World of Procurement blog

MAY 8, 2024

Metrics : Procurement tracks savings, efficiencies, supplier performance, and risk. Procurement is strategically important because it: Drives significant cost savings through economies of scale, supplier negotiations, and process efficiencies. Purchasing relies on more basic solicitation processes.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

ivalua

JUNE 26, 2023

Automating strategic sourcing not only simplifies the process but also offers significant savings, increased efficiencies, and better governance. Organizations with an integrated strategic sourcing platform powered by automation can yield considerable benefits in terms of cost savings, efficiencies, and intelligent decision-making.

Supply Chain Efficiency 244

Supply Chain Efficiency Strategic sourcing Strategic sourcing Procurement 244

World of Procurement blog

MAY 8, 2024

It helps reduce financial losses from poor contracts, improve vendor relationships through structured coordination, increase operational efficiency and cost savings, minimize revenue leakage, and ensure proper compliance. The contract manager tracks performance to ensure compliance, initiate renewals, amendments, or terminations.

Contract management 52

Contract management Contract Management e2e 52

Procurement Tactics

JANUARY 2, 2023

There will always be the temptation to use the latest technology to keep track of intricate processes. However, that cannot be the case with supplier integration as understanding and compliance is the center of success. . Thus, it increases visibility on both sides and helps you track items immediately. . Simplify your process.

Suppliers 199

Suppliers Supply Chain Efficiency Real-time Visibility Supply chain 199

World of Procurement blog

APRIL 23, 2024

Cost Savings Tracks the reduction in costs achieved by negotiating better terms, consolidating purchases, or finding more cost-effective suppliers. Supplier Compliance Rate Monitors how well suppliers adhere to agreed terms and conditions, including delivery deadlines, quality standards, and pricing agreements.

Procurement 52

Procurement Supply Chain Efficiency Procurement team Quality 52

World of Procurement blog

APRIL 23, 2024

Cost Savings Tracks the reduction in costs achieved by negotiating better terms, consolidating purchases, or finding more cost-effective suppliers. Supplier Compliance Rate Monitors how well suppliers adhere to agreed terms and conditions, including delivery deadlines, quality standards, and pricing agreements.

Procurement 52

Procurement Supply Chain Efficiency Procurement team Quality 52

World of Procurement blog

APRIL 23, 2024

Procurement analytics takes advantage of this data, providing insights into various aspects of the procurement function such as spend analysis, supplier performance, contract compliance, and forecasting. Market Analysis: Keep track of market conditions that could affect prices, availability, and lead times for goods and services.

Procurement 52

Procurement Supply Chain Optimization supply chain budgeting supply chain software solutions 52

World of Procurement blog

APRIL 23, 2024

Procurement analytics takes advantage of this data, providing insights into various aspects of the procurement function such as spend analysis, supplier performance, contract compliance, and forecasting. Market Analysis: Keep track of market conditions that could affect prices, availability, and lead times for goods and services.

Procurement 52

Procurement Supply Chain Optimization supply chain budgeting supply chain software solutions 52

Procurement Templates

MARCH 3, 2024

Risks may include budget constraints, supply chain disruptions, quality issues, legal compliance, etc. Risk Assessment : Identify and assess potential risks associated with each procurement category, such as supply chain disruptions, quality issues, geopolitical factors, and regulatory compliance.

Strategic sourcing 130

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 130

Procurement Tactics

NOVEMBER 17, 2022

Nonetheless, the framework can help manufacturers in enhancing their processes and track their progress so that they can show their stakeholders. . Tracking/Measuring. Manufacturers should measure or track the progress of their sustainability initiatives. Decreases regulatory compliance costs. Higher sales.

Sustainability 203

Sustainability Supply Chain Efficiency Data Supply Chain Optimization 203

Una

APRIL 6, 2023

Benefits realization in procurement Without monitoring contract compliance and supplier performance over time, the monetary and other benefits you worked so hard to secure throughout the supplier negotiation can be seriously eroded. Without rigorous contract management, up to 75% of cost savings can disappear within 18 months of signing.

Procurement 97

Procurement Supplier relationship management Supplier negotiation Contract 97

Procurement Tactics

SEPTEMBER 21, 2022

Businesses of all sizes need to save money and reduce costs as much as possible. Saving money enables them to invest more which allows them to scale and earn higher profits. . Also, there is a risk associated with the economic cost of sustainable procurement disruptions due to non-compliance with industry environmental regulations. .

Sustainability 188

Sustainability Procurement Cost of ownership Suppliers 188

HICX

MAY 1, 2024

By laying a solid supplier data foundation, companies can better manage risks, ensure compliance with regulations, and fulfil Environmental, Social, and Corporate Governance commitments. In numbers, a median company saves approximately half of the labor costs through efficiency gains, resulting in about $500,000 of savings annually.

