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To round off that perspective we’d like to engage the thoughts of the solution providers themselves, particularly in terms of how they believe their customers perceive risk and what they want from today’s solutions. Visit our In-Depth Guide to RiskManagement for an explanation of this complex environment.
To round off that perspective, we’d like to engage the thoughts of the solution providers themselves, particularly in terms of how they believe their customers perceive risk and what they want from today’s solutions. Visit our In-Depth Guide to RiskManagement for an explanation of this complex environment.
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. It was around 2020 when I saw organizations really start to focus on risk, both the broader risk in their environment and the risks in their supply chain.”
Strategic sourcing and innovative solutions are often viewed as two distinct procurement tools, but they should not be seen in isolation. Strategic Sourcing: The Foundation of Effective Procurement Strategic sourcing is far more than simply choosing suppliers. Done well, it can become a key driver of competitive advantage.
Direct materials sourcing is evolving, with procurement now tasked not only with cost efficiency but managing sustainability and riskmanagement. The environment is marked by heightened demand and expectations, compounded by challenges such as rising input prices, supply chain disruptions and geopolitical tensions.
Sourcing consultants now… The post RiskManagement Strategies From Leading Sourcing Consultants first appeared on Procurement Blog | Procurement & Supply Chain News. Market uncertainties across the globe have transformed how businesses approach procurement practices.
In part 3 we look at the tech that can support Procurement in tariff management. Effective and efficient tariff management is rooted in robust direct materials and supply chain riskmanagement. Direct materials management is essential for aligning demand, supply and product objectives throughout the product lifecycle.
As part of our third-party/supply chain riskmanagement (TPRM/SCRM) series, today we address the ROI of riskmanagement. As we inferred in our exploration of the types and sources of risk, riskmanagement done well can reap rewards, just as riskmanagement ignored can reap chaos.
For this year’s Spend Matters Fall 2024 SolutionMap release – our comprehensive methodology designed to help organizations evaluate and select procurement solutions – we launched a new module: third-party (and supply chain) riskmanagement (TPRM and SCRM).
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, riskmanagement, and cost reduction.
As part of our theme this quarter on Procurement’s role and value in supply chain riskmanagement, we are speaking with practitioners in the field to understand their perceptions of risk — clearly different industries perceive types of risk in different ways.
Third-party RiskManagement (TPRM) within Services organizations, especially Financial Services (FSI), has become critical over the last few years. Some of this is due to regulation but a lot is simply due to the increase in risk occurrences of varying types and the increasing complexity of third- party relationships.
ERM vs GRC Two key frameworks for managingrisk are Enterprise RiskManagement (ERM) and Governance, Risk and Compliance (GRC). Riskmanagement (R) to identify, assess and mitigate risks that could hinder the organization’s ability to achieve its objectives.
Strategic SourcingManager — The Ultimate Guide. A strategic sourcingmanager is a key person in ensuring that the strategic process is effective and efficient. In this article, we will discuss what a strategic sourcingmanager is. Strategic Sourcing Explained. What is a Strategic SourcingManager?
Here’s a detailed guide to enhance procurement capabilities across various domains: Strategic Sourcing and Supplier Management Actionable Steps: Analyze Spend Data: Use spend analysis tools to identify areas where costs can be reduced or efficiencies improved. Resources: Online courses on strategic sourcing (e.g.,
This introduction to supplier riskmanagement outlines the importance of effectively identifying and managingrisks that may arise from suppliers. Supplier riskmanagement is crucial for businesses, as it helps them mitigate potential challenges that can disrupt operations.
18 Must-Have Negotiation Skills For Procurement Professionals Download Course Details → Or receive our famous weekly newsletter Source-to-Contract — The Ultimate Guide Source-to-contract is an important process in procurement. If you want to know about source-to-contract, then this is for you! What is Source-to-Contract?
This realization planted the seed for a solution that would later become Halo Ai — a system designed to create comprehensive risk profiles for third parties, enabling organizations to operationalize their riskmanagement strategies more effectively. What is the road ahead for Halo Ai?
What is Halo Ai HaloAi is a third-party riskmanagement (TPRM) solution that aims to be a one-stop shop for third-party risk so that organizations do not need multiple point solutions. Halo Ai uses AI models to connect, correlate and contextualize real-time data points to bring customers the full risk story.
These and other similar risks have increased with globalization, and reputational damage can be significant, as many cases have shown over the years. Find our in-depth guide to third-party and supply chain riskmanagement with accompanying free download here. What causes reputational risk The causes come from many quarters.
Herculean efforts by Procurement and Supply Chain departments to keep supplies flowing have prevented even more extreme disruptions than what we’ve experienced, but have inadvertently created additional risks. . Taking a category view often means little more than ensuring alternate sources are available.
Continuing our series on third-party/supply chain riskmanagement (TPRM/SCRM), here we illustrate the breadth and complexity of risk that organizations today must navigate and manage. The post Risk is complex — The different types and sources of risk appeared first on Spend Matters.
Sustainable supply chains can address the key drivers of forest and biodiversity loss in the agriculture and forestry sectors, fueling biodiversity conservation and responsible sourcing of commodities like palm oil, soy, timber, and much more.
