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For Chief Procurement Officers (CPOs) and their teams, selecting the right Source-to-Contract (S2C) solution is an essential step toward strategic procurement transformation. This decision shapes the efficiency of procurement operations, impacts stakeholder perceptions, and creates measurable business value.
Unfortunately, outdated tools and fragmented processes make it difficult to maintain visibility across the supply chain and adapt at the pace of business. This blog explores the most common challenges in digital procurement and the capabilities that matter most. Learn how Ivalua can help you on your journey to digital procurement.
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 supply chain.
Ivalua commissioned Forrester Consulting to conduct a Total Economic Impact (TEI) study , offering key insights into how companies can unlock substantial financial benefits and operational improvements by adopting Ivalua’s unified Source-to-Pay (S2P) platform. 393% ROI from process automation, better visibility, and replacing old systems.
Spend Matters honors a vast array of procurementsolution providers each year by selecting them for our ‘50 to Know,’ ‘50 to Watch,’ ‘Future 5’ and ‘Hall of Fame’ celebration lists. We believe these companies deserve greater visibility, especially in a market which is increasingly consolidating and diluting buyer choices.
If your procurement team is juggling multiple ERP systems, you’re likely spending more time chasing data than driving strategy. Disconnected supplier records, inconsistent processes, and limited visibility can impair efficiency and open the door to shadow spend.
Key Takeaways Procurement vs Purchasing: Procurement is a strategic function focused on long-term value, while purchasing handles the tactical execution of buying. Aligning procurement and purchasing ensures efficiency, cost control, and reduced risk across the organization. What is Procurement?
Procurement organizations often encounter challenges such as limited user adoption, increased workload for purchasing teams, fragmented procurement processes and the complexity of integrating multiple ERP systems. These obstacles can lead to inefficiencies, lack of visibility and misaligned procurement strategies.
Digital procurement tools offer both immediate benefits and long-term returns. While full-scale digital transformation certainly takes time, organisations can see rapid improvements in efficiency, collaboration, and data accuracy right from the outset. As a result of better data, procurement teams gain a whole range of benefits.
Our coverage also explores the latest thought leadership topics about procurement and supply, the technology that serves it and comparative analyses based on demos and the scoring of 500+ RFI requirements across 12 source-to-pay (S2P) categories that create our Vendor Ranking data.
Advanced technologies such as AI, automation, and predictive analytics are playing a pivotal role in optimizing procurement processes, enhancing transparency, and driving efficiency. But what does the future hold for public procurement, and how can technology fine-tune the process to perfection?
Behind every chatbot interface or AI-guided shopping experience, procurement still must: Enable compliant purchasing. Ensure timely fulfillment. Whether powered by AI agents or traditional workflows, the procurement function still needs to be done. What must e-procurement still deliver? Govern supplier selection.
By implementing JAGGAERs digital procurementsolutions, the County is transforming how it manages sourcing, compliance, and contract workflows across departments. Learn how procurementsolutions can help public sector agencies enhance efficiency and compliance.
Spend Matters honors a vast array of procurementsolution providers each year by selecting them for our ‘50 to Know,’ ‘50 to Watch,’ ‘Future 5’ and ‘Hall of Fame’ celebration lists. We believe these companies deserve greater visibility, especially in a market which is increasingly consolidating and diluting buyer choices.
Top 3 Procurement Technologies to Embrace in 2025 Staying ahead of key procurement technology and advancements is essential for CPOs who want to improve spend cost reduction, drive strategic value, and navigate the increasingly complex procurement landscape.
Risk Mitigation: Real-time supplier risk scoring (e.g., Zycus Overview: A pioneer in cognitive procurement with a GenAI-powered Source-to-Pay suite (Merlin AI), serving large enterprises. Scalability: Manages Chevrons $10B-$15B spend with end-to-end visibility, aligning with Shared Services 50-70% volume capacity.
Procurement software is a tool designed to streamline and automate procurement operations, from purchase requests to supplier payments. It integrates with cost accounting systems to track spending, ensures smoother workflows for accounts payable and accounts receivable, and provides real-timevisibility into purchasing activities.
How to gain visibility and control of your indirect spend. How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. 4][5] Supplier Portals Enhance Collaboration: Digital supplier portals are now in use across 35% of procurement platforms.
By the time these issues reach your desk in Procurement, they’ve typically bounced around your organisation with nobody taking ownership. Then, I’ll show you how digital procurementsolutions can not only solve them but prevent them entirely. It’s that vendor again.
Navigating Regulatory Changes Public sector organizations need procurementsolutions that align with new frameworks, such as the UK Procurement Act, which comes into force in February. Spend Analysis: Offering detailed visibility into spending patterns, enabling cost optimization.
Tune in to learn how to confidently choose and implement the right procurement tech to drive efficiency and innovation in your organisation. He highlights how tailored tools like Workrise address unique challenges, ensuring companies avoid the pitfalls of generic solutions that fail to meet sector-specific needs. Every one helps!