Suppliers 52

Suppliers Supply Chain Efficiency Risk management Supply Chain Optimization 52

ivalua

FEBRUARY 8, 2023

Procurement teams are now expected to manage a lot of moving parts — from supplier relations to spend, risk, compliance, contractual obligations, contingency plans and more — and a lack of visibility inhibits their ability to do any of that effectively. Work to achieve 100% supply chain visibility. Why is visibility so important?

Supply chain resilience 242

Supply chain resilience Supply Chain Efficiency supply chain budgeting Agile and Lean Supply Chain 242

Procurement Tactics

JULY 17, 2023

They make tasks easier by automating and streamlining contract-related activities, which saves time and reduces mistakes. Firstly, they save time and increase efficiency by automating tasks like contract creation, approval workflows, and notifications. Lastly, contract management tools assist with risk mitigation and compliance.

Contract management 189

Contract management Contract Management Negotiation 189

Una

APRIL 15, 2024

Legal and Compliance Risks: In the face of financial difficulties, suppliers may resort to desperate measures to survive, such as engaging in unethical practices or violating legal and compliance standards. By associating with such suppliers, your business could face legal liabilities, regulatory penalties, and reputational damage.

Suppliers 52

Suppliers supply chain budgeting Quality Risk 52

Empowering CPO

FEBRUARY 14, 2024

Our cutting-edge dashboards and tools are meticulously designed to empower organizations to track and monitor Key Performance Indicators (KPIs) with unparalleled ease. Spend Analysis Dashboard: Gain valuable insights into spending patterns, identify nuanced cost-saving opportunities, and make informed financial decisions.

Procurement 40

Procurement Procurement strategies Supply Chain Efficiency Supply Chain Optimization 40

Una

AUGUST 9, 2023

How to Accelerate Savings in Procurement Without Cutting Corners Strategies showing how to accelerate savings in procurement without compromising product quality, integrity, or effectiveness. These may include poor-quality products, unethical suppliers, or even legal and compliance issues. Your objective? Did you know?

Procurement 52

Procurement Supply Chain Efficiency Agile and Lean Supply Chain Quality 52

Fraxion

JANUARY 30, 2023

In our recent release we have further enhanced budget tracking and visibility, providing approvers with clear budget oversight at decision points, making it easier to achieve budget compliance and curb overspending. What are the benefits?

Budget 52

Budget Real-time Visibility Spend management Purchasing 52

Procurement Templates

SEPTEMBER 14, 2023

Regular assessments of procurement activities against sustainability goals can help identify areas for improvement and track progress over time. Legal and Regulatory Compliance As governments worldwide introduce stricter environmental regulations and standards, compliance is crucial for sustainable procurement.

Sustainability 130

Sustainability Supply Chain Efficiency Procurement Ethics 130

NLPA (Next Level Purchasing Association)

FEBRUARY 2, 2024

Streamlining approvals with automation can slash processing time by 50%, like in a case study from our Process Improvement 101 course, saving you thousands annually. Remember, every penny saved is a penny earned. Compliance Woes are Keeping You on Edge: Navigating the ever-changing landscape of compliance regulations can be daunting.

Procurement team 52

Procurement team Procurement Collaboration Risk 52

IBM Supply Chain Blog

APRIL 24, 2024

An example of data privacy in action Consider a budgeting app that people use to track spending and other sensitive financial information. Examples of data privacy laws Compliance with relevant regulations is the foundation of many data privacy efforts. Example A bank sends annual privacy notices to all of its customers.

Data 92

Data Real-time Visibility Risk Networking 92

Spend Matters

MARCH 13, 2023

Over the past decade many large enterprises have begun digging into their extended and external workforces to better understand who they are engaging, how they are engaging and how they can leverage external workers of all varieties to save costs, engage top talent for quality work and speed up project times. Read more. )

Contract 88

Contract Vendor management Buyers Management 88

ivalua

JULY 20, 2020

Federal Agencies now have fast-track access to market-leading, cloud-based technology to digitally transform government acquisition. This saves federal agencies significant cost, time and resources. REDWOOD CITY, Calif., FedRAMP is a critical advantage for customers, as it provides a uniform approach to risk-based security management.

Spend management 147

Spend management Risk management Risk Procurement 147

Spend Matters

SEPTEMBER 5, 2023

In this short post, we outline common obstacles to transformative cost savings and playbooks for using funnels to create alignment and enable finance and procurement to act as a true ‘power couple.’ The importance of acknowledging the obstacles that Procurement faces to deliver Dramatic Cost Impact These obstacles are real and daunting.

