Conducting Effective Procurement Spend Analysis in the Current Environment

Jaggaer

With the current global economic circumstances, it should come as no surprise that businesses across all industries are looking for real time solutions to aid their procurement process by identifying cost reduction and spend management opportunities as a priority. To get all the details on running a spend analysis, download our checklist, How to Conduct a Spend Analysis in 7 Steps. Spend analysis is a piece of the much larger field of spend management. Spend Analysi

The Science and the Art of Procurement

ivalua

As we move towards a new decade is the emphasis in the procurement world changing – are we going to see a new age, where the Art of Procurement comes to the fore? Much of our focus in the last twenty years or so within the procurement profession and within our specific procurement functions has been on what we might call the “Science of Procurement”. Author: Peter Smith , Managing Director at Procurement Excellence Ltd.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

JOLLIBEE FOODS CORPORATION successfully deploys IVALUA with CONSUS to transform procurement

ivalua

Food service leader digitizes procurement to drive efficiency, transparency and effective supplier management as it accelerates global expansion. With procurement transformations of this nature and magnitude, there are both short term and long-term benefits.

Ivalua Paints a Great Procurement Picture at Ivalua NOW Chicago 2019

ivalua

The event was themed on “The Art of Procurement” relating to how the further procurement leaders mature in their transformations, the more their approach shifts from science to art. Just building great Procurement solutions that customers clearly love (in 2018 once again maintaining the industry’s highest retention rate, over 98%). The most eye-catching statistic of the event came from Duncan regarding procurement’s self-assessed v.

Collaboration, Procurement with Purpose and the Entente Cordiale…

ivalua

Last week, round 40 Procurement leaders got together in the very pleasant surroundings of the Royal Lancaster Hotel in London to talk about collaboration, and to celebrate Ivalua’s increased presence in the UK. The Procurement technology firm was founded in France in 2000 and has become very strong in the US, as well as in its homeland and other continental European countries. The post Collaboration, Procurement with Purpose and the Entente Cordiale… appeared first on Ivalua.

Digital Procurement Improves Supply Chain!

Supply Chain Game Changer

Digital Procurement article and permission to publish here provided by Katherine Barrios of xeneta.com. The Hackett Group has recently released their analysis of their procurement benchmarking database. Important Digital Procurement Trends. What Is Digital Procurement?

What is Spend Analysis?

Jaggaer

Spend analysis is the process of identifying, gathering, cleansing, grouping, categorizing and analyzing your organizations spend data. This is done with the goal of decreasing procurement costs and improving efficiencies. Gaining visibility is critical to a successful spend analysis.

Procurement Terminology is a Mess!

Supply Chain Game Changer

Procurement language article originally published by, and permission to publish here provided by, Sam Jenks at kodiakrating.com. From one Procurement organization to the next, terminology differs. Procurement is a function, that is undergoing transformation; technologically and ideologically. Maybe we are camouflaging procurement with language: if no-one else understands what we do (or say) we will be safe from being replaced or consumed by other functions.

Procurement Interview Questions & Answers

Supply Chain Game Changer

Procurement, or Purchasing, is an area of Supply Chain that involves and requires very specific skills and expertise. This is particularly apparent if you are hiring a Procurement professional, you are looking for a Procurement job, you are looking to outsource anything, or you are dealing with Procurement people in the course of conducting business. Check out this list of 25 Procurement and Purchasing questions and answers. Subscribe Here! Email Address.

Contract Analysis leveraging AI – A Technical Overview

ivalua

One of the initial use cases the team is tackling is for contract analysis. . One significant area of Artificial Intelligence is language understanding, also called machine reading comprehension (MRC), and the new technologies in this field lead the way for thousands of new applications, such as sourcing, trend analysis, conversational agents, sentiment analysis, document management, cross-language business development, etc.

How Spend Analysis Drives M&A Action

Supply Chain Network

Executives are turning to the bread-and-butter of supply chain management: spend analysis. While spend analysis has historically been a technology and process that’s used in house, companies are now using spend analysis technologies to support M&A action and discover the hard savings opportunities and synergies of a potential acquisition. Paul Martyn is VP of Supply Strategy at BravoSolution, the spend analysis company.

The Hitchhiker’s Guide to Digital Procurement!

Supply Chain Game Changer

Digital Procurement article, and permission to publish here, provided by Sam Jenks at kodiakrating.com. Navigating the complexity of the global supply chain as a procurement professional can sometimes feel like taking a walk through the Amazon without a compass, or entering into outer space without an oxygen tank. It’s important that procurement teams take into account the new risk reality and challenges that face them, their organizations and their value chains.

