Why Procure-to-Pay Software is Critical Today

ivalua

This month Gartner published its eagerly awaited Magic Quadrant for Procure-to-Pay (P2P) Suites , ranking the top 14 vendors based on ability to execute and completeness of vision. 1.Investing in Procure-to-Pay solutions is seeing the bigger picture.

Sourcing and Procurement in Supply Chain Management

EC Sourcing Group

Sourcing and Procurement in Supply Chain Management. The terms “ sourcing” and “procurement” in supply chain management are often used interchangeably, although they are not quite the same. Procurement is a process and one link in the chain of the supply chain. Procurement is one step in that process. It refers to the entire process of sourcing and contracting with suppliers to gather all of the services and goods you need to make that final product.

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Establishing Procurement as a Competitive Advantage

ivalua

In my previous posts, I looked at how to successfully launch a digital transformation and progress to best-in-class Procurement. Most leaders seem to track their progress with metrics such as percent of spend managed and digitization levels, defining best-in-class as being the top quartile or similar high percentage. Best practices are great for the majority of processes, but for the most strategic doing things differently is the way to win.

White Paper: Strategic Sourcing in the Aviation Industry – How to Increase and Accelerate Savings

Bristlecone

In aviation, strategic sourcing can reduce the cost and fix the nuts and bolts of existing processes with the help of a well-performing sourcing team. It also helps companies develop the opportunity to better manage their global network of suppliers, build new procurement models and improve speed to market. Actions that Improve Aviation Industry Procurement Performance . Low-Cost Country Sourcing.

Sourcing Tips: How to Find the Right Food Service Supplies

AFFLINK

It's important for any business to begin with the right suppliers — but it's even more important for those in the food services industry. Food service companies need to be able to procure supplies quickly in order to operate, and the cost of their supplies directly impacts their bottom line. When operating with lean profit margins, it becomes even more important for companies to improve their supply chain.

Procurement – How to Enable Spend Aggregation!

Supply Chain Game Changer

Check out Procurement: The Spend Aggregation Obstacle Course! Aggregating your procurement spend for the purpose of delivering greater value is a sound objective. Theoretically you should be able to generate better service, better terms and conditions, and better cost. Yet there can be many obstacles in your way to achieving this seemingly simple goal. To overcome the Spend Aggregation obstacles there are a series of enablers you need to enact to make this successful.

Transportation Sourcing in an Omni-channel World

Talking Logistics

Unfortunately, many retailers are jumping in without a plan — that is, they are taking a short-term, silo’ed approach to transportation sourcing and execution, and as a result, are failing to meet their desired outcomes. And, what are some of the key factors retailers need to consider when developing their transportation plans? Also, is multi-functional engagement important and, how does omni-channel impact transportation sourcing?

COVID-19: Implications on inventory planning, sourcing and procurement

EFT

It has been a huge challenge to understand what is changing moment-to-moment, let alone predicting what will happen, so eft by Reuters sat down in a webinar with experts working at the coalface of inventory planning and distribution to understand what can be done to survive and thrive. So, the things that people don’t need on a day-to-day basis.”. Wheeler and Target have found “a huge demand change in how our guests interact with us. How liquid are they?

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. Vested is a Sourcing Business Model in.

Ivalua Paints a Great Procurement Picture at Ivalua NOW Chicago 2019

ivalua

“We have this long-term strategy of building a very big company with a fantastic product that we can offer to the market. 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%).

A Humble 2020 Procurement Resolution – Transform the World 

ivalua

of adult Americans according to a recent survey ). For Procurement leaders, that typically translates into saving a few percent here. They are usually measurable, readily acknowledged as achievable, and perhaps most significantly, we know what we have to do to meet them. Good reasons, but they cause us to miss bigger opportunities. . For Procurement leaders today, those missed opportunities can be great. So how can Procurement leaders drive such change?

How to ride the Source to Pay Wave? 4 Lessons you can learn from Forrester

ivalua

Last year Forrester published 2 major Wave reports, which together span the full Source-to-Pay process. The first, authored by Duncan Jones and published on December 10, is The Forrester Wave : eProcurement Platforms, Q4 2019 , which covers purchasing and invoicing (similar scope to Gartner’s P2P Suites Magic Quadrant ). The second, authored by Andrew Bartels and published on December 18, is The Forrester Wave : Source-To-Contract Suites, Q4 2019.

