Procurement Tactics

JUNE 19, 2023

Artificial intelligence is being used to automate routine and time-consuming work in warehouses such as packing and sorting of goods which helps to improve efficiency, reduce errors and costs. It is also used to improve the accuracy of demand forecasting, inventory management , and transportation planning.

Logistics 193

Logistics supply chain budgeting supply chain software solutions Real-time Visibility 193

IBM Supply Chain Blog

MAY 1, 2024

Here are some ways generative AI is transforming supply chain management: Sustainability Generative AI helps to optimize companies’ supply chains for sustainability by identifying opportunities to reduce carbon emissions, minimize waste and promote ethical sourcing practices through scenario analysis and optimization algorithms.

Supply Chain Optimization 73

Supply Chain Optimization Agile and Lean Supply Chain Supply Chain Efficiency Supply chain 73

Supply Chain Game Changer

MAY 12, 2021

New age of negotiation article and permission to publish here provided by Sam Jenks at kodiakrating.com. We negotiate on a daily basis. We negotiate contracts, terms, and specifications in our professional lives and we negotiate dinner plans, curfews, and allowances in our private lives.

Negotiation 69

Negotiation Buyers Bidding Collaboration 69

World of Procurement blog

APRIL 23, 2024

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. Negotiation : Working out the terms of purchase, including price, delivery timelines, and payment terms with the selected suppliers.

Procurement 52

Procurement Inventory control supply chain budgeting Real-time Visibility 52

World of Procurement blog

APRIL 23, 2024

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. Negotiation : Working out the terms of purchase, including price, delivery timelines, and payment terms with the selected suppliers.

Procurement 52

Procurement Inventory control supply chain budgeting Real-time Visibility 52

SCMDOJO

APRIL 29, 2024

From sourcing raw materials, manufacturing, and storage, to transportation and distribution, SCM ensures efficiency and cost-effectiveness throughout the entire journey. Sourcing: Sourcing is all about finding reliable suppliers, negotiating contracts, and managing relationships.

Supply chain management 63

Supply chain management Supply chain management Agile and Lean Supply Chain Supply Chain Optimization 63

Procurement Heads

FEBRUARY 8, 2023

One of the common themes I’m hearing from large organisations is that they are finding a lack of visibility looking ahead for energy spend. Contract negotiations: Negotiating more favourable energy supply contracts with suppliers.

Real-time Visibility 130

Real-time Visibility Price Negotiation Sourcing 130

ivalua

FEBRUARY 27, 2023

One way of doing this is by leveraging Source-to-Pay (S2P) solutions, which provide procurement with the tools needed to maximize the value they get from their supplier relationships, automate and streamline processes, and identify opportunities for cost savings.

Real-time Visibility 130

Real-time Visibility Procurement Agile and Lean Supply Chain supply chain budgeting 130

Spend Matters

MARCH 25, 2024

Having led multiple projects to select and deploy technologies and worked both as a practitioner and a consultant, he knows the amount of time and effort procurement puts into finding a practical solution to help them run more efficiently, and that spurred his move to form iKinetiq. “A

Procurement contracts 112

Procurement contracts Contract Procurement Negotiation 112

Una

NOVEMBER 28, 2022

Now, I know settling into a new role can take a little time, so I don’t want you to feel under any pressure to make any significant impact straight away. I wouldn’t expect any real results from you until you’ve spent a month or two reviewing our current supplier arrangements.” “Hmm Step 1: Gain visibility of spend data.

Real-time Visibility 95

Real-time Visibility Procurement Purchasing Contract 95

World of Procurement blog

APRIL 23, 2024

This technology significantly reduces manual work, minimizes errors, and speeds up transaction times. Spend analysis enables informed decision-making and strategic sourcing. Cost Reduction : Enhanced visibility into spending and supplier performance helps negotiate better deals and identify cost-saving opportunities.

Supply Chain Efficiency 52

Supply Chain Efficiency Procurement Real-time Visibility supply chain software solutions 52

World of Procurement blog

APRIL 23, 2024

This technology significantly reduces manual work, minimizes errors, and speeds up transaction times. Spend analysis enables informed decision-making and strategic sourcing. Cost Reduction : Enhanced visibility into spending and supplier performance helps negotiate better deals and identify cost-saving opportunities.

Supply Chain Efficiency 52

Supply Chain Efficiency Procurement Real-time Visibility supply chain software solutions 52

Empowering CPO

JUNE 22, 2023

Introduction Welcome to our complete guide on the role of spend analysis in strategic sourcing. In the ever-evolving world of business, strategic sourcing has become a linchpin in corporate success. But how do we fuel the engine of strategic sourcing? The answer lies in the powerful tool of spend analysis.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

World of Procurement blog

APRIL 23, 2024

Understanding Procurement Technology Procurement technology refers to the software and systems that automate and streamline procurement processes for businesses, covering everything from sourcing materials and services to managing contracts and analyzing spending. Examples include SAP Ariba and Coupa.

