Leveraging strategic sourcing and utilizing certain best practices can enable better visibility into pricing and forecasting, establish efficiency across the supplying and sourcing processes, and improve supplier selection by allowing data-driven decisions and well-informed plans.
Suppliers are long-term partners and choosing the ideal suppliers should be an equally stringent and challenging task. To ensure your organization is working with the best, the procurement team must identify, evaluate, and approach suppliers that follow similar professional values, aim for similar objectives, and work along with similar ethics.
Procurement teams spend a lot of time on strategic activities and end up with little or no time for more important tasks. This is when robotic process
automation can help – it can take on those activities, enabling procurement professionals to focus their time and efforts on the development of strategic
Let’s discuss five crucial steps that will help businesses to become proficient in strategic category management.
Digitalization is not just transforming the customer experience but is also making significant changes in the way businesses operate, especially by creating new job roles in organization. Let’s discuss.
Spend Analysis Best Practices Why are spend analysis best practices important for businesses across sectors? Spend analysis is rapidly becoming a must-have tool for today’s procurement leaders and other industry specialists. Though there are several reasons for this,...
Why purchase to pay is a disruptive trend? Rapid technological innovations promise to bring disruptions in purchase to pay processes. The advancements in blockchain technology and artificial intelligence offer unparalleled transparency, which will radically alter...
In our latest engagement, we helped a leading beverage industry client develop a robust strategic demand intelligence report. We also helped them to shift toward a consumer-centric environment. Category management is quintessential for retailers as not all merchandise is equally important from a revenue generation point of view. To maximize profit opportunities in retail sales, it is important to master category management.
Intelligent Procurement: Empowering Businesses to Reinvent their Value Chains with the Power of AI in Procurement
In our latest engagement, we helped a leading food service industry client identify potential supplier risks and save massive amounts in their procurement operations. Procurement technology vendors are increasingly focusing on developing solutions that use AI. It includes cognitive procurement advisors (CPAs) and virtual personal assistants (VPAs) that use natural-language processing (NLP) and natural-language generation.
This engagement provided the leading player in the industrial sector with an in-depth information source for supplier data management and risk. The information furnished was utilized by the client’s procurement department, information security department, and data protection officer to actively manage supplier data privacy risks. Additionally, the supplier risk assessment also helped the client to identify high-risk suppliers and received a detailed assurance review at no cost.
This case study by SpendEdge provides an understanding and benchmarking of key vendors’ cloud offerings in terms of features, price, and services for a leading insurance company
Financial Strategies to Boost Procurement Savings in the Manufacturing Sector: A SpendEdge Success Story
Ever since the first global financial crisis, realizing procurement savings and cost-efficiencies has been the top priority for businesses across all industries. Most companies have taken drastic steps to strip out costs, but the reality is that most procurement...
Procurement Challenges and Solutions for the Food and Beverage Industry – In the recent times, we have witnessed players in the food and beverage industry investing heavily in the latest technological advancements to improve their processes. This trend is contradictory to the cost-cutting mode that was prevalent in the sector a few years back. Companies have started to realize that modernizing their activities is a one- time investment that could reap significant benefits in the long run.
The IFM industry is
expected to be
dominated by REFM
service providers who
possess high technical
expertise in providing
core and non-core
In our latest engagement, we helped a
leading sand mining client minimize
supply chain inefficiencies and improve
the overall on-time deliveries.
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