3 Limitations of e-Auctions and How to Overcome Them

ProcurePort

Did you know that reverse auction software can help you save 18 to 40% on addressable spend? Buyers are always looking for ways to reduce sourcing fees and the e-auction system provides such a platform.

4 Tips on How to do Procurement Scandinavian Style

ivalua

At 2018’s Sourcing Outlook we had the honor of having Bonava ’s CPO, Mia Lewis, host a roundtable on starting a completely new Procurement organization from scratch. During the active discussion many points were brought up that I believe can be helpful for any Procurement organization, old or new, that is looking for inspiration in 2019. Having all the Procurement knowledge in the world is of little benefit if no one turns to you for help. Dare to mix it up.

Procurement Terminology is a Mess!

Supply Chain Game Changer

Subscribe to 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. If you haven’t read it, go to your nearest Library or Barnes & Noble, and pick up a copy. Source: CIPS.

Understanding the Importance of Strategic Sourcing

USC Consulting Group

Sourcing is a key component of your Supply Chain – perhaps the most important part. As companies are navigating an increasingly turbulent yet robust economic climate, businesses in manufacturing, mining and metals, food and beverage, and other industries are looking for ways to reduce raw material procurement spending and offset rising material costs. That’s where Strategic Sourcing comes into play. Back to top ?.

How to Create Collaborative Innovation with Suppliers!

Supply Chain Game Changer

Blog originally published at, and permission to publish here provided by Sam Jenks at, [link]. Our organization’s products, customers, and profit, are ultimately a byproduct of the global supply chain networks that operate on a daily basis to add value through collaboration. It’s nice to see that their previous Chief Information Officer had enough perspective to recognize their suppliers’ importance. Supplier bases are a great source of potential innovation.

Hey Procurement! It’s Time to SELL!

Supply Chain Game Changer

Subscribe to Supply Chain Game Changer. The Procurement, or Purchasing, function is considered by many to be a necessary but non-strategic part of any organization. But there is a profoundly significant Procurement value chain. This is not to say that they believe Procurement doesn’t play a role, but rather that they don’t view Procurement as playing a critical role beyond cutting costs and finding suppliers. Procurement is strategic!

How to Sustain a Lean Culture in Manufacturing & Supply Chain

Cerasis

Today I will discuss how a company can sustain a lean culture once they have implemented lean practices in order to achieve continuous improvement. Your company has started the lean journey, but how do you sustain it? Let's first talk about first setting the stage, then give you practical practices and tactics to achieve a sustainable lean culture, and then provide core key performance indicators (KPIs) to track your progress. Lean is a challenge to implement.

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Methods for Managing Procurement Risks

EC Sourcing Group

Methods for Managing Procurement Risks. There is always some level of risk when it comes to contract management in procurement. Learning how to best analyze and monitor these risks before they become a threat to your contract, or worse yet, your relationship with a good supplier, is imperative. . There are many risks in all stages of the supply chain, of which procurement is only a portion. What Is Contract Management in Procurement? .

Experts Discuss How to Streamline Global Supply Chain

Supply Chain Opz

Companies of all sizes have been capturing the value from Global Supply Chain to increase the economies of scale and scope for years. Due to the rapid change in global business environment, managers find it difficult to gain the edge over competitors. In this article, we will show you tips from worldwide experts that you can use to streamline your global supply chain operations. Keep it Simple : It’s important to not over complicate things.

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How to Use Big Data Analytics to Drive Business Value in Procurement Forward (Part 1)

Jaggaer

JAGGAER InsideSpend Thought leadership Series – In this blog series, we profile leaders in the procurement industry. We hope their insights and experiences inspire you to achieve greatness in procurement. A conversation with Walter Charles, Chief Procurement Officer at Biogen. . Procurement Trends in Manufacturing. How are they impacting the procurement organization and proficiency? I believe disrupters are going to dominate the world.

How to Choose the Best Procurement Software

EC Sourcing Group

At one time, all of the steps for procurement management were completed by hand. Everything from the RFP to vendor management was created and filed “analog” style. When a procurement software platform was available, it was just a spreadsheet as part of an overall word processing package. Today, there are many types of procurement software, and in order to find the best procurement software for your company, you’ll have to find the area (or areas) you need help in the most. .

