Remove Books Remove Eliminating Excel in Purchasing Remove Procurement
article thumbnail

How Procurement Automation Benefits Each Step of the Procurement Process

Precoro

Definition: Procurement automation is the use of digital tools to make routine tasks throughout procurement more efficient. Advanced technologies like AI and cloud-based procurement software helps companies reduce the burden of manual work, lower costs, and gain insight into analytics. Why switch to automated procurement?

article thumbnail

Procurement Transformation Guide: Best Practices and Roadmap Steps

Precoro

Definition: Procurement transformation is the strategic overhaul of how a business buys goods and services. This approach focuses on changing procurement holistically beyond minor tweaks, starting from strategies to organizational structures. Procurement transformation has several objectives.

Insiders

Sign Up for our Newsletter

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

article thumbnail

When ERP Procurement Falls Short and What’s the Alternative?

Precoro

Within this setup, an ERP procurement module helps companies make purchases and manage suppliers. Numbers speak louder: According to Procurement Tactics’ top procurement trends in 2025 , 83% of CPOs prioritize digitization.   Keep reading to learn: What Is ERP in Procurement?

article thumbnail

Vendor Relations 101: From Transactions to Strategic Decisions

Precoro

According to Deloitte’s 2025 Global Chief Procurement Officer (CPO) survey , 41% of CPOs are actively renegotiating with existing vendors to deal with volume volatility and price hikes. Effective vendor collaboration isn’t built on iron-clad contract terms and purchase order s.

article thumbnail

AI Software for Spare Parts Inventory Management: Why You Should Care

ThroughPut

In addition, poor visibility, unpredictable demand, and disjointed systems worsen the situation further and lead to inefficient procurement, misplaced stock, and emergency orders. In asset-intensive industries, this challenge has only intensified with the growing complexity across supply chains. Business Challenges Addressed by ThroughPut.AI

article thumbnail

Financial Forecasting: What It Is, Why It Matters, and How to Get It Right

Precoro

Financial forecasting has gone from a 'nice-to-have' to a must-have for procurement and financial planning teams. Some of these elements mirror the ones you’ll find in a regular procurement or cost management process. This method is usually visualized in Excel or similar tools. The only difference?

article thumbnail

3 Signs Your Inventory Is Cheating on You

John Galt

A great example comes from a CPG company that restructured its raw material planning by grouping SKUs and locations then aligning these classifications to hit procurement minimums. Your supply chain is likely impacted by the effects of more than one attribute.