How Procurement Can Add Value To Supplier Master Data Management

ivalua

Jarrod McAdoo, Senior Product Marketing Manager, Ivalua. Master supplier data doesn’t just matter to Procurement. It plays a role in a number of necessary business functions and is a key enabler of automation throughout the Procure-to-Pay (P2P) process. Risk management.

Contract Data Management With AI

ivalua

Contract Lifecycle management is an area we have seen huge demand in over the last year or two. Many of our customers leverage our contract management solution for both authoring or contract repositor. The data in this case is text from natural language , which is rarely structured data. The comprehension of textual data requires the analysis of semantic and syntactic information in a block of text.

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8 Tips to Help Procurement Optimize Supplier Master Data

ivalua

Jarrod McAdoo, Senior Product Marketing Manager, Ivalua. Gartner predicts that by 2023, organizations that don’t optimize supplier master data management (MDM) could have wrong information for half of their suppliers! Accurate supplier master data (SMD) is essential for procure-to-pay (P2P) automation, accuracy and analytics, but connecting data to users and systems sometimes gets bumpy. Optimizing Supplier Master Data Has Positive Results.

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Guiding Principles for Success in Your Enterprise’s Master Data Management

Vinculum

Look at most successful businesses, enterprises or retail stores; the leading reason behind their success is their master data management solutions. Data is known to be one of the valuable assets this 2020. All thanks to the technological revolution, there has been data generated at an unprecedented pace. What power does data hold? The reason being, it has abundant power; how powerful can master data management prove to be for enterprises like yours?

2020 The Year To Address The Elephant in Every Room – Data

ivalua

North Carolina State Poole College of Management recently produced this 28 page report entitled “ 2019 Supply Chain Data Quality and Governance Study ”. Getting Data right is an imperative. Source: 2019 Supply Chain Data Quality and Governance Study.

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12 Ways To Get Control Over Supplier Master Data

ivalua

Jarrod McAdoo, Senior Product Marketing Manager, Ivalua. Procure-to-pay (P2P) automation and analytics won’t work very well without accurate supplier master data. As a starting point for your governance model, determine what master data exists and who owns master data decisions.

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7 Tips: A Guide to Mastering Procurement

Material Handling and Logistics

With the digitization of the source-to-pay process being a key initiative for many chief procurement officers, to the inherent automation which promises to accelerate innovations such as artificial intelligence (AI), digitization is growing.

Digital Procurement – Pack your bag, you are going on a journey

ivalua

The Hackett Group and Ivalua have been working together for some months to assess the status of Digital Procurement transformation and lessons learned from early adopters. Digital Procurement – a place we are planning to visit soon (and hopefully stay). There is no doubt that Digital Procurement is a reality for many organisations. It’s boring, and it’s so not sexy, but everyone knows that adage, rubbish in, rubbish out and this just as true for Digital Procurement.

Procurement Can Prepare for  Supply Chain Risk

ivalua

Alex Saric, Smart Procurement Expert, Ivalua. Supply Chain Managers today have never been so reliant on suppliers to deliver goods and services to customers. Procurement has a vital role to play in identifying and managing risk. Procurement has a vital role to play. Whether it’s regulations or supply shortages, businesses cannot allow a lack of visibility to limit their ability to manage risk. Supply Chain Risk supply chain management Supply Chain risk

Procurement Technology – What it can and can’t replace in a Manufacturer’s Journey Towards Supply Chain Resilience and Agility

ivalua

A review of the key elements in supplier management for manufacturers and how Source-to-Pay procurement technology can support the journey towards supply chain resilience and agility in times of crisis. As the COVID-19 pandemic disrupts global supply chains, procurement organizations around the world are scrambling to react. There are many supply chain management lessons to learn from the Covid-19 crisis. Supplier Data Quality & Management in Decision Making.

A Seat at the table – Procurement’s Search for Enhanced Visibility and Influence

HICX Solutions

There are many who have argued that Procurement needs a seat at the C-suite table to ensure that data projects and digital transformation initiatives receive the attention that they require for success. Procurement’s Search for Enhanced Visibility and Influence. “We

Is There a Future for ERP and Procurement Suites?

HICX Solutions

” This scathing remark, made in reference to outdated procurement technology and ERP software, is taken from AT Kearney’s report The Future of Procurement Technology. The procurement technology that the report is taking aim at is primarily that of suites, offering the view that while they “look great on paper” they are rather less able to deal with “the realities and complexities of day-to-day procurement” in practice.