Procurement 92

Procurement Real-time Visibility Chief Procurement Officer Procurement team 92

The Procuretech Podcast

AUGUST 22, 2023

Smart contracting ensures transparency, compliance, and savings of 10% to 25% on professional service spending. The use of a smart contracting engine enables real-time tracking of progress, budget, and automatic invoice generation. 00:18:27] Invoice automation and compliance. [00:20:52]

Contract 40

Contract Procurement Budget Project management 40

Procurement Templates

MARCH 6, 2024

Their calm demeanor and organizational skills make them the go-to person for managing complex processes and keeping the team healthy and on track. They’re the meticulous auditor behind our operations, ensuring compliance and transparency in procurement practices.

Procurement 130

Procurement Procurement team Negotiation Innovation 130

Planergy

SEPTEMBER 20, 2023

Clients and results More Customers We saved more than $1 million on our spend in the first year and just recently identified an opportunity to save about $10,000 every month on recurring expenses with Planergy. How to report and analyze indirect spend to identify savings opportunities. But fear not, weary traveler!

Management 52

Management Real-time Visibility Budget Spend management 52

Empowering CPO

JUNE 9, 2023

These are quantifiable measures used to track and analyze the efficiency, effectiveness, and quality of the procurement process. Procurement metrics can cover a wide range of aspects, from cost-saving measures to supplier performance, and are crucial for making data-driven decisions. Importance of KPIs in Procurement A.

Procurement 52

Procurement Supply Chain Efficiency Agile and Lean Supply Chain Quality 52

Procurement Tactics

JULY 13, 2022

The suppliers are selected based on their qualifications, risk factors, price and quality of products, and policy compliance. Many organizations realized that the key to saving costs is the effectiveness of the purchasing department’s decision. Their agreed time of date must be tracked to see if the invoices are paid promptly.

Procurement 130

Procurement supply chain budgeting Negotiation Contract 130

IBM Supply Chain Blog

JANUARY 11, 2024

While still in its early stages, generative AI can provide powerful optimization capabilities to manufacturers in the areas that matter most to them: productivity, product quality, efficiency, worker safety and regulatory compliance. With generative AI, there are fewer “misreads” and overall better-quality assessments.

Quality 76

Quality Strategy Management Import 76

Procurement Tactics

JANUARY 8, 2023

It provides visibility and analysis to help sustain savings and establish resilience and responsibility over the long term. . Manage and monitor cost savings and sustainability impact for each initiative. Environmental sustainability is the most common area where many organizations track sustainability. Energy consumption.

Sustainability 207

Sustainability Procurement Agile and Lean Supply Chain Supply Chain Optimization 207

Una

OCTOBER 20, 2022

Vendor managers have come a long way from being a cost-savings shop. Cost savings will always be on the plate, but vendor managers are now managing risk from a governance and compliance perspective. It’s a huge challenge, [considering that you are also] open to compliance and privacy risks.” Subscribe to Unaversity.

Vendor management 97

Vendor management Risk Suppliers Management 97

Empowering CPO

JUNE 26, 2023

It enables healthcare providers, hospitals, and medical institutions to gain a holistic view of their spending habits, identify savings potential, negotiate better contracts with suppliers, and ultimately redirect saved funds towards improving patient care, investing in research and development, or upgrading infrastructure.

supply chain budgeting 52

supply chain budgeting Supply Chain Optimization Supply Chain Efficiency Supplier consolidation 52

IBM Supply Chain Blog

DECEMBER 12, 2023

Unlocking the benefits of emissions management Emissions management is not only about tracking greenhouse gases; it also involves controlling and overseeing a wide range of emissions released into the atmosphere during industrial processes. Let’s explore each of these aspects in more detail.

Management 81

Management Sustainability Strategy Strategic planning 81

Planergy

JULY 27, 2023

Clients and results More Customers We saved more than $1 million on our spend in the first year and just recently identified an opportunity to save about $10,000 every month on recurring expenses with Planergy. How to report and analyze indirect spend to identify savings opportunities. What Is Expense Reporting?

Real-time Visibility 52

Real-time Visibility Purchasing Management Budget 52

Procurement Tactics

JULY 2, 2023

It establishes a detailed and documented trail of the procurement process which includes selection criteria, supplier evaluation, and compliance with policies. Monitor Progress When a supplier is selected, refer to the job order to track the progress of the procurement process. How to Utilize Job Order in Procurement?

supply chain budgeting 184

supply chain budgeting Supply Chain Efficiency Negotiation Budget 184