (supplier riskmanagement, TPRM and SCRM). Risk governance: Risk identification and sensing; Risk analysis and evaluation; Risk treatment and mitigation; Risk monitoring; Incident management.
A common thread among the conversations we’ve had recently with senior procurement practitioners tells of the extent to which attitudes towards risk have changed over the past decade. It was around 2020 when I saw organizations really start to focus on risk, both the broader risk in their environment and the risks in their supply chain.”
In 2025, the world of supply chain management continues to evolve, with technology playing an increasingly vital role in risk mitigation. As businesses face growing complexities in logistics, compliance, and…
As part of our series on all aspects of riskmanagement, we are taking a look at the digital capabilities of risk solutions (supplier riskmanagement, TPRM and SCRM). Risk governance: Risk identification and sensing; Risk analysis and evaluation; Risk treatment and mitigation; Risk monitoring; Incident management.
The paper highlights real-world examples and use cases that demonstrate generative AI's transformative effects on operational efficiency, riskmanagement, and cost reduction.
This is the origin of risk in any procurement process. The challenge for managers is to identify the risk for all parties involved and quantify it. The post RiskManagement in the Procurement of Innovation appeared first on ProcurePort Blog.
In part 3 we look at the tech that can support Procurement in tariff management. Effective and efficient tariff management is rooted in robust direct materials and supply chain riskmanagement. Direct materials management is essential for aligning demand, supply and product objectives throughout the product lifecycle.
Supply chains around the world are struggling as they face major shifts to production, the movement of goods, modes of transport, and the people who keep everything running. The coronavirus…
Mastering these skills not only optimizes procurement processes but also positions managers as strategic business partners. SAP, Oracle) Procurement software (e.g., Coupa, Ariba) Data analytics tools (e.g., SAP, Oracle) Procurement software (e.g., Coupa, Ariba) Data analytics tools (e.g., SAP, Oracle) Procurement software (e.g.,
As part of our third-party/supply chain riskmanagement (TPRM/SCRM) series, today we address the ROI of riskmanagement. As we inferred in our exploration of the types and sources of risk, riskmanagement done well can reap rewards, just as riskmanagement ignored can reap chaos.
However, even a dip into the risks procurement professionals face can leave readers drowning in a sea of terms, definitions and acronyms. To help those still orienting themselves to the landscape of risk, we’ve broken down the main terms used to describe the various aspects of managingrisk. What is a risk?
For this year’s Spend Matters Fall 2024 SolutionMap release – our comprehensive methodology designed to help organizations evaluate and select procurement solutions – we launched a new module: third-party (and supply chain) riskmanagement (TPRM and SCRM).
Holistic RiskManagement Approach: Proactive Identification: Implementing proactive measures to identify and assess diverse risks, ranging from supply chain disruptions to market fluctuations, regulatory changes, and operational inefficiencies. appeared first on ProcurePort Blog.
This introduction to supplier riskmanagement outlines the importance of effectively identifying and managingrisks that may arise from suppliers. Supplier riskmanagement is crucial for businesses, as it helps them mitigate potential challenges that can disrupt operations.
This is why AI for riskmanagement is one of the most powerful tools banks and fintechs can rely on to detect and prevent fraud in an automated way. But how is AI revolutionizing fraud riskmanagement in the credit sector, and how can BPM and BPA optimize this process? How does BPM help prevent fraud?
This dependency, while essential, introduces potential risks that can lead to operational delays, regulatory penalties and financial instability if not effectively managed. This content is for members only.
To improve resilience and business continuity in the face of pandemics, wars, natural disasters and other supply chain vulnerabilities, businesses are adopting comprehensive supplier risk-management initiatives.
Supply chain organizations that prioritize safety and riskmanagement through data analytics, telematics, and newer equipment position themselves as competitive leaders.
Sourcing consultants now… The post RiskManagement Strategies From Leading Sourcing Consultants first appeared on Procurement Blog | Procurement & Supply Chain News. Market uncertainties across the globe have transformed how businesses approach procurement practices.
