Tag: Procurement Analytics

IR18

Striving for Procurement Excellence? Here’s What You Need to Do

The role of procurement in organizations is no longer a matter of debate. Sourcing and procurement have been gaining increasingly strategic relevance in companies and has been the object of constant attention as it is directly related to the level of effectiveness of the organization and closely connected to the company’s cost structure. There is a new recognition in companies of the positive impact that procurement excellence can have on important performance indicators, like costs and spend patterns. Now, top players across industries are contemplating ways to attain sourcing and procurement excellence in order to gain a sustainable cost advantage for business. Furthermore, companies can analyze their procurement operation and think strategically using reliable data which is a foundational building block of procurement excellence.

Execute transformational changes

Leading organizations leverage internal and external data while undertaking transformational changes in procurement. This helps them shift focus to strategic buying vs. tactical procurement. Combining these elements give companies unprecedented visibility over their procurement functions and better leverage its role in increasing profitability. Companies that have harmonized data around their spending tend to attain sourcing and procurement excellence. For instance, while purchasing raw materials, manufacturers must gain an understanding of the change in spending on a year-on-year basis in order to proactively pinpoint and cater to any significant fluctuations.

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Procurement Technology: Top 4 Ways it is Impacting Supply Chain Functions

The continuous influx of innovation in the field of procurement and sourcing has made supply chain functions simpler by eliminating tiring paperwork and automating complex as well as simple tasks. Procurement technology solutions like e-procurement tools and many others significantly benefit businesses by allowing better visibility, greater productivity, and cost efficiency. Traditional techniques such as category expertise and supplier relationship management are still relevant but the new procurement technology solutions are transforming the way businesses approach supplier negotiation, contract management, category management, and reverse auction. The high degree of granularity achieved through the use of procurement technology enhances business agility, drives continuous process improvement, and supports an operating model that boosts business excellence within procurement and supply chain functions. In this article, we have talked about a few interesting ways in which procurement technology is impacting supply chain functions.

Procurement Technology in Supply Chain Functions

Mobile procurement has made supply chain efficient

We cannot deny the fact that procurement professionals are on the move and demand instant information. This is where procurement technology plays an important role. It empowers them to drive better value and results. With such technology, organizations can streamline their procurement processes and supply chain functions with features like purchase order creation, demand notifications and real-time analytics from a mobile device. Procurement professionals can also request and compare items conveniently, providing them complete visibility on suppliers.

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Digital signatures have secured supply chain functions

Digital signature and certificates make the e-tendering process possible through its capacity to access information of buyers or services online and ensuring security. Digital signatures drive away the lengthy paperwork and allow for contracts to be carried out in lesser time. Additionally, this procurement technology also encourages automatic contracts and eases the request for proposal processes apart from simplifying the order of purchase.Contact US

E-catalogs have improved reliability

Unlike services catalog or traditional product, e-catalogs are interactive and can store huge quantities of items that can be classified and organized into different categories as per requirement. Such a procurement technology can be easily modified and edited on a recurrent basis and help in converting inquiries resulting in significant cost savings. 

Reduced operational costs in supply chain functions

Today, both small and medium business enterprises are migrating to cloud technology to enjoy the benefits of procurement technology solutions without investing much on IT infrastructures. Also, businesses are opting for a Software-as-a-Service (SaaS) model to meet their procurement needs. Such digital procurement platforms provide great value that in-house solutions can never match. Additionally, cloud migration can reduce the overall costs and provide scalability and flexibility to the organization.


SpendEdge offers customized procurement market intelligence solutions to help procurement and sourcing stakeholders make better business decisions. Are you looking for any solution? Request a proposal now!

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HOW CAN BETTER SOFTWARE LICENSE MANAGEMENT RESULT IN COST OPTIMIZATION?

London, Apr 18, 2018: Software licensing is complicated in any organization which is why companies usually purchase software entitlements for hundreds of rights. The rights are then distributed to several employees and machines. Software license management helps organizations to track and document an organization’s software portfolio.

SpendEdge’s latest webinar on the software license management offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The webinar also offers detailed insights into the license management best practices, cost optimization, and software license compliance.

“A good software license management tool will ensure compliance with all such issues and maintain business continuity. Leading procurement organizations can optimize their license spend by negotiating with large suppliers.” – procurement expert at SpendEdge.

