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
The series follows the methodology described in our Aligning Finance and Procurement in-depth guide , which offers a practical, structured approach to enhancing cash flow visibility, optimizing payment timing, reducing working capital risk and improving liquidity outcomes through closer collaboration between finance and procurement.
Understanding how inflation impacts procurement and then taking action to mitigate its effects is essential for any business looking to stay ahead of the game. How Inflation Impacts Procurement Inflation affects a number of aspects of a business, including its ability to compete in the market, financial performance, and overall strategy.
Each function’s objectives often overlap, particularly in areas such as financial reporting, cost management, budgeting and data-driven decision making, so when procurementstrategies align with finance-led initiatives, organizations gain greater financial visibility, improved efficiency and stronger risk control.
Phase 1 Understanding the foundations While finance focuses on extending days payable outstanding (DPO) to manage working capital, procurement prioritizes the sustainability of supplier relationships. Lets take a look at the differing priorities of finance and procurement.
Across industries, AI is capable of reshaping procurement, making it smarter, more predictive and highly efficient. In this article we will highlight some of the key changes AI has made to procurementstrategies in the following industries: manufacturing and industrials, life sciences and healthcare, and the public sector.
Supplier Integration — The Ultimate Guide of 2023. Supplier integration enables a robust supply chain process. However, not many people know how to collaborate with their suppliers. . For this article, we will discuss what supplier integration is. So without further ado, let us now delve into supplier integration. .
ProcurementStrategy Take the lead with our proven 5-step procurementstrategy 3. Sustainable Procurement Maintain high profitability while moving toward sustainability 4. ChatGPT & AI Use ChatGPT to automate procurement processes 5. Supplier Order Management Software: What it is?
Managing a successful supply chain requires more than just ensuring products are delivered on time its about building strong, effective partnerships with your suppliers. This software enables companies to create more efficient and transparent relationships with their suppliers, improving the overall performance of their supply chain.
Tracking performance over time is key to measuring the business value the collaboration is delivers. How procurement KPIs support financial reporting and budgeting CFOs rely on accurate financial reporting and forecasting to drive business decisions. Category-based budgeting should align with corporate financial strategies.
Bonus PDF: 51 ChatGPT Prompts to 10X Your Productivity in Procurement Download 51 Prompts → Or receive our famous weekly newsletter Top 10 US Dropshipping Suppliers — Pricing & Reviews The US dropshipping market reached an estimated amount of $15.64 Top 10 US Dropshipping Suppliers Study Procurement Study Negotiations 1.
The goal of integrated logistics is to optimize the entire supply chain by minimizing costs, improving efficiency, and ensuring timely delivery of products to customers. It also requires close collaboration and coordination among all the stakeholders in the supply chain, including suppliers, manufacturers, distributors, and retailers.
At Spend Matters, it’s as important for us to get to know the requirements and opinions of the procurement community of practitioners as it is for us to understand the world of tech solutions and their providers. So it was good to see a nice mix of both presenting at ProcurementStrategies and Innovation (PSI) last week.
As organizations continue to invest in these tools, their potential to reshape procurementstrategies is immense, giving early adopters a serious competitive advantage. Spend Analytics: Maximizing Efficiency and Driving Cost Reduction Why Its Critical: Spend analytics is a cornerstone of a procurement technology transformation.
Analyst Backgrounds Analyst Primary Focus Pieter den Hamer AI strategy, maturity models, governance, and enterprise-scale AI roadmaps. Hansen Procurementstrategy, digital transformation, supplier management, sourcing, and ProcureTech evaluation. Ramos: Generative AI can streamline supplier interactions (e.g.,
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 collecting data on routes, stock levels, drivers’ availability, vehicle tracking, and other pertinent information, a transport management system accurately forecasts expected delivery times while efficiently scheduling drivers accordingly.
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.
The company saved 700 man-hours annually on admin and increases its share of certified suppliers by 20% Madrid, 13th May 2025 JAGGAER bolsters the digitalisation of procurement processes at Cosentino, a Spanish family-owned company with an international presence and a world leader in the production of surfaces for architecture and design.
The Power of Source-to-Pay Digital Transformation To put it briefly, source-to-pay refers to the entire process that starts with finding, negotiating with, and contracting the suppliers of materials, goods and services, and culminates in the final payment for those items. These begin with enhanced visibility.
Businesses use various methods of inventory management, each with its own advantages and disadvantages, depending on what they require. Inventory management is a way for companies to figure out what and how much they should order, and when to do it. Preventing stock-outs is another crucial aspect of inventory management.
E-invoicing Mandate | France 2024 March 27, 2023 | | ProcurementStrategy by Steve Carter The biggest change to Accounts Payables since the introduction of double entry journals is about to hit finance departments–but are they prepared? Every supplier will be forced to send Government approved invoices to their clients.