Procurement 52

Procurement Supply Chain Efficiency Real-time Visibility Purchase orders 52

Procurement Software

APRIL 23, 2024

Located in Amsterdam, Netherlands, the company leverages advanced AI technologies to enhance procurement processes, focusing on efficiency and data visibility. What sets Mithra-AI apart is its real-time, continuous visibility of spend data, coupled with proactive alerts for opportunities and risks.

supply chain software solutions 52

supply chain software solutions Real-time Visibility Supply Chain Efficiency supply chain budgeting 52

Arkestro

MARCH 27, 2024

Regardless of industry, procurement buyers fulfill their role by finding the best suppliers, negotiating contracts, and identifying the most cost-effective, timely procurement of goods. The best procurement buyers have a solid understanding of market trends, supplier performance, and ethical sourcing. Bureau of Labor Statistics.

Buyers 52

Buyers Supply Chain Efficiency supply chain budgeting Procurement 52

Procurement Software

APRIL 18, 2023

eAuctions are an essential alternative to traditional negotiation methods. eAuctions are a negotiation method that allow buyers to leverage market-driven pricing opportunities. These negotiations take place in real time, with all prospective suppliers at once. This back and forth is very time-consuming.

Bidding 52

Bidding Supply Chain Efficiency Real-time Visibility Negotiation 52

ivalua

OCTOBER 22, 2020

This year’s edition comes at an interesting time, with the Covid-19 pandemic having shifted Procurement priorities and employee working practices. In Gartner’s Magic Quadrant, they forecast the Procure-to-Pay software market to dip slightly this year, as companies focus on solutions with faster time to value.

supply chain software solutions 147

supply chain software solutions Procurement Real-time Visibility supply chain budgeting 147

Una

OCTOBER 17, 2023

By Hugo Britt | October 17, 2023 Search Search “Hey, Procurement?” “Yes, Dave?” “Contact Supplier X’s chatbot and see if you can negotiate a 15-day increase on payment terms for all products.” This ensures that procurement support is readily accessible at any time, increasing efficiency and reducing delays. Sure, Dave.

Procurement 52

Procurement supply chain software solutions Real-time Visibility Supply Chain Optimization 52

Procurement Tactics

JUNE 6, 2023

The Importance of Forecasting Your Inventory Imagine you are the owner of a bustling retail store, offering a wide range of products that customers love. Your goal is to keep your shelves stocked with the right amount of inventory at all times. Trend Forecasting Trends represent changes in product demand over time.

Inventory 170

Inventory Supply Chain Optimization supply chain software solutions Supply Chain Efficiency 170

ivalua

JANUARY 13, 2021

– Spend control through real-time visibility into budget consumption, negotiated prices, preferred suppliers, engagement channels. – Process efficiency with reduced cycle times and considerably decreased errors or fraud opportunities. – Results : 30% decrease of process time.

Eprocurement 235

Eprocurement Real-time Visibility Purchase orders Budget 235

SCMDOJO

APRIL 4, 2023

When it comes to managing a supply chain, having access to real-time data can be a game-changer. By providing visibility into every aspect of the supply chain, companies can identify bottlenecks, reduce waste, and minimize delays. This can result in faster delivery times and improved customer satisfaction.

Supply Chain Analytics 110

Supply Chain Analytics Supply Chain Optimization supply chain budgeting Supply Chain Efficiency 110

Skill Dynamics

OCTOBER 19, 2023

For example, advanced strategic planning skills are relevant to procurement managers, while data analysis proficiency is associated with sourcing analyst roles. Sourcing managers play a vital role in a business’s procurement process by identifying, evaluating, and selecting suppliers.

Supply Chain Optimization 52

Supply Chain Optimization Supply Chain Efficiency Agile and Lean Supply Chain supply chain software solutions 52

Empowering CPO

JUNE 27, 2023

Traditional approaches to spend analysis relied heavily on manual processes and limited data visibility. Data Integration and Visibility: Connecting disparate data sources, such as procurement systems, supplier databases, and financial records, to create a centralized and holistic view of procurement activities.

Real-time Visibility 40

Real-time Visibility Supply Chain Efficiency Supply Chain Optimization Data 40

Pipefy

DECEMBER 20, 2023

It’s also a great source for making better, more data-driven business decisions. P2P analytics is important because it offers a layer of visibility and transparency to data across the entire procure-to-pay cycle. In order for P2P analytics to be useful, the source of the analytics needs to be accurate.