Tracking software usage and staying compliant helps companies to plan future purchases wisely by knowing the frequently used software and those that are occasionally used. An excellent software license management tool will ensure compliance with software license agreement and maintain business continuity.

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This webinar on software license management offers insights on:

  • What is software license management?
  • Why should organizations have software license management in place?
  • How procurement teams can yield cost optimization with better software license management
  • Consequences of non-compliance with software licenses

Get unlimited access to all our procurement reports. Get access to our reports to gain insights, platform ready-to-use procurement research reports, latest supplier news, innovation landscape, markets insights, supplier tracking, and much more at the click of a button. Request a free demo now


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Increasing Health Awareness Amongst Consumers Driving Demand in the Global Cardamom Oil Market

Cardamom Oil Market - Procurement Market Intelligence Report InfographicsLondon, Apr 04, 2018: Increased demand from end-use industries such as food and beverage and cosmetics is driving the global market growth as cardamom oil is widely used as a raw material in these industries. Additionally, is also used in ayurvedic rehabilitation centers for aromatherapy due to its antimicrobial and antioxidant properties.

SpendEdge’s latest procurement research report on the global cardamom oil market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the agro commodities and raw materials, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“Consumers in the food and beverage industry prefer healthy diet to overcome diseases such as diabetes, cardiovascular related diseases, digestive problems, and respiratory disorders. Consumers are demanding cardamom oil as it is a healthy substitute for regular oil” – Tridib Bora, Agro commodities and raw materials expert at SpendEdge.

There is lack of transparency in the supply chain of cardamom oil suppliers. Cardamom seeds/pods used to produce cardamom oil are brought from small farmers that are opaque about their farming practices, leading to decreased visibility in terms of cardamoms’ quality used in the production process. As a result, buyers are facing procurement challenges regarding the supply chain traceability of the cardamom oil.

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Request Free SampleThis procurement report on the cardamom oil market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

Get unlimited access to all our reports. Get access to our reports to gain insights, platform ready-to-use procurement research reports, latest supplier news, innovation landscape, markets insights, supplier tracking, and much more at the click of a button. Request a free demo now


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IR30

Upcoming Trends, Growth Drivers, and Burning Challenges in the Artificial Food Coloring Market

Looks and smell are the primary factors that attract people towards food. These two factors play such a significant role that it can psychologically alter human perception even if the food taste was different from how it was presented. Apart from enhancing the visual appeal of food products, artificial food coloring is also used to protect minerals and vitamins within the food during exposure to sunlight. Artificial or synthetic food colors are manufactured using chemical processes and are most commonly used in food and pharmaceutical industries. Such food coloring is available in powder, liquid, gel, or paste forms. Sunset yellow, tartrazine, carmoisine, erythrosine, Ponceau 4R, and brilliant blue FCF are some of the most commonly used food colors in the food sector. The procurement market intelligence report on global synthetic food color market identifies Europe as one of the largest markets occupying a 34% market share.

Request Free SampleTrends in artificial food coloring market

  • Today, the consumers increasingly prefer clean-label products which are free of any additives, preservatives, stabilizers, enhancers, and thickeners. Because of such preferences, consumers have prefer natural food coloring over synthetic food colors.
  • In the salmon aquaculture sector, the farm-raised salmon lack the pinkish color that is present in wild-salmon. As a result, artificial food colors are used in salmon fish fillets and in pigmenting supplements as a part of fish feed as well.
  • Colorful concoctions such as rainbow bagels and unicorn lattes in food products are possible because of innovations in the synthetic food coloring market. For instance, multi-color cereals, Marshmallow Only Lucky Charms launched by General Mills, are becoming increasingly popular among consumers.

Growth drivers in the artificial food coloring market

  • One of the largest application areas of artificial food coloring is its use in processed foods such as confectionaries, sausages, soft drinks, baked goods, cereals, and snacks. With the processed food and beverage market estimated to reach US$6 trillion by 2021, it’s a significant growth opportunity.
  • Synthetic food colors are preferred over natural food color by manufacturing companies as they are cost-effective and have relatively better heat and moisture resistant properties. Additionally, naturally derived food colors are generally not as concentrated as synthetic food colors.
  • Artificial food colors are extensively used in dairy products such as butter and yogurt. It’s a significant growth opportunity for the food coloring market as the dairy industry is expected to grow at a CAGR of 3% by 2021.

