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At Ivalua, we’ve helped some of the world’s most complex organizations transform their procurement operations, giving us deep expertise in what works – and what doesn’t. In this post, we’ll break down proven strategies to help you streamline processes, improve visibility, and take back control of your procurement stack.
As Procurementteams are tasked to do more with less in an increasingly complex and uncertain market, digitization has become a must. Procurement leaders have increasingly turned to Spend and Supplier Management platforms to improve decision-making, efficiency and collaboration. What is Total Economic Impact?
Procurement and supply chain management are often used interchangeably—but in practice, the lines between them can blur in ways that create real friction. Misaligned priorities, siloed systems, and unclear ownership can directly impact key performance indicators like cost savings percentage and procurement cycle time.
Approval lead time is another important metric. This aligns closely with the need for real-timevisibility and analytics capabilities so that they can integrate procurement data with their other financial systems to enable data-driven decision making.
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. Procurement vs. Purchasing: What’s the Difference?
Using technology to bridge the Finance-Procurement gap Once a well-defined technology adoption strategy is established in the collaboration phase, organizations can move to the next step: leveraging technology to bridge the finance-procurement gap. To resolve this, companies need to do the following: 1.
Tracking performance over time is key to measuring the business value the collaboration is delivers. However, procurement plays a critical role in reflecting cost-saving initiatives, supplier contracts and spendmanagement efforts in financial statements and budget planning.
Modern SpendManagement and Accounts Payable software. Helping organizations spend smarter and more efficientlyby automating purchasing and invoice processing. How to gain visibility and control of your indirect spend. How to report and analyze indirect spend to identify savings opportunities.
In any case, organizations need to pull indirect spending out of the shadows and into the open. In this article, we’ll go over a few ways to improve the process: education, gaining spendvisibility , categorizing spend by supplier or department, etc. What Happens When Indirect Spend Isnt Managed?
Impact on Procurement: Gen AI leverages vast datasets to generate actionable insights, helping procurementteams predict future trends, such as market shifts, supplier performance, and demand fluctuations. How JAGGAER Helps JAGGAERs ESG solutions help procurementteams integrate sustainability into their sourcing strategies.
A comprehensive guide designed to tame tail spend in a way that leads to reduced risk and increased cost savings. Taming Tail Spend. This comprehensive guide will go over tail spend in procurement and provide resources for how to implement an effective tail spendmanagement strategy. What is tail spend?
With real-time pricing and inventory information to ensure that the items selected are available. With this seamless access, businesses can have better control and visibility into tail spend. All without leaving Ivalua.
Lifted from their latest webinar, Jean-Baptiste Anne from Amazon Business and Vishal Patel from Ivalua offer insights into tail spendmanagement programs and the ROI these programs can generate for procurementteams. . Tail Spend Challenges. Effectively Reducing and Preventing Tail Spend . Who purchased it.
With real-time pricing and inventory information to ensure that the items selected are available. With this seamless access, businesses can have better control and visibility into tail spend. All without leaving Ivalua.
Paris, June 10, 2021 – Ivalua, a global leader in Cloud SpendManagement solutions , announced a new capability to provide employees access to Amazon Business directly and seamlessly from within the Ivalua platform, going beyond the traditional PunchOut. Realtime pricing and inventory ensures items selected are available.
Ivalua SpendManagement Insights [ivory-search] Procurement Rising: The Silent Inflation Tax on Manufacturers February 27, 2023 | | Manufacturing by Doug Keeley Last year, the Consumer Price Index was the highest it has been in four decades, making inflation one of the most concerning macroeconomic factors facing the business world today.
JAGGAER characterizes the steps in this process as SpendManagement, Category Management, Sourcing , and Contracts. These four steps constitute the downstream procure-to-pay part of the process. These begin with enhanced visibility. Measure and monitor consistently over time and report the results.
SAP: Agentic AI Role: SAPs Joule AI in S/4HANA Cloud uses agentic capabilities for procurement tasks (e.g., supplier analysis, spend optimization), automating workflows like order approvals. It aims for 500+ AI skills by 2025, enhancing real-time decisions (Forbes, Jan 21, 2025). Human Replacement?: cosmetics $0.07/unit
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 managespend and suppliers and increase operational efficiency.
Modern SpendManagement and Accounts Payable software. Helping organizations spend smarter and more efficientlyby automating purchasing and invoice processing. How better management in AP can give you better flexibility for cash flow management. What's PLANERGY?
Once the relevant information has been collected, you’ll be able to prioritize how best to direct your resources and time. It enables procurementteams to leverage economies of scale and improve the quality of products and services purchased. Accelerate your P2P cycle time with an automated system.
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.
Ivalua SpendManagement Insights [ivory-search] A Balancing Act: Drive Sustainability while Managing Cost and Risk April 27, 2023 | | Supply Chain by Vishal Patel Cost, Risk, and Sustainability. The question is, how do you balance all three while maintaining continuous operations and generating revenue at the same time?
