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Procurement and supplychain 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.
Key Takeaways Procurement technology is evolving from basic digitization to a strategic enabler, helping enterprises automate processes, reduce risk, and improve supplier collaboration. It forms the foundation of digital procurement, enabling better spend visibility, improved compliance, and faster, more efficient operations.
AI is the game-changer that allows procurement professionals to escape the cycle of transactional work and focus on what really moves the needle: strategicsourcing, supplier collaboration, and advanced analytics. big data) in realtime, spotting correlations and trends that would otherwise go unnoticed.
ERP solutions often lack robust capabilities around managing all of the data attributes for products and vendors, and cannot update them in realtime or in an automated fashion. Best-in-class solutions do a better job of capturing usage data for healthcare products at the time of patient use. Demand planning capabilities.
Tier 1 suppliers and their suppliers—and their suppliers’ suppliers—make up an organization’s multi-tier supplychain. Collaboration across Tier 1, Tier 2, Tier 3, and beyond requires visibility and communication regarding capacity, cost, risk, order quantities, inventory levels, quality , timelines, logistics, and more.
EPISODE 137 Using Visibility to Combat SupplyChain 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.
It helps bring predictability to StrategicSourcing, automates Transactional Procurement (or P2P cycle), and enables proactive Supplier Risk Management. Collaborating with the suppliers without any systems would mean wasting time searching through voicemails, printed documents, and email threads to locate the needed information.
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.
Their main objective is to ensure that supplier contracts align with the business’s objectives and protect its interests at all times. Include case studies and real-world situations to make the training content relevant and engaging. Strategic planning – vital for matching procurement strategies to overarching organization goals.
2) Real-timevisibility is extremely valuable during times of crisis! In the supplychain, visibility involves status reporting from suppliers, through the production&distribution infrastructure and all the way down to the shelf level. This one builds on the visibility level.
This goes way beyond traditional source-to-pay and e-auction platforms. This exciting trend persuaded us that it’s about time we featured an article on these procurement tools specifically. SourceDay’s unique selling point lies in its revolutionary approach to automating supplychain communications.
2) Real-timevisibility is extremely valuable during times of crisis! In the supplychain, visibility involves status reporting from suppliers, through the production&distribution infrastructure and all the way down to the shelf level. This one builds on the visibility level.
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