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Fragmented systems, rising cost pressures, and shifting risk profiles are making it harder than ever to manage procurement effectively. Strategies that worked just a few years ago are now too rigid, manual, or disconnected to keep up. How do you begin developing a procurementstrategy?
Fragmented systems, rising cost pressures, and shifting risk profiles are making it harder than ever to manage procurement effectively. Strategies that worked just a few years ago are now too rigid, manual, or disconnected to keep up. How do you begin developing a procurementstrategy?
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. Strategic Objectives Cost Savings: Achieve cost reduction targets through effective supplier negotiations and strategic sourcing.
Artificial intelligence use in procurement isnt a distant dream its here, reshaping how procurement professionals work. From simple automations that save time to sophisticated strategies that drive major business value, embedding AI in your business processes can provide immense value. But where should you begin?
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.
As part of our theme this quarter on Procurement’s role and value in supply chain risk management, we are speaking with practitioners in the field to understand their perceptions of risk — clearly different industries perceive types of risk in different ways.
Direct and indirect procurement are two fundamental approaches in supply chain management, each serving distinct functions within an organization. Together, these procurementstrategies are essential for robust, efficient business operations. Discover how Ivalua can transform your direct and indirect procurement.
E-procurement is a digital process spanning the entire procurement lifecycle, from sourcing and contracting to ordering, invoicing, and payment. Unlike basic online purchasing tools, a sophisticated e-procurement system provides an integrated solution that connects all procurement functions.
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.
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?
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?
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?
One policy shift and your sourcing strategy is upside down. 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.
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.
But what’s often missing is a full view of what’s driving those cash flows earlier in the process: purchase requests, supplier terms, invoice exceptions and early-payment strategies. That’s where procurement comes in — or rather, should come in. Procurement can — and should — play a direct role in that conversation.
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?
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.
Without the right strategy, enterprises face hidden risks and unnecessary spend. Tail spend — often unmanaged, fragmented and costly — can account for as much as 80% of total transaction volume. It’s time to shift from fragmented, ad hoc purchasing to a strategic, technology-driven approach.
Procurement has evolved from a back-office function to a strategic driver of innovation and value. Real transformation demands a mix of creativity, strategy and much patience. Digitalization involves applying digital technologies to improve existing processes, like implementing e-procurement systems.
A Procurement System refers to a sophisticated framework or software designed to streamline and automate various stages of the procurement process within an organization. Best-of-breed solutions often specialize in specific aspects of procurement, while full-suite solutions seamlessly automate multiple process steps.
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.
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.
With disruptions looming, procurement and supply chain managers are stepping up their game. This new report from The Economist and GEP explores how procurement and supply chain professionals are responding to shifting business dynamics. What new tools and strategies can help? No wonder, resilience is a top priority today.
Procurement fraud is often overlooked, but it can tear away at your company’s integrity and reputation from the inside if left unchecked for too long. Proactively identifying and managing procurement fraud is incredibly important when safeguarding your organization’s future. Lets take a look.
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.
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.
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.
What are the risks for procurement in 2023? Read the GEP Spend Category Outlook 2023 report now to build successful spend management strategies across 22 indirect & direct categories. What should leaders do to deliver value amid uncertainties?
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.
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.
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. ,
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.
Procurement and supply chain leaders have faced their share of disruption and economic turmoil these past four years. Finally, there’s some breathing room, and the opportunity to create long-term strategy, build resilience and explore the growing potential of artificial intelligence.
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.
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.
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.
In the ever-evolving landscape of supply chain management, procurement leaders must stay ahead of the curve to ensure success in 2025 and beyond. In this article, we will explore four key strategies that procurement leaders can adopt to navigate the complexities of the future supply chain landscape.
CEOs want strategy. And supply chain and procurement leaders need to be ready with the right response — fast. “What should we do about the tariffs?” There’s no straightforward answer — every leader has a different expectation. CFOs want numbers. COOs want action.
To manage tariffs effectively, companies must align their tariff strategies with their broader business goals, including product design, pricing, supply chain resilience and sustainability objectives. This article explains how this affects Procurement. This content is for members only. Visit the site and log in/register to read.
In part 1 of this mini series on tariffs we looked in more detail at what we mean by tariffs and in part 2 we talked about a Procurement action plan. In part 3 we look at the tech that can support Procurement in tariff management. Design-for-Supply part 1, part 2, part 3 and part 4. Visit the site and log in/register to read.
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.
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