Arkestro

FEBRUARY 20, 2024

Resources / Blog / From Reactive to Proactive: How Predictive Procurement Reshapes the Industry From Reactive to Proactive: How Predictive Procurement Reshapes the Industry The procurement workload is expected to increase by 10.6% How does Predictive Procurement Orchestration Work? The result?

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supply chain budgeting Supply Chain Optimization Procurement Supply Chain Efficiency 52

Skill Dynamics

OCTOBER 19, 2023

Numerous platforms and needs, on top of a multi-tiered supply chain, have made origin tracing even more challenging. Nonetheless, there is a whole lot more to opimizing procurement processes than just cutting costs and then increasing efficiencies. As a result, training on how to navigate these complexities is a must.

Supply Chain Optimization 52

Supply Chain Optimization Strategy Procurement Vendor management 52

Arkestro

JANUARY 9, 2024

According to Deloitte, the manufacturing industry was in contraction throughout most of 2023 due to challenges like increased lead times, tight labor markets, and rising costs. As we move into 2024, procurement teams continue to face hurdles like supply chain volatility, geopolitical tensions, budget restrictions, talent shortages, and more.

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supply chain budgeting Supply chain resilience Procurement Supply Chain Optimization 52

Spend Matters

JANUARY 12, 2024

Procurement priorities will shift as budgets increase Driven by expected budget increases in 2024, procurement teams globally will make a dramatic shift in how they spend their time, placing an added emphasis on pursuing ESG goals.

Procurement solutions 88

Procurement solutions Procurement supply chain budgeting Procurement team 88

ivalua

FEBRUARY 27, 2023

How Inflation Impacts Procurement Inflation affects a number of aspects within the Manufacturing supply chain, including the ability to compete in the market, financial performance, and overall strategy. Manufacturers, take charge of your supply chain!

Real-time Visibility 130

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

Arkestro

OCTOBER 10, 2023

Then we’ll discuss how AI and other innovative technologies are removing current complexities, allowing oil and gas companies to reduce costs, optimize supply chains, and make data-driven decisions. As a result, the industry’s efficiency is falling while operational costs rise. trillion.

Agile and Lean Supply Chain 52

Agile and Lean Supply Chain supply chain budgeting Supply Chain Optimization Supply Chain Efficiency 52

World of Procurement blog

MAY 8, 2024

Procurement differs from purchasing in a few key ways: Strategic focus : Procurement has a strategic, long-term focus on analyzing spend, reducing costs, managing supplier relationships, and mitigating risk. Scope : Procurement spans the entire process from identifying requirements to contract closure.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

Procurement Templates

JUNE 18, 2023

ChatGPT Procurement departments can take several steps to manage inflation effectively. Here are some strategies and practices that can be implemented: Long-term contracts: Procurement teams can negotiate long-term contracts with suppliers that include price adjustment mechanisms.

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Procurement Supply Chain Efficiency supply chain budgeting Raw materials 130

World of Procurement blog

APRIL 23, 2024

Procurement analytics is the process of collecting, processing, and analyzing data related to an organization's purchasing activities to improve efficiency, reduce costs, and provide valuable insights into supply chain operations. Descriptive analytics can help identify patterns and trends.

Procurement 52

Procurement Supply Chain Optimization supply chain budgeting supply chain software solutions 52

World of Procurement blog

APRIL 23, 2024

Procurement analytics is the process of collecting, processing, and analyzing data related to an organization's purchasing activities to improve efficiency, reduce costs, and provide valuable insights into supply chain operations. Descriptive analytics can help identify patterns and trends.

Procurement 52

Procurement Supply Chain Optimization supply chain budgeting supply chain software solutions 52

Procurement Tactics

JULY 4, 2023

The model is also used to compare the actual cost of production to the estimated cost and to identify areas where costs can be reduced. It is a powerful tool that helps procurement and supply chain professionals to evaluate and negotiate pricing with suppliers effectively and favorably and achieve cost savings.

Raw materials 209

Raw materials supply chain software solutions supply chain budgeting Price 209

Procurement Tactics

JULY 2, 2023

Budget Control When it comes to maintaining budgetary control throughout the entire procurement process, job orders are crucial. Managers and businesses may be able to monitor their expenditures in comparison with the approved and allocated budget by indicating expected costs and financial parameters in a job order.

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supply chain budgeting Supply Chain Efficiency Negotiation Budget 184

Arkestro

JULY 6, 2023

Plant shutdowns, production disruptions, supply shortages, and demand surges wreaked havoc on the automotive world in 2020. And unfortunately, many of those same issues are major pain points for procurement teams today. million cars from production due to ongoing supply chain issues and semiconductor shortages.

