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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.
Fragmented systems, rising cost pressures, and shifting risk profiles are making it harder than ever to manage procurement effectively. But what does it actually take to regain control and build a procurement strategy that’s both resilient and scalable? How do you begin developing a procurement strategy?
Fragmented systems, rising cost pressures, and shifting risk profiles are making it harder than ever to manage procurement effectively. But what does it actually take to regain control and build a procurement strategy that’s both resilient and scalable? How do you begin developing a procurement strategy?
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.
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.
Direct and indirect procurement are two fundamental approaches in supply chain management, each serving distinct functions within an organization. Together, these procurement strategies are essential for robust, efficient business operations. Discover how Ivalua can transform your direct and indirect procurement.
Rising software costs, lack of procurement oversight, compliance headaches, and clunky vendor management. Many organizations are discovering that without clear procurement software best practices, costs spiral, risks multiply, and efficiency stalls. Key Takeaways What is Procurement Software – and why is it important?
As supply chains become more interconnected and risks more dynamic, traditional procurement tools fall short. AI agents offer a smarter, faster way to manage sourcing, risk, and spend across the entire procurement lifecycle. What’s the technology behind autonomous procurement agents?
As supply chains become more interconnected and risks more dynamic, traditional procurement tools fall short. AI agents offer a smarter, faster way to manage sourcing, risk, and spend across the entire procurement lifecycle. What’s the technology behind autonomous procurement agents?
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?
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.
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.
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.
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.
Procurement and purchasing are often used interchangeably, but they serve distinct roles within any successful organization.While both involve acquiring goods and services, their workflows, objectives, and impact on enterprise risk management differ significantly. Procurement vs. Purchasing: What’s the Difference? What is Procurement?
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 is often an overlooked area within organizations, working behind the scenes to ensure businesses have the goods and services they need to operate at their best. Considering its importance, it makes sense that modern procurement teams have a structured approach to developing essential skills and capabilities.
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.
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. ,
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.
It requires you to juggle multiple priorities: unifying systems, improving visibility, reducing risk, and proving ROI across every stage of the procurement process. Learn how Ivalua’s Source-to-Pay solution can streamline procurement and deliver enterprise-wide impact. Choosing the right Source-to-Pay (S2P) tools can be overwhelming.
Enterprise procurement leaders are under more pressure than ever—juggling cost control, compliance, supplier risk, and internal complexity, all while trying to modernize outdated systems. AI, automation, and generative tools are redefining efficiency, allowing procurement teams to move from reactive to proactive decision-making.
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.
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 our previous posts ( part 1 , part 2 ), we explored the potential of AI agents in procurement, how they can drive efficiency, and the organizational changes required to adopt them effectively. A unified procurement platform ensures that agents function as part of an integrated system.
Enterprise procurement teams face growing pressure to deliver strategic value – managing supplier risk, ensuring compliance, and supporting sustainability – all without sacrificing speed or control. This blog explores the most common challenges in digital procurement and the capabilities that matter most.
Subscribe Digital Procurement Improves Supply Chain! And so are your procurement responsibilities. Sometimes, unforeseen disruptions, whether a natural disaster or an internal planning issue, can throw your procurement process off course. Understanding the most common procurement hurdles can help you navigate them effectively.
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.
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.
Over the past few months we have published about 30 articles as part of our Procurement Digital Transformation Survival Guide series. This content allowed us to explore how procurement transformation really happens, from shifting mindsets to implementing technology. A recurring point was that procurement cannot transform alone.
In this type of environment, traditional procurement software and manual processes are insufficient – and many procurement teams are looking to artificial intelligence (AI) for answers. Key Takeaways Understand the potential impact of AI – including Generative AI & AI Agents – in procurement.
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).
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.
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).
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.
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.
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.
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.
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.
Agentic AI is transforming procurement — from intake and sourcing to risk management and P2P exception handling. Learn how agentic systems unlock value in supplier discovery, contract compliance, tail spend and more — driving speed, savings and resilience in direct and indirect procurement. This content is for members only.
This article covers phase 4 of our series: Improving expense management for financial forecasting and control – A Finance–Procurement alignment approach. In phase 1 and phase 2 of this series, we explored how misalignment between finance and procurement can erode forecasting accuracy and create blind spots in employee-driven spend.
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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