Multi-domain Master Data Management Won’t Fix Your Data Problems – Here’s Why

HICX Solutions

However, as far as procurement is concerned, adoption of technology is hindered. The recent Deloitte CPO survey showed that quality of data was the most cited obstacle to adoption, with 57% of respondents stating it was one of the top three main barriers.

The expanding scope of procurement analytics: Some initial thoughts

NC State SCRC

Procurement analytics, which supports decision making in procurement management, typically handles problems and decisions that are related to cost reduction, supplier management, cost modeling, procurement-led innovation, market strategies, supply chain risk, and stakeholder value improvement (Handfield, Jeong, and Choi 2019). While this role of procurement analytics improves the efficiency of internal operations (e.g.,

The cost of bad data: Hidden costs

HICX Solutions

This is the second in our series of articles on ‘What is bad supplier data costing you?’ In our previous article , we looked at some real world examples of how poor supplier data can lead to bad or inconsistent decision making. The cost of bad data is far higher than you would imagine.

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How bad supplier data undermines your decision-making

HICX Solutions

We know that bad data causes inefficiencies and creates vast sums of extra cost. Omera Khan, professor of supply chain management at Royal Holloway, University of London, explains, “too few organizations appreciate the costs of incomplete, out of date, or low-quality supplier data.

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You Can’t Achieve Procurement Success Without A Strong Foundation

HICX Solutions

When it comes to managing your organisation’s suppliers , it’s likely that one of your main concerns is increasing supply chain efficiency. In fact, according to a survey carried out by PayStream Advisors , 39% of enterprise-level (companies with revenues greater than $2bn) procurement and sourcing professionals listed ‘increasing supply chain efficiency’ as their main aim when it comes to managing suppliers.

5 Procurement Focus Areas for States in 2020

ivalua

It must be clearly visible to everyone in the state that procurement is well run. Modernization : Whether large or small, all states are dealing with the mounting technical debt that comes from managing decades old systems that don’t enable strategic initiatives or the sharing of data, provide a poor user experience, and are prone to security vulnerabilities. State-level procurement is more complex than most people realize. Procurement Public Sector

How the Procurement Department will evolve in 2019 and beyond

ivalua

The latest study focuses on Procurement’s transformation journey including the goals and obstacles limiting progress. Further, to bridge the digital transformation gap, the report digs into technologies that an increasing number of Procurement organizations are planning to adopt over the next 1-2 years. The report also provides a view into Procurement resources in 2019 and projected business risk that CPOs should be aware of.

10th Pan-European Conference in the P2P Series

Supply Chain Movement

There are still obstacles on the way including internal buy-in, poor master data management, supplier behaviour and more. New topics discussed will include creating a strong Purchasing Master Data Management fundament, delivering additional value through dynamic discounting, discussing the best strategic P2P function models and experiences with outsourcing vs. in sourcing. Benchmark change management challenges. AzkoNobel data, technology and the P2P GPO.

Needs Assessment Outline for Procurement and Supply Chain Professionals

EC Sourcing Group

If you are considering new tools for your procurement team to manage procurement and supply chain functions, this assessment should be a good starting point. The right procurement and data management tools can deliver the same type of effortless efficiency. Is there strong support from senior management to drive efficiency? What data relating to suppliers, materials, services, contracts, spend etc.

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How can Procurement stop its backwards path?

HICX Solutions

Over the past 12 years or so, I have had the privilege of working with Procurement, seeing its tremendous growth in importance, performance and capability. However, there are indications that Procurement’s progress is stalling and, worse, even moving backwards in some cases.

Procurement Fact File

Claritum

Claritum Article - Procurement Blog. We’ve read through some of the best analyst reports and surveys to bring you this procurement fact file containing some of the most interesting findings, statistics and quotes. Click here to download a printable pdf version of the procurement fact file. Procurement. source: (1 page infographic) AccentureOperations , High Performance Procurement (2015). Outsourcing of non-core procurement activities.

Five Steps You Can Take to Achieve ‘Data Nirvana’

HICX Solutions

There are many benefits to be had from redefining the way you manage your supplier data. Below are five steps you can take to greatly improve your supplier master data management processes and reach the hallowed state of data nirvana. The first step on your path towards data heaven is building out and defining your standards to support process design, ownership and management. Data consolidation. The next step is to cleanse your data.