Supply Chain Efficiency 52

Supply Chain Efficiency Supply Chain Optimization supply chain budgeting Procurement 52

Una

SEPTEMBER 6, 2022

Have you ever been asked to “do more with less” in procurement? Perhaps the size of your team has been reduced, your function’s operating budget has been cut, or there is an organization-wide drive to eliminate waste and increase efficiency. Running a procurement function on a tight budget.

Agile and Lean Supply Chain 98

Agile and Lean Supply Chain supply chain budgeting Procurement Procurement strategies 98

Arkestro

NOVEMBER 14, 2023

Getting a Thanksgiving dinner from farm to table is an intricately complex affair for food and beverage procurement teams, with supply chain shortages, inflation, and rising food costs affecting consumer decisions all playing a part. Supply chain, logistics, and supply all dictate how the market price shapes up.

supply chain budgeting 52

supply chain budgeting Food and Beverage Supply Chain Supply Chain Optimization Procurement 52

Procurement Tactics

JULY 23, 2023

For example, the procurement team looks at their office supplies and finds some outdated technology accessories and too many stationery items that they rarely use. This involves closely aligning procurement with production requirements, and procuring materials and supplies in quantities that meet immediate production needs.

Agile and Lean Supply Chain 196

Agile and Lean Supply Chain Supply Chain Efficiency Procurement team Quality 196

Arkestro

MARCH 27, 2024

After years of focusing on cost reduction, the majority of procurement leaders say they plan to spend more and increase workloads in 2024, meaning procurement buyers will have more power to influence change and optimize spend across the entire supply chain. But what does a procurement buyer do, exactly?

Buyers 52

Buyers Supply Chain Efficiency supply chain budgeting Procurement 52

Arkestro

JUNE 20, 2023

Research-backed procurement strategies can help CFOs achieve their goals while minimizing risk exposure across global supply chains. By implementing the right strategies, CFOs can reduce costs while still maintaining high quality standards. With 36% of leaders prioritizing AI implementation in finance [1].

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Procurement strategies Supply Chain Efficiency Strategy supply chain budgeting 52

Arkestro

MAY 9, 2023

Simply put, organizations still aren’t harnessing the power of technology to its full effect — and they’re missing out on countless opportunities to optimize spending, decision-making, sourcing, and results. As an increasing number of companies prioritize cost containment, the pressure is on for procurement.

supply chain budgeting 52

supply chain budgeting Procurement Supply Chain Optimization Procurement team 52

ivalua

DECEMBER 14, 2020

The pandemic wreaked havoc on businesses and their supply chains, but even in these trying times, there’s a silver lining. The job of sourcing professionals is to understand the risk in the supply chain and manage it so they can react quickly when a problem occurs.” But cost reduction is no longer sufficient.

Agile and Lean Supply Chain 130

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

Skill Dynamics

MAY 15, 2023

Lack of core technical skills is stifling procurement and supply chain teams in the race to Industry 4.0 Over two-thirds (69%) of supply chain and procurement leaders recognize technical skills as a crucial requirement, closely followed by strategic thinking (67%).

supply chain budgeting 52

supply chain budgeting Supply Chain Efficiency Supply Chain Optimization Supply Chain Visibility 52

Procurement Tactics

JULY 20, 2023

But with Supplier order management software, businesses can now automate and optimize these processes, resulting in improved efficiency, cost savings, better customer services, reducing manual errors, and optimizing the overall procurement flow. Supplier Order Management Software: What it is?

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supply chain software solutions Suppliers Management Real-time Visibility 134

Supply Chain Game Changer

OCTOBER 28, 2021

Subscribe to Supply Chain Game Changer. Featuring Our 12 Best Procurement Articles! Procurement is a function that is undergoing an exciting transformation in the majority of global value chains; simultaneously, within its own strategy, process, and technology. Subscribe Here! Email Address.

supply chain budgeting 89

supply chain budgeting Procurement Supply Chain Efficiency e2e 89

Procurement Tactics

JUNE 28, 2023

In this article, we are going to explore what procurement tracking is, its importance in business and the tools to be used when conducting it for its efficient execution. It also ensures that the procurement process is aligned with financial targets and objectives.

Supply Chain Efficiency 178

Supply Chain Efficiency Procurement supply chain software solutions supply chain budgeting 178

Empowering CPO

MAY 5, 2023

In essence, procurement serves as the backbone of an organization’s supply chain, contributing to cost savings, risk management, and supplier relationship management. As a result, effective procurement is crucial to maintaining a competitive edge and supporting overall business objectives.

