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Many spend analytics vendors apply that analytical expertise elsewhere, such as contracts, carbon emissions or supplier performance. This piece covers how risk data specifically comes into play for traditional spend analytics vendors. The post How spend analytics solutions support riskmanagement appeared first on Spend Matters.
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. On top of that, for all organizations, the threat of unrest, war, pandemics, natural and man-made disasters can require suppliers to rethink and relocate.
As part of our series on all aspects of riskmanagement, we are taking a look at the digital capabilities of risk solutions (supplierriskmanagement, TPRM and SCRM). The first part covers the enabling and supporting capabilities and the second covers risk governance. This content is for members only.
The post How contract management solutions support riskmanagement appeared first on Spend Matters. Here, we explore the overlap of these types of solutions. This content is for members only. Visit the site and log in/register to read.
As part of our series on all aspects of riskmanagement, we are taking a look at the digital capabilities of risk solutions (supplierriskmanagement, TPRM and SCRM). The first part covers the enabling and supporting capabilities and here we cover risk governance. This content is for members only.
This introduction to supplierriskmanagement outlines the importance of effectively identifying and managingrisks that may arise from suppliers. Supplierriskmanagement is crucial for businesses, as it helps them mitigate potential challenges that can disrupt operations.
The annual State of Flux global supplier relationship (SRM) management study made its appearance in London last week at the 2024 SupplierManagement Summit in its 16th rendition, this time themed ‘Return on Relationships (RoR). Those organizations also supported the suppliers that needed it. when others were not.
To improve resilience and business continuity in the face of pandemics, wars, natural disasters and other supply chain vulnerabilities, businesses are adopting comprehensive supplierrisk-management initiatives.
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. Design-for-Supply part 1, part 2, part 3 and part 4.
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.
Because they are embracing orchestration capabilities to coordinate supplier facing processes across business units and functions and adding value within those orchestrated workflows. Value generation : Beyond savings, orchestrated procurement focuses on innovation, supplier enablement and enterprise agility. AI suggests actions.
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.
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.
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.
Holistic RiskManagement Approach: Proactive Identification: Implementing proactive measures to identify and assess diverse risks, ranging from supply chain disruptions to market fluctuations, regulatory changes, and operational inefficiencies. appeared first on ProcurePort Blog.
Here’s a detailed guide to enhance procurement capabilities across various domains: Strategic Sourcing and SupplierManagement Actionable Steps: Analyze Spend Data: Use spend analysis tools to identify areas where costs can be reduced or efficiencies improved. Workshops on negotiation and supplier relationship management.
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).
This Spend Matters Vendor Analysis gives an overview of smartKYC, a risk (supplier due diligence) solution built to ensure that organizations stay on top of reputational and compliance risks. This Vendor Analysis provides an overview of smartKYC, a look at the competitive landscape, user considerations and an analyst summary.
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.
As part of our third-party/supply chain riskmanagement (TPRM/SCRM) series, today we address the riskmanagement landscape. Many solutions exist to managerisk in its broadest definition. However, they don’t necessarily all have the same focus and capabilities. Visit the site and log in/register to read.
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. This content is for members only. Visit the site and log in/register to read.
PWC has been publishing the annual procurement survey since 2015, capturing many of the trends in procurement that we now see in organisations, such as the focus on supplierriskmanagement. The post Will 2021 be about Cost Reduction or Strategic Supplier Relationships? Interested in learning more?
When we talk about reputational risk, we refer to damage to a company’s name or brand resulting from the negative actions (inadvertent or not) of a top-tier supplier or sub-tier part of the supply chain. Find our in-depth guide to third-party and supply chain riskmanagement with accompanying free download here.
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?
In this Spend Matters Vendor Analysis, we provide an overview of Supply Risk Solutions and its solution for supplier (chain) riskmanagement. Supplierriskmanagement is crucial for a variety of reasons. It tracks geopolitical risk, natural disaster risk and financial risk.
Maja Tepeh , Senior Brand Manager at supply chain riskmanagement solution Prewave , shares what their customers are looking for from their digital procurement investment. On the growth side, selecting sustainable suppliers helps companies improve retention among their customer base.
Strategic Sourcing: The Foundation of Effective Procurement Strategic sourcing is far more than simply choosing suppliers. It involves a methodical approach aimed at developing long-term supplier relationships, mitigating risks, and improving overall cost efficiency. Click here!
When vetting potential suppliers and customers, it's vital to assess their risk-management profiles and strategies, says Danny Thompson, chief product officer at apexanalytix.
This Spend Matters Vendor Analysis provides an overview of Halo Ai and its solution for third party riskmanagement. Third-party riskmanagement (TPRM) is often an afterthought for organizations or a measure only taken after a risk event occurs. This content is for members only.
Supplier Relationship Management Software — Everything You Should Know. Supplier relationship management software is a very important factor for procurement managers to strengthen their relationship with their suppliers. However, what is this supplier relationship management software?
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. Savings can be cashable or non cashable i.e. cost avoidance.
It is now a strategic enabler of operational efficiency, cost savings and supplier innovation. Heres where e-procurement processes often break down: Fragmented catalog and suppliermanagement: Inconsistent supplier onboarding and unstructured catalogs result in pricing discrepancies and procurement delays.
These issues can affect direct suppliers, but they can also occur anywhere throughout the supply chain, e.g., sub-tier suppliers, shipping and other logistics service providers. Find our in-depth guide to third-party and supply chain riskmanagement with accompanying free download here. What causes man-made risk?
The post Resilinc: Vendor Analysis Update — Supply (chain) riskmanagement solution overview, competitors, tech selection tips, analyst summary appeared first on Spend Matters. This Vendor Analysis Update provides an overview of Resilinc, looks at the competitive landscape, provides selection tips and closes with an analyst summary.
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.
The Art of Supplier Collaboration: Best Practices to Build Lasting Partnerships Dynamic market changes and global events seem to create newer demands and greater pressure on procurement professionals. Growth Strategic supplier relationships are vital for supporting business growth.
It offers a comprehensive risk assessment product encompassing various risk dimensions, such as ownership control, operational, financial health, ESG, cyber, reputational, criminal, regulatory and product risk within the supply chain. This content is for members only. Visit the site and log in/register to read.
Managing a global supply chain has never been more challenging, with complex, ever-evolving regulations, increasingly frequent extreme weather events, volatile geopolitical crises, and sophisticated cybercrime.
After the last few tumultuous years, procurement teams are still facing steep challenges in getting ahead of supplier and supply chain risks. Some organizations have opted to invest in new, more robust supplier and third-party riskmanagement (TPRM) systems, while others are optimizing their existing systems.
With more than 7,000 buyers and over 825,000 suppliers on its network, the company offers a comprehensive platform that blends SaaS technology with managed payment execution, supplier onboarding services and deep ERP integrations. These include Comdata, Cambridge Global Payments, NvoicePay and AFEX.
By understanding the S&OP process, procurement teams can make more informed decisions, improve supplier relationships, and support overall business growth. They can get involved in the Demand Review of S&OP and see the NPI pipeline and also any changes in product design changes and communicate with suppliers proactively.
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