Even now, with a lot of talk about a stark consolidation of procurement SaaS solutions, I’m extremely bullish about this specific part of the market. Because these specialised solutions are answering needs that traditional Source-to-Pay (S2P) suites simply weren’t built to meet.
Below is a ranking of the top 10 ProcureTech should-cost solution providersGEP, Zycus, Ivalua, SAP Ariba, Coupa Software, Jaggaer, Keelvar, Lytica, ProPurchaser, and Archletacross three criteria: length of time in business, company size, and top reason for dealing with each one. market share (Apps Run The World, 2023) lead.
ManMan by ASK Group : Overview : ManMan was an early ERP system with procurement capabilities, used predominantly in manufacturing environments. Significance : As one of the pioneering ERP systems, ManMan set the stage for future developments in integrated procurementsolutions.
The real estate industry, characterized by intricate processes and substantial investments, constantly seeks ways to enhance efficiency, reduce costs, and ensure timely project completion. This comprehensive solution streamlines procurement activities, improves and provides transparency across the entire supply chain.
Indirect Procurement Indirect procurement covers support services and materials that enable institutional operations. While less visible, these procurement areas are crucial for maintaining a functional educational environment. Strategic Procurement Strategic procurement goes beyond transactional purchasing.
These issues can waste time, increase expenses, and cause frustration for your team. Over time, these small problems add up, making it difficult to grow smoothly. It saves time, reduces mistakes, and gives you a clear view of all purchases, helping you make better decisions. Thats why switching to an can help.
Another feature to prioritize is real-time data analytics and reporting. This level of analysis helps organizations make informed decisions quickly, cutting down on time-consuming vendor meetings and negotiations. Automation cuts down on errors and gives your team more time to focus on what really matters.
Tools like PLANERGY enhance supply chain resilience by providing real-time tracking, data-driven insights, and streamlined communication with suppliers. Building strong supplier relationships, diversifying sourcing, and adopting solid inventory management practices are essential to minimizing risks and ensuring service continuity.
SAP Ariba : A leading procurement software company, SAP Ariba offers a comprehensive suite of solutions for supplier management, strategic sourcing, procurement, and financial supply chain management.
Today, for procurement organizations too, applying an AI-first approach has become imperative, especially in the source-to-pay process. The era of intelligent procurement We expect 2024 to be the year of intelligent procurement, driven by AI, automation and data analytics.
Innovating to Uncover New Sources of Revenue in the Public Sector. Step 1: Use eProcurement 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.
What does an E-Procurementsolution do? E-procurementsolutions use an electronic interface to automate, guide and approve the purchase and reception of products and services. from sourcing events), the ability to use external content as part of its catalogs (e.g.,
– Spend control through real-timevisibility into budget consumption, negotiated prices, preferred suppliers, engagement channels. Also, an eprocurement solution provides you with clean spend data, which is the basis for a sound spend analysis and eventually relevant category management. 100% of electronic POs.
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.
EPISODE 137 Using Visibility to Combat Supply Chain Abstraction with Frank Kenney By Kelly Barner | October 18, 2023 In the race to build global empires of data and digital systems, today’s businesses must not risk forgetting what all of those zeroes and ones mean.
You must have found yourself struggling with limited visibility into preferred or contracted suppliers, contract utilization status, budgeting issues, and multiple requirements for sourcing low dollar items or services. It is usually time consuming, require multiple approvals and follow ups.
For old-school procurement professionals , going digital may simply mean moving away from paper-based processes. Digital procurement game-changers. Strategic sourcing experts are using machine learning to categorize and manage spend, AI to better predict demand, and act upon alerts such as contract expiry/renewals.
It requires a fast return on investment (ROI) and the solution must quickly prove its value to the business. Mid-market businesses, on the other hand, could invest in this software and easily see a quick return if they have the right change management and procurement talent in place.
Spend Matters honors a vast array of procurementsolution providers each year by selecting them for our ‘50 to Know,’ ‘50 to Watch,’ ‘Future 5’ and ‘Hall of Fame’ celebration lists. We believe these companies deserve greater visibility, especially in a market which is increasingly consolidating and diluting buyer choices.
What does a Spend Analytics solution do? Spend Analytics solutions provide a single view into all historic, current and planned supplier spending in order to improve that spending through better sourcing, compliance and demand management. normalizing/enhancing spend data for benchmarking), causal factor analysis (i.e.,
A Procure-to-Pay (P2P) solution is a combination of the e-procurement and AP Automation/I2P markets spanning the procurement process, including automation of purchase requisitions/orders, receipts, invoices, payments and financing. from sourcing events), the ability to use external content as part of its catalogs (e.g.,
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
Cognitive procurement enables business users to achieve organizational excellence by: Improving decision making. Making procurement decisions is a complex task that requires considering a wide range of factors such as price & quality, delivery times, and terms & conditions. appeared first on Zycus Procurement Blog.
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