After taking the time to read this article, you will have a deeper understanding of what supply chain collaboration is all about. Thus, allowing you to know if your decision is right when the time comes you are going to collaborate in the supply chain. . Ultimate Supplier Plotting Checklist 2023. Enhanced ethical standards.
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.
The answer often lies in disconnected systems, manual workflows, and a lack of visibility between procurement and finance teams. Procure to pay automation addresses these issues by digitizing and streamlining the entire cycle, from to invoice payment. Working with reputable suppliers is a key aspect of the.
When you look behind the scenes of a global business operation, procurementstrategy and supply chain management are usually top priorities, though theyre not always working in sync. Procurement professionals focus on sourcing goods and services, negotiating with suppliers, and managing contracts.
Ultimate Supplier Plotting Checklist 2022. To work together as closely as possible, I had a weekly meeting with my supply chain manager every week to discuss subjects like: Supplier performance last week. If suppliers were not able to deliver products, I first let the Supply chain Manager contact them. Visiting suppliers.
Similar to how CRM manages everything around the customer, an S2P platform manages everything around the supplier. It is a crucial process for organizations that are looking to streamline their procurement activities, better manage spend and suppliers and increase operational efficiency. What is Source-to-Pay?
This software helps organizations manage supplier interactions, streamline procurement workflows, and ensure compliance with company policies and regulations. A well-integrated procurement management system facilitates the seamless execution of procurement activities, from requisition and purchase order creation to and payment.
Because organizations with strategic sourcing mindsets look beyond price and cost savings-centered supplier selection initiatives. They consider factors—like supplier performance or sustainability —that support long-term partnerships, advance business needs and increase purchasing power.
Without a shared measurement framework, procurements financial impact may go unnoticed, and finance may lack visibility into cost savings, supplier risk and payment efficiencies. ” The following section outlines essential KPIs and performance review mechanisms that drive accountability and enhance financial visibility.
However, these manual processes are ineffective and cost a lot of effort, time, and money. Spend management aims to maximize value from company spending while lowering costs, mitigating financial risks, and enhancing supplier relationships. Ultimate Supplier Plotting Checklist 2022. Visibility of expense data.
Harnessing Advanced Technologies & Proving Benefit Modern procurement systems must integrate advanced technologies to streamline processes and enhance decision-making: Artificial Intelligence (AI) and Machine Learning (ML): AI and ML are now indispensable for automating repetitive tasks, such as supplier evaluations and contract management.
Direct material management oversees the sourcing, procurement, storage, and flow of raw materials, components, and subassemblies. This ensures just-in-time (JIT) or just-in-sequence (JIS) delivery to reduce inventory costs. Direct material management involves demand forecasting, inventory control, and warehouse operations.
Based on the input from the 1998 Agent-based RAM platform, which featured self-learning algorithms within a nascent AI framework, confirmed prior research indicated that Indirect Material MRO products were prone to much greater volatility over time than Direct Materials.
By reducing procurement costs, businesses can increase profit margins without raising prices or cutting corners. Simple changes like consolidating suppliers, negotiating better contracts, and improving order planning can lead to real savings over time. Why is Cost Reduction necessary in Procurement? The result?
Once the relevant information has been collected, you’ll be able to prioritize how best to direct your resources and time. Consolidate your supplier lists. There are several benefits associated with supplier consolidation. Reducing suppliers also helps mitigate risk throughout the supply chain.
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.
These issues can waste time, increase expenses, and cause frustration for your team. Without a proper system, it becomes harder to track budgets, follow company rules, and manage suppliers. Over time, these small problems add up, making it difficult to grow smoothly. Thats why switching to an can help.
ChatGPT Inflation refers to the general increase in prices of goods and services in an economy over time, resulting in a decrease in the purchasing power of money. These indices track the average price changes of a basket of goods and services over time. Supplier relationships: Building strong relationships with suppliers is crucial.
Building a Procurement Function From Scratch With the right approach, building a procurement function from scratch can create streamlined and efficient processes that deliver real value to your organization. Who are the key suppliers ?
Maximizing Cost Savings Through Strategic Supplier Collaboration With the growing emphasis on long-term value creation, Chief Procurement Officers are increasingly turning to supplier collaboration as a cornerstone of cost reduction.
A good business case should take into consideration the value the S2P solution could create, the project timeline, the overall business strategy and it should be based on solid data. . . The procurementstrategy . Improved visibility. Users can access information easier and have access to real-time data.
Procurement and Sustainability are two disciplines and business functions that exist in a perfectly harmonious contradiction. Procurement is fundamentally centered around the act of acquisition and/or buying. in 2020, according to Procurement Leaders’ CPO Planning Guide 2021” (Procurement Leaders 2021). The Yin and Yang.
Emphasizes cross-industry collaboration , with themes like AI, sustainability, and supplier diversity. Global Reach, Real Impact Participants and speakers come from over 50 countries. Builds global community around procurement digitalization public sector, corporate, academia, and NGOs. High-profile speakers (e.g.,
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