Procurement and Suppliers on the Same Page: How to Craft an Effective Terms & Conditions Sales Document

Cerasis

Editor's Note: Today's blog is the second part of Chuck Intrieri's series on how procurement and suppliers can avoid issues with their contracts. Procurement and suppliers often assume that small print is highly complicated legal jargon that is both boring and largely irrelevant. It Would Benefit Both Procurement and Suppliers To Write in a Clear, Friendly, and Organized Manner. Procurement

A Tale of Two Procurement Books: Cox’s Sourcing Portfolio Analysis (Cox) & Strategic Sourcing in the New Economy (Keith et al.)

Supply Chain View from the Field

A new face of procurement is emerging which is recognizing that a new set of value drivers must be developed in the face of massive environmental changes. Some of the emerging views on the “future of procurement” focus on the importance of being a strong internal consultant, the importance of building relationships, coaching suppliers, post-award contract management, and relational contracting.

The Ins and Outs of SDE Analysis in Inventory Management

Unleashed

The SDE analysis is considered a common inventory control and optimisation method. What is an SDE analysis? This analysis classifies inventory on three different levels, based on the availability of items. For example, imports of goods are subject to government stringent regulations and ultimately slows down the procurement process. D – difficult, refers to items that are often available domestically but are difficult items to procure. Why is SDE analysis used?

MACHINE LEARNING AND PROCUREMENT

Eyvo

MACHINE LEARNING AND PROCUREMENT. In the same way, the concept of Predictive Analysis is widely talked about in ML. Predictive Analysis is a variety of statistical techniques which are used to estimate or predict future outcomes. Importance of Machine Learning in Procurement. Procurement, on the other hand, has been famously known to increase efficiencies and time and cost savings. This is just one instance highlighting the importance of ML in procurement.

Procurement & Suppliers: Paying Attention to Terms & Conditions to Keep Supplier Relations Postitive

Cerasis

Editor's Note: Today's blog is by our great friend, Chuck Intrieri where he gives us a fantastic example of how Procurement and Suppliers can enhance Supplier Relations by navigating the "Battle of the Forms.". However, in many circumstances, the supplier will send an invoice that contains one set of terms, while the procurement professional will issue a purchase order which contains additional or different terms. Procurement

10 Tips Shippers Can Use to Reduce Costs in LTL Procurement with Better Request for Pricing Bidding

Cerasis

at Cerasis, we know a thing or two about the nuances of LTL procurement. LTL procurement is something we do very well. So we thought we would impart upon all the shippers out there some tips on how to reduce overall costs for effective LTL Procurement. 10 LTL Procurement Cost Cutting Tips. Saving money on less-than-truckload or LTL procurement is a laudable goal, except when operational problems eclipse savings gains. Logistics LTL ltl procurement

Category-based Procurement

Claritum

Claritum Article - Procurement Blog. Project and Category Procurement Differences. Category-based Procurement Examples. The Inherent Challenges of Category-based Procurement. Characteristics of good Category Procurement Activity. The first two articles covering Bespoke Procurement and Project-based procurement. I, therefore, chose to keep this article at the highest level and explore the nature of category-based procurement.

How Spend Analysis Streamlines Future Procurement Decisions

ProcurePort

Spend analysis has become one of the most powerful tools available to businesses in 2019. Understanding what your company spends money on through spend analysis to assist with future procurement decisions increases saving opportunities, reduces maverick spending and even helps with supplier management. By conducting a regular spend analysis on your business you empower your […]. Spend Analysis

A Procurement Resolution – Realize Your True Potential

ivalua

For Procurement leaders in particular there couldn’t be a better time to do so. A recent study by the Hackett Group found that only 63% of Procurement organizations have even developed a plan for digital transformation. A Forrester study on enabling smarter procurement found only 22% believe their reporting and analysis is where it should be and only 22% that they have the required agility to respond to changing requirements.

What Are the Spend Analysis Steps?

EC Sourcing Group

Going through the spend analysis steps is a very important part of the procurement management process. Read on to learn why cost spend analysis is so important and what the general spend analysis steps are to reduce spend at your company. Blog Spend Analysis

Five Causes of Analysis Paralysis You Can Avoid

TMC

For example, the shipping department needs to monitor metrics such as on time delivery and cycle times, but procurement relies on a different mix of measures. Setting unrealistic or unsuitable performance targets can easily put you on the road to analysis paralysis. The post Five Causes of Analysis Paralysis You Can Avoid appeared first on Connect Blog by TMC, a division of C.H. Performance Management Technology Analysis Data Performance

Procurement Outsourcing – Keep your Integrity!

Supply Chain Game Changer

Like so many professionals Procurement people are very proud. But at some point in their careers, especially in the age of Outsourcing, they are likely to have to deal with potential suppliers who provide Procurement services. Procurement typically negotiates deals for other functions like I/T, HR, Manufacturing and every other area in the company. When selling Procurement Outsourcing services you need to have a lot of credibility to begin. Subscribe Here!