Strategic Sourcing Simplified: Best Practices for Maximizing Value Strategic sourcing goes beyond cost savings its about making informed decisions that drive long-term value. Now well dive into best practices in these critical areas to ensure a more effective and resilient sourcing strategy.
What is Source to Pay (S2P)? Yet in the case of source to pay, it is wholly justified. That said, many organizations, including large enterprises, may not think in terms of source to pay as an end-to-end process, if they think about it at all. Yet there are good reasons to do so.
We recently examined Supplier Management, RiskManagement and Spend Analytics; today we focus on Sourcing. The post Meet AI in Sourcing appeared first on Spend Matters. In this series of articles we explore the current state of AI in procurement technology. Visit the site and log in/register to read.
and its solution for Sourcing, Contracts, Procurement, AP Automation, Vendor Onboarding, Budgets, Reporting & Analytics and Vendor RiskManagement. Companies seeking support in areas across the source-to-pay (S2P) process can struggle with managing multiple tools. Here’s why Zapro.ai
Strategic Objectives Cost Savings: Achieve cost reduction targets through effective supplier negotiations and strategic sourcing. Supplier Relationship Management: Build and maintain strong supplier partnerships to ensure long-term business value. Explore alternative sourcing models , such as consortium buying or global sourcing hubs.
Tariff management is a strategic subset of direct materials management and sourcing that involves navigating and optimizing the complex costs and regulatory implications of importing materials and goods across borders. Tariffs essentially taxes imposed on imports and exports directly impact product cost structures.
Man-made risk categories can overlap with other risk categories (for example, cyber and reputational) because man-made focuses more on the cause than the consequences. Find our in-depth guide to third-party and supply chain riskmanagement with accompanying free download here. What causes man-made risk?
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. Discuss bottlenecks in the supply of raw materials or alternate sources to procure balance and level production plans.
I asked my assistant to help me mock up a strategic sourcing framework and she did a fairly good job but made a few mistakes. By the way, when doing sourcing preparations it doesn’t mean that you can’t work on multiple parts at once and go back and forth before the tender is issued but there is a typical order.
This Spend Matters Vendor Analysis gives an overview of Enlighta Spice, a supplier governance and risk solution built to manage performance and risks related to external spend with a focus on services spend.
Ivalua, a global leader in spend management , and KPMG Norway today announced that Aker BP has gone live with Ivalua’s S2C and Supplier Relationship and RiskManagement (SRM) solutions to streamline its direct and indirect procurement operations. Redwood City, CA, 25 April, 2023. Learn more at www.ivalua.com.
Having been heavily involved with this cycles SolutionMap, Spend Matters Director of Strategic Projects & Research Analyst, Nikhil Gaur, noted that alongside the Spring 2025 update … We are thrilled to release our Intake & Orchestration SolutionMap rankings for the first time. Data is refreshed every 6 months.
Understanding regulations is critical – but what truly builds resilience is training agile, informed teams who can pivot fast, minimize risk, and protect performance when global trade gets turbulent. It sends shockwaves through sourcing, supplier relationships, profitability, and operational decision-making.
Sourcing is getting smarter. To start, many organizations have already pivoted from a tactical to a strategic sourcing mindset—which can make all the difference when it comes to gaining and retaining a competitive advantage. But now, the benefits of strategic sourcing are becoming even more attainable thanks to innovation.
20152020: Procurement Gains Strategic Recognition Emergence of Strategic Sourcing : CFOs began to recognize procurement’s role in driving long-term value through strategic sourcing, supplier relationships, and riskmanagement. Analytics and insights from procurement data were minimal.
Procurements most valuable players Jesus Campos , CEO CorporateLATAM, once wrote on Spend Matters that procurement functions must address two key areas to navigate the uncertainty of global markets: riskmanagement and organizational structure the latter being relevant to our discussion on procurement transformation. The RiskManager.
AI-driven procurement analytics, workflow automation and predictive modeling enable organizations to make data-backed purchasing decisions and enhance supplier riskmanagement. Leverage AI to enhance supplier insights, spend analytics and riskmanagement. Strengthen procurement integration with finance, IT and suppliers.
As teams worked with suppliers through creative solutions, it became obvious that transparency and supplier riskmanagement are essential components to maintain stability during crises like these. Digital transformation will lead to the evolution and digitization of key procurement processes, from source-to-pay.
See our RiskManagement in-depth guide. New ‘My Marketing’ functionality We’re also excited to announce the launch of a new capability within SolutionMap Insider that allows for tailored, generated images to illustrate vendor comparisons. As such, we’re pleased to introduce the ‘My Marketing’ functionality.
• The procurement process in any organization is a combination of several functions that require expertise ranging from sourcing, data collection and analysis, negotiation, accounting, riskmanagement, project management, and many more. Needs Recognition– Needs are recognized at the department level […].
The new set of regulations add an additional layer of compliance and riskmanagement to the procurement process. These extra steps may require additional resources and expertise, and more sophisticated technologies and tools to better manage the process. The post What does the German Supply Chain Act Mean for Procurement?
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