Supply Chain Efficiency 52

Supply Chain Efficiency supply chain budgeting Procurement Real-time Visibility 52

Una

OCTOBER 12, 2023

Understanding Offshoring, Onshoring, Nearshoring, and Rightshoring in Procurement Explore the nuances between offshoring and other approaches to procurement and how each one can impact the bottom line, supply chain resilience and overall strategic objectives.

Supply Chain Optimization 52

Supply Chain Optimization Procurement Supply chain resilience supply chain budgeting 52

Arkestro

DECEMBER 12, 2023

It’s a time that can be both exciting and stressful for retailers, especially when many procurement teams face supply shortages, staffing shortages, and other day-to-day challenges. Then, we’ll share some tips on how retailers can streamline and optimize procurement to ensure a successful holiday shopping season.

Procurement 52

Procurement Supply Chain Optimization Supply Chain Efficiency Agile and Lean Supply Chain 52

Arkestro

JANUARY 18, 2023

Since raw materials are expensive—accounting for anywhere from 50% to 70% of sales revenue for chemical companies —procurement is in the spotlight. Reducing costs in the industry by even a fraction has a huge impact on profitability. This means procurement will need to be innovative.

Raw materials 94

Raw materials Procurement supply chain budgeting Supply Chain Efficiency 94

NLPA (Next Level Purchasing Association)

SEPTEMBER 8, 2023

A successful procurement transformation involves a strategic overhaul of processes, technologies, and approaches to achieve greater efficiency, cost savings, risk management, and value creation. This results in better negotiation outcomes, improved quality, reduced costs, and enhanced overall value delivery.

Procurement 52

Procurement Strategic sourcing Strategic sourcing Supply Chain Efficiency 52

Procurement Tactics

OCTOBER 13, 2022

However, not many people know their real role in procurement. . We will discuss the role of strategic sourcing managers within the procurement team and their responsibilities in a company. Strategic sourcing is a part of the supply chain and puts an emphasis on customized solutions and strategic partnerships.

Strategic sourcing 200

Strategic sourcing Strategic sourcing Sourcing Management 200

Pipefy

JANUARY 30, 2024

In the 2024 State of Procurement Data Report by Amazon Business, 95% of decision-makers surveyed acknowledge that there’s room for procurement optimization. Teams will need to rely on greater investments in the right tools and technology to make these optimizations, from no-code automation to AI and data analytics.

Agile and Lean Supply Chain 52

Agile and Lean Supply Chain Procurement Real-time Visibility Supply Chain Efficiency 52

Arkestro

APRIL 11, 2023

With ever-changing customer demands and supply chain disruptions, the last thing you need is a complex sourcing strategy that can lead to engaging the wrong suppliers. An additional layer of complexity is added as the automotive supply chain relies on a tiered system which makes it mission critical to have timely deliveries.

Suppliers 52

Suppliers Raw materials supply chain budgeting Procurement 52

Una

APRIL 9, 2024

It might not seem like much but at the time, that meant more wiggle room in our household budget as a young family. The opportunity to refinance was a no-brainer; we could do it relatively quickly and it didn’t cost us anything out of pocket. Bettering your bottom line As a procurement leader , I’m sure you’re often (always?)

Purchasing 52

Purchasing supply chain budgeting Real-time Visibility Supply Chain Optimization 52

Una

JULY 25, 2023

This article explores the importance of monitoring supplier KPIs and why having them in place is key for reducing costs and improving your bottom line. The first three KPIs we suggest every procurement team should monitor are: Defect rates Lead time Contract compliance Can you guess what the other four KPIs will be?

Strategic sourcing 52

Strategic sourcing Strategic sourcing Procurement Category management 52

ivalua

MAY 6, 2021

The past few years have been a boon for procurement, which has become increasingly strategic and critical to business. The pandemic has accelerated this trend, with the Procurement function front and center in the fight to ensure supply chain resilience and continuity, reduce costs and protect the bottom line.

supply chain software solutions 130

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

Empowering CPO

FEBRUARY 11, 2024

Introduction In the ever-evolving landscape of procurement, organizations are turning to strategic sourcing services to navigate the complexities and achieve sustainable success. At EmpoweringCPO, we understand the pivotal role it plays in optimizing the supply chain, reducing costs, and fostering long-term competitiveness.

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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. This functionality ensures that procurement teams can respond swiftly and effectively to changing market conditions, enhancing their strategic impact.

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