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In the world of Procurement, many things can be taken for granted. One such thing is your suppliers and their ability to provide as and when needed. Becoming complacent with these relationships is all too easy and costly. You not only miss out on opportunities but also risk major setbacks due to possible supplier disruptions.
The first step to building a resilient supply chain is strengthening your relationships with suppliers.…
Need for Artificial intelligence in Procurement
As Procurement leaders plan their 2022 Savings targets, they are exploring new ways to unlock the full potential of their operations and realize its true value. In today’s digitized environment, that true value of Procurement lies in becoming a strategic unit of the firm, which contributes towards growth and innovation.
To enable procurement teams to be more strategic, firms must put AI at …
When it comes to healthcare, we often think about hospitals and doctor visits. Although this is a big part of the industry, there’s so much more going on behind the scenes that make this industry one of the largest and most labor intensive across the globe. The global healthcare market reached $8.7 trillion in 2017, and it is projected to grow at a compound annual growth rate (CAGR) of 5.4 …
The procurement function in most companies has changed from being a support team to becoming a strategic partner in the success of the company. Cost savings is no longer the top KPI for procurement departments. Global CPOs are more concerned with risk management, resilience, sustainability, availability and transformation objectives.
The pandemic has underscored how important it is for procurement leaders to have visibility into Supplier Networks as well as …
“Grudin’s law: When those who benefit are not those who do the work, then the technology is likely to fail or, at least, be subverted.”
― Don Norman
In a revealing statistic in Hackett’s latest P2P benchmark report, the gaps in the ‘usability’ of procurement software become evident. As per Hackett, even for Top Performers: only 20% of stakeholders would describe their user experience as consumer-like.
With end-users who are …
Hackerfest 2021 was more than absolutely a two-day event that brought together developers, thinkers, designers, and product managers to compete in a virtual hackerfest. Instead, it was an opportunity to create and demonstrate a new feature, tool, or app. The planning for this event began months in advance, with the in-house staff working around the clock to publicize the event, assist with registrations, and oversee the entire planning process.
When …
Advantage Source-to-Pay(S2P)
The Source-to-Pay(S2P) process begins with identifying and evaluating relevant suppliers, contracting with those suppliers, placing orders, monitoring the supply of the ordered products and services, authorization, and the final release of payment. A Source-to-Pay cycle is a holistic approach that covers end-to-end procurement lifecycle.
The automation of the S2P process is a natural outcome of the holistic digital transformation. And the S2P software enables multiple activities such as …
When COVID 19 hit us, we were unprepared for the challenges it brought about. Be it something as easy as getting contracts signed, to something as complicated as inventory management, they all brought one thing with them, the question of “How do we do this now?”. The solution was to create a virtual workspace where everything could be within the reach of a few buttons.
With an intuitive panel of …
Procure to Pay transformation is the topmost agenda for every CPO. However, no two P2P transformation outcomes are the same. A McKinsey and University of Oxford research suggests that on average, large IT projects run 45% over budget and 7% over time while delivering 56% less value than predicted*. Some can put the whole organization in jeopardy.
Every transformation journey is nothing short of an off-road adventure that …
Accounts Payable teams often have to walk a thin line between maintaining a strong supplier relationship and ensuring a positive cash flow. Organizations relying on manual and paper-driven processing cycles face inefficiencies across the accounts payable process cycle. Furthermore, AP teams have a complex mandate as they interact with vendors and other business functions. Without a streamlined workflow it could get disrupted
Cost of Accounts Payable Errors
Ardent Partners study …