Import 52

Import Procurement Real-time Visibility Data 52

ivalua

NOVEMBER 10, 2020

Innovating to Uncover New Sources of Revenue in the Public Sector. Step 1: Use e Procurement Systems as a Potential Source of Revenue. Thinking of procurement as a new source of revenue is certainly counterintuitive, but it fits the bill of thinking differently. The Public Sector is no exception.

Procurement 130

Procurement Real-time Visibility Contract Sourcing 130

Empowering CPO

JUNE 26, 2023

From data-driven decision making to real-time spend visibility, predictive analytics, supplier collaboration, intelligent automation, and data security, we will explore each trend in depth, shedding light on their significance and potential impact on businesses.

Real-time Visibility 40

Real-time Visibility Supply Chain Efficiency Supply Chain Optimization Collaboration 40

Procurement Tactics

DECEMBER 6, 2022

However, these manual processes are ineffective and cost a lot of effort, time, and money. Visibility of expense data. Through spend management, they buy from the budget allocated to them and the procurement department checks it for the last time to ensure everything is right before approving the purchase. . Know your spending.

Spend management 172

Spend management Management Real-time Visibility Budget 172

Supply Chain Game Changer

OCTOBER 6, 2022

I am a proponent of dual sourcing. The vulnerabilities with sole sourcing are very real. Just-in-time Supply Chains have long been the envy of companies and industries of all kinds. The concept of only bringing in inventory on demand is very compelling when inventories are considered costly, wasteful and cash drains.

Supply chain 86

Supply chain Real-time Visibility Supply Sourcing 86

Arkestro

FEBRUARY 6, 2024

More and more, procurement professionals everywhere are seeing the value of using a platform like Arkestro for sourcing and spot purchase events, making their procurement processes more competitive, and driving cost savings. You can unsubscribe at any time. The results were immediate. No spam, just relevant procurement news and tips.

Competitive bidding 52

Competitive bidding Procurement Real-time Visibility Supply Chain Efficiency 52

Zycus Cognitive Procurement

OCTOBER 20, 2022

Making procurement decisions is a complex task that requires considering a wide range of factors such as price & quality, delivery times, and terms & conditions. By considering a more comprehensive range of data points, AI helps identify the best suppliers and negotiate the best terms. Increasing procurement efficiency.

Real-time Visibility 59

Real-time Visibility Procurement Procurement team Risk 59

Empowering CPO

JULY 17, 2023

Companies, regardless of size and industry, need to source goods and services efficiently, cost-effectively, and with an eye toward sustainability and social responsibility. Without proper oversight and management, procurement can easily become a source of unnecessary expenditure and inefficiency.

Procurement 52

Procurement Supply Chain Efficiency Real-time Visibility Supply Chain Optimization 52

Empowering CPO

JULY 17, 2023

Companies, regardless of size and industry, need to source goods and services efficiently, cost-effectively, and with an eye towards sustainability and social responsibility. Without proper oversight and management, procurement can easily become a source of unnecessary expenditure and inefficiency.

Procurement 40

Procurement Management Supply Chain Efficiency Real-time Visibility 40

Procurement Tactics

AUGUST 11, 2022

In simple terms, it is the amount of money you need to pay in order to store your unsold goods or inventory in a warehouse. . Commonly, the inventory holding costs comprise 20 to 30% of the total inventory value. Additionally, it increases the longer the time you have stored an item before selling it. . ENROLL NOW.

Inventory 130

Inventory Real-time Visibility Negotiation Risk 130

Procurement Heads

OCTOBER 12, 2022

I want a team that understands the different approaches to saving money – tendering, negotiating, value engineering – and to be able to use their judgement and experience to choose the right approach at the right time. Building the team and having greater visibility internally.

Chief Procurement Officer 246

Chief Procurement Officer Real-time Visibility Procurement team Procurement 246

ivalua

MAY 6, 2021

Meanwhile, organizations face myriad external risks: climate disruption, geopolitical issues, increasingly strict legislation and regulations, and, of course, the global pandemic all impact the supply chain, and Procurement is under heightened pressure to mitigate those macro risks with effective sourcing and supplier management processes.

supply chain software solutions 130

supply chain software solutions Procurement Agile and Lean Supply Chain Supply Chain Efficiency 130

Spend Matters

JUNE 19, 2023

Contract lifecycle management solutions are systems that automate the authoring, negotiation, execution, implementation, monitoring and renewal of B2B contracts (with an emphasis on supplier contracts). Contract drafting The ability to quickly compare and draft effective contracts based on approved clauses/provisions that meet business needs.

Contract 89

Contract Management Negotiation Real-time Visibility 89