But they all come, to me, under the category of risk. “The last couple of years have really shown businesses the value of procurement – and not just as a purchasing function/PO function, but the strategy of procurement and the value we bring in managingrisk,” she says. ” Stroup says.
Why stakeholder management matters in procurement digital transformation Stakeholder management is the foundation of any successful procurement digital transformation initiative. To understand why, lets look at the following parallel: Procurement professionals often discuss spend under management (SUM) as a key metric of success.
As part of our theme this quarter on Procurement’s role and value in supply chain riskmanagement, we are speaking with practitioners in the field to understand their perceptions of risk — clearly different industries perceive types of risk in different ways.
As part of our third-party/supply chain riskmanagement (TPRM/SCRM) series, today we address the riskmanagement landscape. Many solutions exist to managerisk in its broadest definition. However, they don’t necessarily all have the same focus and capabilities. Visit the site and log in/register to read.
Tariff management is a strategic subset of direct materials management and sourcing that involves navigating and optimizing the complex costs and regulatory implications of importing materials and goods across borders. Tariffs essentially taxes imposed on imports and exports directly impact product cost structures.
What is Halo Ai HaloAi is a third-party riskmanagement (TPRM) solution that aims to be a one-stop shop for third-party risk so that organizations do not need multiple point solutions. Halo Ai uses AI models to connect, correlate and contextualize real-time data points to bring customers the full risk story.
When vetting potential suppliers and customers, it's vital to assess their risk-management profiles and strategies, says Danny Thompson, chief product officer at apexanalytix.
This Spend Matters Vendor Analysis provides an overview of Halo Ai and its solution for third party riskmanagement. Third-party riskmanagement (TPRM) is often an afterthought for organizations or a measure only taken after a risk event occurs. This content is for members only.
“Despite my team’s tireless efforts to resolve outstanding issues and improve vendor partnerships, it became evident that a more holistic, integrated approach to risk profiling was essential to manage third-party risk effectively. What are Halo Ai’s greatest strengths? What is the road ahead for Halo Ai?
This Spend Matters Vendor Analysis gives an overview of Aravo, a third-party riskmanagement (TPRM) solution built to empower businesses to effectively managerisks, enhance accountability and protect themselves in a world where third-party engagements are both more critical and more scrutinized than ever.
Particularly, right now there is no room for supply chain managers to let… The recent worldwide turmoil due to the pandemic has forced organizations to rethink their supply chain strategy.
The modern procurement leader must managerisk, drive ESG, deliver cost savings and enable innovation often without additional headcount or budget. Externally, risk and compliance obligations mount, supply chains are stretched and stakeholder expectations broaden. Procurement has long sought a strategic seat at the table.
Strategic Sourcing Manager — The Ultimate Guide. A strategic sourcing manager is a key person in ensuring that the strategic process is effective and efficient. In this article, we will discuss what a strategic sourcing manager is. Additionally, we will tell you the skills needed to be a strategic sourcing manager. .
Maja Tepeh , Senior Brand Manager at supply chain riskmanagement solution Prewave , shares what their customers are looking for from their digital procurement investment. However, the cost avoidance from mitigating ESG-related supply chain risks, such as regulatory fines or disruptions, is equally important.
Bonus PDF: 51 ChatGPT Prompts to 10X Your Productivity in Procurement Download 51 Prompts → Or receive our famous weekly newsletter Choosing a Contract Management Tool Choosing a contract management tool is crucial for your business as you need to select what suits your company the best. Contract Management: What is it?
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Procurements most valuable players Jesus Campos , CEO CorporateLATAM, once wrote on Spend Matters that procurement functions must address two key areas to navigate the uncertainty of global markets: riskmanagement and organizational structure the latter being relevant to our discussion on procurement transformation. The RiskManager.
These and other similar risks have increased with globalization, and reputational damage can be significant, as many cases have shown over the years. Find our in-depth guide to third-party and supply chain riskmanagement with accompanying free download here. What causes reputational risk The causes come from many quarters.
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