How to Reduce Fraud in Logistics

Shipchain

So many resources are wasted on trying to negate the issues, and although numerous risk analytics systems have been developed to try to improve the situation, nothing has proven foolproof. Blockchain technology may be the closest thing we have to a solution, and therefore, it has the potential to drastically change the industry as we know it. It could be financial abuse, theft, or illicit transactions such as bribery, just to name a few.

Unleash the Power of AI to Unlock the Potential of Procurement Enterprise

Jaggaer

As technologies like AI and RPA continue to establish a firm position in the mainstream, they are driving a fundamental change in businesses across sectors, globally. Now, as companies start to seek, and create competitive advantages, the procurement function is in the spotlight.

What Does Augmented Analytics Mean for Procurement?

Jaggaer

Read up on How Augmented Analytics Will Transform Your Organization: A Gartner Trend Insight Report. Whereas analysis is focused on understanding what happened in the past and why it happened, analytics focuses on why it happened and using this intelligence to try and work out what will happen in the future. to determine the likelihood that a major client will default on a bank loan). And that, of course, includes procurement professionals. But there is some way to go.

How to Pinpoint a Good Procurement e-Sourcing Software

ProcurePort

Procurement is an inevitable process for all businesses. To grow, expand, and optimize your business operations, you obtain various goods and services from external suppliers that benefit you. Your company should aim to use the power of globalization and the fact that the best suppliers at the best rate are just a few messages away. […]. The post How to Pinpoint a Good Procurement e-Sourcing Software appeared first on ProcurePort Blog.

3rd CEE Procurement & Supply Forum

Supply Chain Movement

3rd CEE Procurement & Supply Forum. Global sourcing and sourcing in Central-Eastern Europe (CEE) has long been state of the art for international companies. More than ever, suppliers have to go beyond simple product delivery – they are innovation and value-creation partners. How to effectively identify and benefit from these potentials will be the main focus of the 3rd CEE Procurement & Supply Forum. Date: 19 October, 2016.

Experts Suggest How to Slash Supply Chain Risk Properly

Supply Chain Opz

To tackle risks timely, we invite experts to explain what strategy really works. Christopher Tang, Distinguished Professor, UCLA Anderson School and Editor-in-Chief of the INFORMS journal Manufacturing and Service Operations Management (M&SOM) As supply chains become more complex, companies find their supply chains more vulnerable to both foreseeable uncertainty risks and unforeseeable disruption risks. Use dynamic pricing to manage demand of similar products.

How To 152

Why The Time Is Now for Sustainable Procurement

Jaggaer

Earth Day (April 22nd) is a celebration of commitment to creating a safer, healthier and cleaner world, making it a natural time to reflect on the power and value of sustainable procurement programs. With that, global businesses are committing to key sustainability objectives such as reducing greenhouse gas emissions , eliminating slave labor , avoiding plastics , conserving water used in production , tapping into renewable energy sources and more.

What Are the Goals of Procurement Management?

EC Sourcing Group

What Are the Goals of Procurement Management? The goals of procurement management are generally to acquire goods and services with the highest quality at the lowest cost to create an end product. However, there are many goals and milestones along the way that need to be met to make this happen efficiently. For instance, every purchasing department wants to lower costs and be more productive, so these are concrete goals. .

Why Strategic Sourcing and Supplier Management Can Make or Break Your Customer Experience

ivalua

Today in many executive boardrooms, the conversation often centers on how to improve the overall customer experience. Simply put, it’s a lot more expensive to get a new customer than it is to keep one. And if you produce multiple products, selling into your existing customer base is far easier than making that first sale to a new customer. So how do you economically keep and grow existing customers? Blog Featured Strategic Sourcing Supplier Management

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.

Procurement Terminology is a Mess!

Supply Chain Game Changer

Subscribe to Supply Chain Game Changer. Hey Procurement! It’s Time to SELL! 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. If you haven’t read it, go to your nearest Library or Barnes & Noble, and pick up a copy.

COVID-19 Procurement Response: Your Questions Answered

Jaggaer

JAGGAER’s Amenallah Reghimi and Mic h ael Roesch recently partnered with Philip Ideson , founder and managing directo r at Art of Procurement , to bring procurement professionals a presentation on response tactics for the current global crisis. Our speakers received far more questions than they were able to answer at the time, so we’ve compiled some of the best and asked our presenters to provide a little bit of extra insight. Source-to-Pay