Think of it as a roadmap that guides a purchase order through the right handsfrom the employee who needs the item to the manager who approves the budget, and finally to the finance team that processes the payment. By automating and standardizing these steps, businesses save time, reduce errors, and maintain control over spending.
It is a process that creates efficiencies across all spend categories, minimizes supply chain risks through improved supplier selection and awards, while giving visibility into pricing and forecasting. Implementation of new supply structure Track results and restart assessment This model has essentially stood the test of time.
Modern SpendManagement and Accounts Payable software. Helping organizations spend smarter and more efficientlyby automating purchasing and invoice processing. Tools like PLANERGY enhance supply chain resilience by providing real-time tracking, data-driven insights, and streamlined communication with suppliers.
Onventis Onventis provides a Procure-to-Pay module for buyers that streamlines the procurement process from purchasing to payment. The software automates workflows and approvals, manages supplier catalogues, and provides real-time analytics for better decision-making.
Improvements to existing procurement processes, procedures, and operations are as time-sensitive as ever. In the 2024 State of Procurement Data Report by Amazon Business, 95% of decision-makers surveyed acknowledge that there’s room for procurement optimization. Contract and compliance management. Purchase orders.
Nonetheless, the time savings offered even just by classifying half of the line items is a huge amount of work saved. The Category Manager or Data Analyst can eliminate a huge chunk of work thanks to automation. Being able to present a simple analysis to senior stakeholders of: Direct materials (typically repeatable spend).
Nonetheless, the time savings offered even just by classifying half of the line items is a huge amount of work saved. The Category Manager or Data Analyst can eliminate a huge chunk of work thanks to automation. Being able to present a simple analysis to senior stakeholders of: Direct materials (typically repeatable spend).
When this happens, a lot of time and effort is lost trying to recover the money. . How to fix this procurement challenge. You should also set up approval sequences in your e-procurement software so you can have better visibility and insights into the procurement process. How to fix this procurement challenge.
Many organizations have implemented software automation tools that allow them to get more done at a lower cost, but procurement is one area that has lagged behind in this trend. According to Amazon’s 2024 State of Procurement report, 95% of decision makers believe that procurement has room for optimization.
Problem: maverick spend and unmanageable spot requests Recurring emergency purchase requests Poor purchase policy and company alignment Non-compliant purchases repeatedly slip through Solution: centralize, standardize, and automate Pipefy centralizes all communication to give every stakeholder a common, single source of information.
On the other side, procurement is concerned with keeping company operations running smoothly and judicially making the most of budgets. Ultimately, both want the same goal — ensuring business outcomes are positive, timely, and on-budget. Purchases in Time and Budget: How many purchases are on budget and on time?
Multi-functional technology enables you to train anywhere at any time, while ever-learning programming allows you to experiment and practice to achieve different outcomes. LavenirAI allows you to train anywhere, any time, so you can stay at the top of your game. The platform also offers supply and risk management insights.
Located in Amsterdam, Netherlands, the company leverages advanced AI technologies to enhance procurement processes, focusing on efficiency and data visibility. Their platform is particularly noted for its capabilities in spend data classification, risk and opportunity identification, and supplier data enrichment.
This classification provides a clearer view of what an organization is spending money on, and with whom. This is where the real magic happens. By using various analytical tools and techniques, trends and patterns in the spending data can be identified. Spend analysis plays a vital role in a business.
From reducing waste and containing costs to mitigating risks such as procurement fraud and inflated expenses, procurement’s insights and expertise can help businesses navigate some of their most pressing challenges. This means bringing the right people — including procurement — to the strategy table. Profitability. Resilience.
Modern SpendManagement and Accounts Payable software. Helping organizations spend smarter and more efficiently by automating purchasing and invoice processing. Cristian Maradiaga King Ocean Book a Live Demo Download a free copy of "Indirect Spend Guide", to learn: Where the best opportunities for savings are in indirect spend.
It uncovers hidden costs, identifies maverick spending, and reveals patterns and trends in procurement data. By delivering a comprehensive overview of a company’s spend data, it helps procurementteams make informed decisions that align with the company’s financial and operational objectives.
Cristian Maradiaga King Ocean Book a Live Demo Download a free copy of "Indirect Spend Guide", to learn: Where the best opportunities for savings are in indirect spend. How to gain visibility and control of your indirect spend. How to report and analyze indirect spend to identify savings opportunities.
Regardless of industry, procurement buyers fulfill their role by finding the best suppliers, negotiating contracts, and identifying the most cost-effective, timelyprocurement of goods. The best procurement buyers have a solid understanding of market trends, supplier performance, and ethical sourcing.
Feature highlights include: Easy to use five-category classifications, best in class enterprise taxonomy, the ability to gain insights from trend analysis and organisation behaviours, 100% spendvisibility and proprietary machine learning algorithms designed to deliver accuracy. M&A) The solution gives you full spendvisibility.
This phase involves identifying potential risks and liabilities associated with supplier contracts and procurement practices. Key Considerations for Pre-Acquisition Visibility of Spend: Acquirers are looking for transparency in cash flow and spendmanagement.
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