Procurement Terminology is a Mess!

Supply Chain Game Changer

Hey Procurement! From one Procurement organization to the next, terminology differs. Procurement is a function, that is undergoing transformation; technologically and ideologically. Maybe we are camouflaging procurement with language: if no-one else understands what we do (or say) we will be safe from being replaced or consumed by other functions. I do believe S2P is a domain that every sourcing and procurement organization needs to have a handle on.

MACHINE LEARNING AND PROCUREMENT

Eyvo

MACHINE LEARNING AND PROCUREMENT. In the same way, the concept of Predictive Analysis is widely talked about in ML. Predictive Analysis is a variety of statistical techniques which are used to estimate or predict future outcomes. Importance of Machine Learning in Procurement. Procurement, on the other hand, has been famously known to increase efficiencies and time and cost savings. This is just one instance highlighting the importance of ML in procurement.

PROCUREMENT BEYOND SAVINGS

Eyvo

Many of us think of digital procurement as a way to reduce purchase costs and increase efficiencies. Another aspect of what makes digital procurement stand out is that of mitigating risk and increasing spend visibility. Technological infrastructure has been a blessing in disguise for the modern procurement world. This essentially means that digital procurement automates the entire Purchase to Pay (P2P) cycle making it easier for everyone in the organization.

Procurement Transformation Delays – The Role of Personality!

Supply Chain Game Changer

Article provided to Supply Chain Game Changer by Katalin Brennan at Eyvo E-Procurement. We’ve all heard of the need for Procurement to embrace the Digital Transformation for many years. There are few procurement-specific personality surveys available. However, I am aware of one from Pierre Mitchell that found the Myers-Briggs ESTJ type is the dominant one in procurement with over 20% of survey takers. Time to Look into the Future of Procurement! Subscribe Here!

Technologies that Impact Procurement

Claritum

Claritum Article - Procurement Blog. Technologies and Procurement Table. There are a lot of articles around on what Procurement needs to do; how Procurement needs to change; and how technology will fundamentally change Procurement. This article summarises, as a table, technology areas that impact on Procurement that you might need to investigate. 2 Technologies and Procurement Table. Augmented Intelligence for Procurement professionals.

The 3 Pillars of Digital Procurement!

Supply Chain Game Changer

Procurement professionals have the same question looming over their head on a daily basis: “How do you plan on dealing with digitalization?”. Recently I had the pleasure of attending EBG Network’s 8th Annual Source to Pay Summit, which gathered some of the Nordic’s largest organizations and procurement profiles. Regardless of the sheer amount of content one could chose to consume, the theme for the day was apparent and held strong: Digital Procurement. Subscribe Here!

Spend Aggregation Obstacle Course for Procurement!

Supply Chain Game Changer

Procurement – How to Enable Spend Aggregation! . When you run a central Procurement organization you are trying to get the best deal for your company. Procurement people are proud professionals. One of the key issues in having areas give your Procurement team spend control is expertise. The Procurement team needs to take measures to show that they understand and are accountable to the local teams. As mentioned previously Procurement people are very proud.

How to Build a Digital Procurement Ecosystem in 8 Minutes!

Supply Chain Game Changer

In this post, I’d like to suggest a mapping of a digital procurement ecosystem, dive into the necessity for these functionalities, and draw some conclusions as to how these focus areas can drive performance in an overall procurement organization. When building a digital procurement and sourcing ecosystem, it’s important to dig into your existing procurement process. The Digital Procurement Ecosystem. Building your own Digital Procurement Ecosystem.

5 Spend Analysis Best Practices

ProcurePort

Spend analysis is a vital part of business operations that is aimed at reducing procurement costs. You can cut procurement costs by collecting and analyzing expenditure data and using that data to identify opportunities to improve cost efficiency throughout the procurement process. Here are some of the best practices in spend analysis and an overview […]. The post 5 Spend Analysis Best Practices appeared first on ProcurePort Blog. Spend Analysis

Category-based Procurement

Claritum

The first two articles covering Bespoke Procurement and Project-based procurement. Category procurement is perhaps the most common break down for. Procurement teams and certainly is the most focused on in terms of. procurement. There are three primary areas to category procurement. procurement subject applied to a single genre of expenditure”. “As Table of the key differences between Category and Project based procurement.

Andrew Cox’s “Sourcing Portfolio Analysis”: More of the Same

Supply Chain View from the Field

Against the many new articles and books being produced on the changing face of procurement and the importance of value creation and collaboration, Andrew Cox’s new book “Sourcing Portfolio Analysis” came out earlier this year. His work was used for a long time within IBM, a large buyer, and which was known primarily for its ability to leverage spend and drive touchless procurement technologies.