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It’s been a very long time since I’ve had to consider about procurement objectives. Here are some typical procurement objectives that every procurement professional should consider. Process Efficiency: Streamline procurement processes through automation, reducing lead times and operational costs.
A focal point of Procurement Leaders’ community activities in 2025 will be exploring how the relationship between procurement and other key internal stakeholders must evolve to meet the demands of this increasingly topsy-turvy world we inhabit. We were asking them: What do you think about procurement?,
Ongoing training is important for procurement teams to keep up with the constantly evolving and advancing procurement tech and services landscape, specifically in niche areas such as category management, supplier management, negotiation and strategic sourcing and in the broader areas of change management and leadership.
By 2027, Gartner predicts that 40% of sourcing will be handled outside of the procurement function. How can procurement pros ensure that the process is efficient and unified for all users? For a synchronized and democratized approach to procurement, leaders are embracing total procurement orchestration solutions.
Ive been a procurement practitioner for more than 20 years and led procurement modernization in different industries and business environments. As the scale of your spending grows, it becomes harder to manage without a dedicated procurement department or an updated process.
As many procurement professionals have discovered, transforming your processes to meet todays challenges in an effective manner is not as simple as writing a new mission statement. The success of the Procurement team at Utz Brands, Inc. , The success of the Procurement team at Utz Brands, Inc. ,
In readiness for our Q1 2025 theme of Procurement Transformation, which will include how to even start your digital journey, how to make the case for it, how to shape your digital roadmap and how to survive it, we have received input from some solution providers on their own customers journeys.
Strategic sourcing and innovative solutions are often viewed as two distinct procurement tools, but they should not be seen in isolation. Think of them as apples and gearseach essential and effective on its own, yet when combined; they create a formidable mechanism for achieving procurement excellence.
And for procurement and supply chain leaders looking to harness the power of technology to navigate complex challenges and an uncertain business environment, keeping up with the latest trends can be its own obstacle. So, what’s on the technological horizon for procurement and supply chain for the year ahead?
Ramp recently hosted a panel of seasoned procurement practitioners to discuss and debate next-gen procurement, how procurement should be positioned and approached for businesses implementing a formal process for the first time, and practical steps to stand up a function from scratch. It must be approachable.
Procurement People should learn the Sales & Operations Planning (S&OP) Process. Procurement professionals can contribute significantly to the S&OP process by providing valuable insights into supply chain dynamics, identifying potential risks, and optimizing sourcing strategies.
Despite the cold weather, the room was filled with passionate public procurement practitioners and suppliers who were eager to chat and learn. Recent successes include: In 2024, 321 new government procurement teams were onboarded. The State of New York is adopting SOVRAs fee optimization program via the Reconciler tool.
We continue our Procurement Transformation Guide with a look at implementing an e-procurement transformation. Procurement has moved beyond a transactional function. Many organizations attempt to digitize broken procurement workflows, which only accelerates inefficiencies.
Procurement and supply chain leaders are presented with their fair share of challenges, with a host of tools and strategies to resolve them. That said, what’s the best path forward to leverage this year’s trends?
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. According to one procurement leader we spoke to, all that changed around 2020. That statement couldn’t be less true today.
As weve said: People, Process and Technology are the pillars of procurement transformation. So a large part of accelerating your procurement transformation process lies in strengthening roles and responsibilities. In procurement, these MVPs are the professionals driving smarter and more sustainable purchasing decisions.
For procurement professionals, AWS Marketplace might not be the first thing that comes to mind when thinking about Amazon. However, when it comes to procuring third-party software, data and professional services, AWS Marketplace is the dedicated platform designed to support businesses in building and running their digital infrastructure.
Procurement has evolved from a back-office function to a strategic driver of innovation and value. Digitalization involves applying digital technologies to improve existing processes, like implementing e-procurement systems. True digital transformation in procurement goes beyond automating tasks (or doing more with less).
Procurement is in the middle of a tech tsunami. Autonomous procurement. These innovations are converging and transforming how procurement teams operate. The GEP 2025 Procurement & Supply Chain Tech Trends Report breaks it all down. And if it feels like the old playbooks aren’t working anymore, that’s because they aren’t.
Sustainable procurement has become more and more critical for businesses that want to reduce their environmental impact and improve their sustainable practices. When done right, it can bring massive benefits…
In part 1 of this mini series on tariffs we looked in more detail at what we mean by tariffs and in part 2 we talked about a Procurement action plan. In part 3 we look at the tech that can support Procurement in tariff management. Design-for-Supply part 1, part 2, part 3 and part 4. Visit the site and log in/register to read.