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Becoming a Valued Busienss Partner: Procurement Analytics SCRC Meeting Insights

NC State SCRC

After highlighting some of the results from the IBM study I worked on this past fall on procurement analytics, I introduced Rich Hughes, former Chief Procurement Officer from Procter & Gamble. Rick told me that my presentation brought back a lot of early memories from P&G back when it was in its early days of procurement transformation in 2000-2001. During this period, spend under management was 50% at best, and there was significant fragmentation in the supply base.

Digital Foundations: Fixing the Basics

HICX Solutions

Many procurement teams today are under tremendous pressure to jump on the digital bandwagon and initiate projects that are glamorous and which contribute to the company’s digital strategy, but which may not connect to procurement’s own needs. This push to ‘do something digital’ has left procurement teams searching for a straightforward (but not necessarily easy) golden path towards digital nirvana. Switching procurement from reactive to proactive.

Procurement Technology – What It Can & Can’t Replace In A Manufacturer’s Journey Towards Supply Chain Resilience And Agility

ivalua

As the COVID-19 pandemic disrupts global supply chains, procurement organizations around the world are scrambling to react. There are many supply chain management lessons to learn from the Covid-19 crisis. Supplier Data Quality & Management in Decision Making.

What € 30M funding really means to us: Accelerating sustainable procurement

EcoVadis

When EcoVadis started in 2007, our customers were pioneers: Sustainable procurement was an esoteric niche. Fast forward 9 years, and you find sustainable procurement is among the top priorities for over 93% of Chief Procurement Officers (CPO), and the demand is getting stronger every year. All indicators show that sustainable procurement is becoming a ‘necessity’ for large enterprises.

How To Save Money With Supplier Information Management

HICX Solutions

There’s no doubt that good management of supplier information can result in increased productivity and improved profitability. How you can improve efficiency with supplier information management. Managing and aggregating supplier relationships (parent/child).

New Goals for Procurement – Driving Revenue Growth Through Supplier Collaboration

ivalua

Procurement professionals need to think in more innovative ways about how we can drive competitive advantage and shareholder value for our organisations. In my recent article , I talked about “the Art of Procurement”, and suggested that the time is right for procurement to move beyond our traditional focus on transactional improvement and basic cost reduction. In every case here, it’s clear that procurement has a potential role to play. Supplier Management

Supply Chain Movement 21 – S&OP + IT

Supply Chain Movement

Forecasting is about managing risks. Major organisational and cultural changes lie ahead for supply chain management. as the advance of e-commerce continues, companies with an omnichannel approach are increasingly implementing specific order management systems. furthermore, because the continuing growth in outsourcing is making global businesses ever-more susceptible to disruptions, supply chain risk management software is also on the rise.

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Roberto Crippa: “If you try to manage new business with old rules you fail”

Supply Chain Movement

The business is getting tougher as more and more professional buyers at Customer’s site are managing procurement and purchasing. 1) Demand Management (demand forecasting, scarcity management and part of sales back office). We conceive transportation management in a holistic way: whether materials are coming from a supplier or a finished product is going to a customer, it’s about connecting the dots on a map and trying to optimise the total amount of logistical flow. (4)

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Hackett CPO Agenda: What’s Top of Mind in Procurement?

Jaggaer

Words that send a shiver down many a manager’s spine. in 2018) and expectations of cost and efficiency savings growing faster than ever, that is the reality faced by procurement professionals. The Hackett Group’s CPO Agenda is always eagerly awaited, and this year’s edition does not disappoint, offering clear advice based on a detailed survey (the Hackett Group’s Key Issues Study) of the procurement community. Leverage supplier relationship management (SRM).

Gaining Sponsorship For Your Digital Procurement Transformation Project

HICX Solutions

Introduction: why shared services must speak ‘the language of business’ One of the challenges for shared services functions is generating interest in the value of data across the business. To try and fix this, it’s important for shared services to ‘speak the language’ of the business, while effectively communicating the importance of data governance. But this can be avoided and the benefits of doing so help cement support for the data project.

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Is Your Supply Chain A Cost Centre or a Value Creator?

Supply Chain Game Changer

From planning to negotiating to buying, from moving goods to processing goods, and from managing data to managing inventory. Cash Cycle Management. Supply Chain has a central and pivotal role, if not the controlling responsibility, for Cash Cycle management.