In readiness for our Q1 2025 theme of Procurement Transformation, which will include how to even start your digital journey, how to make the case for it, how to shape your digital roadmap and how to survive it, we have received input from some solution providers on their own customers journeys.
In todays interconnected business landscape, companies rely on suppliers and service providers for core procure-to-pay (P2P) activities, including order processing, invoicing and payments. The post Navigating the top 5 third-party risks in procure-to-pay processes appeared first on Spend Matters. This content is for members only.
Did you know that implementing generative AI reduces sourcing cycle times and allows for faster decision-making across procurement operations? The paper highlights real-world examples and use cases that demonstrate generative AI's transformative effects on operational efficiency, risk management, and cost reduction.
As a result, many procurement and supply chain teams have built muscle memory around responding swiftly and decisively to regulatory changes. To help procurement professionals respond effectively, Spend Matters has two complementary resources.
This article explains how this affects Procurement. The post Tariffs and Procurement (Part 2): Tariff management and building an action plan appeared first on Spend Matters. This content is for members only. Visit the site and log in/register to read.
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 risk management, we are speaking with practitioners in the field to understand their perceptions of risk — clearly different industries perceive types of risk in different ways.
When Hellenic Bank, a leading retail lender in Cyprus, set out to transform its procurement operations, it needed more than just software deployment. It required a partner that would help embed its intricate buying processes — with all its validations, risk assessments and tiered approvals — into a unified system.
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.
This Spend Matters Vendor Analysis provides an overview of Vroozi and its solution for procure-to-pay (P2P). The procure-to-pay space continues to evolve as organizations demand more efficient, automated solutions to manage procurement, invoicing and payment processes. This content is for members only.
In readiness for our Q1 2025 theme of Procurement Transformation, which will include how to even start your digital journey, how to make the case for it, how to shape your digital roadmap and how to survive it, we have received input from some solution providers on their own customers journeys. 2- and 3-way matching).
In this Spend Matters Vendor Analysis we provide an overview of Pairsoft and its procure-to-pay (P2P) solution. As businesses grow, managing P2P processes efficiently across procurement, accounts payable and cash management becomes a significant challenge. This content is for members only. Visit the site and log in/register to read.
Uncertainty is looming and the challenges supply chain and procurement leaders have been facing since the pandemic are unlikely to end in 2023. What do leaders need to know? Read the GEP Outlook 2023 report to navigate what lies ahead.
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. Procurement, meanwhile, works to strengthen supplier relationships, capture discounts and reduce total procurement costs.
Globally, governments around the world are upgrading their procurement functions with a fresh perspective. The New Government Procurement Act is at the forefront of these reforms, introducing transparency, efficiency, and accountability in public spending. The Philippines has enacted the New Government Procurement Act (Republic Act No.
Artificial intelligence use in procurement isnt a distant dream its here, reshaping how procurement professionals work. Level 1: The quick wins Low-effort, high-impact AI The easiest way to introduce AI into procurement is through automation eliminating repetitive tasks and boosting efficiency with minimal effort.
Happy Valentines day, here is some procurement satire for February the 14th! Lack of Emotional Sensitivity: Procurement departments are typically focused on logistics, cost-effectiveness, and efficiency, which may not align with the emotional nuances and sentimentality of Valentine’s Day.
How Market-Leading Companies Are Navigating Tariff Chaos with GEP’s AI-Powered Procurement Platform breaks down how procurement teams are staying ahead of the chaos with real-time insights, smarter sourcing moves and AI-powered agility. One policy shift and your sourcing strategy is upside down.
In readiness for our Q1 2025 theme of Procurement Transformation, which will include how to even start your digital journey, how to make the case for it, how to shape your digital roadmap and how to survive it, we have received input from some solution providers on their own customers journeys.
Procurement activities and tasks are operational, tactical and strategic. The different approaches to using GenAI in procurement technologies reflect how providers have been responding to the potential of this new technology and the growing customer demand for GenAI features. This content is for members only.
Procurement professionals understand the need for a digital transformation, but they do not necessarily understand what a digital transformation involves. Procurement clearly feels the need for embracing the digital. This leads to partial success at best and failure at worst.
This article is part of our ongoing series on digital procurement transformation. Now, we turn to selecting the right procurement technology, a clearly essential step for a successful digital initiatives. In addition to external suppliers, procurement technology affects multiple stakeholders, including finance, IT and legal teams.
As early as next year, procurement and supply chain operations will begin to adopt AI agents, often called “agentic AI,” to work alongside employees to make and execute decisions with precision across procurement and even the most complex global supply chains.
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