Challenges in the synthetic food coloring market

  • Growing health awareness and lifestyle changes in developed regions has resulted in a large number of buyers adopting natural colors over synthetic food colors. As a result, food companies such as Nestlé and General Mills have drastically reduced the use of artificial flavors in their products.
  • Synthetic food coloring can sometimes change the properties of the end-product. Buyers have to incur additional costs for additions or alternatives to be implemented in the end-product formulation. Such switching costs can halt the growth of the synthetic food coloring market.
  • Petroleum products, aluminum, and coal are the primary raw material used in the production of synthetic food colors. Global demand and supply lead to fluctuations in the price of such raw materials posing problems to procurement teams in the artificial food coloring market.

For more information on the synthetic food coloring market along with supply market insights, pricing models, category management, and supplier selection criteria in SpendEdge’s upcoming report on the global synthetic food color market.

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Top oil Spill Solutions Providers Cleaning Up the Spillage Mess

Oil is an essential commodity powering the transportation and energy needs of the world. However, it not present across all parts of the world. Only, few countries have oil reserves, and they transport the surplus oil to needed countries mostly through water routes. Additionally, oil is not only found in the land but also in ocean floors. Hence, oil exploration activities take place even in oceans. All such transportation and extraction activities pose a particular risk of the oil spill which not only harms the marine life but also pollutes the environments and affects the humans. Recently, there was a massive oil spill after an Iranian tanker sunk in the East China Sea after a fiery collision. An almost invisible type of petroleum has affected important fishing grounds from China to Japan and beyond. It is not the first oil spill instance with many notable incidents such as Exxon Valdez and Deepwater Horizon, and may indeed not be the last.

Request Free SampleHow are oil spills cleaned

  • Oil dispersants using Corexit 9500 works almost the same way as dishwashing liquid. They break oil into tiny droplets which will then be consumed by naturally occurring bacteria
  • Water-oil separation technique skims the surface of the water and manually collects floating oil
  • An extreme attempt to remove the oil is to burn large areas of oil on the sea surface
  • Hyper absorbent peat moss soaks up nasty oil slicks as it can be scattered on the spill to absorb the oil, and then scooped right out of the water along with the oil

Although it may seem simple, controlling oil spills and cleaning the oceans is a daunting task. But few companies in the world perform these tasks efficiently. So who are the top companies providing oil spill solutions?

Oil Spill Response

Oil Spill Response is the largest international oil spill solution provider that is funded by major global oil production companies worldwide. The company responds to oil spills wherever in the world they occur by providing preparedness and response and intervention services.

Key services: Consultancy, equipment leasing, training, and oil spill modeling

Notable oil spill projects: Exxon Valdez, Sea Empress, Prestige spill,

Polyeco

Polyeco’s portfolio is divided into two segments: oil spill response services and waste management services. The company provides services to end-user industries such as oil exploration and production companies.

Key services: Emergency spill response services, risk assessments and analysis, oil spill response, damaged and distressed cargo services.

Lamor

Lamor is committed to oil spill response, recovery, and clean-up operations worldwide. Moreover, the company provides soil and water treatment services globally. Lamor has developed expertise in oils spill response and recovery, especially in the Arctic and offshore operations.

Key services: Arctic applications, offshore and shipboard systems, harbor, river, and shoreline applications, land remediation applications.

Notable oil spill projects: Gulf of Mexico oil spill, Godafoss oil spill in Norway, MV Runner 4 oil spill

NRC International

NRC International has diversified portfolio that is divided into five major segments such as oil and gas, transportation, chemical, industrial, and power. The company provides services to end-user industries such as oil exploration and production companies, rail companies, and government sectors by managing large-scale response projects and spill events.

Key services: Global aerial dispersant program, pre-booming, standby, and dock-watch services, response equipment rental packages and solutions, camera inspection.

Notable oil spill projects: Deepwater Horizon

Marine Pollution Control

Marine Pollution Control was the first spill clean-up company in the Great Lakes region and one of the first in the nation. Marine Pollution Control is a highly mobile, rapid-response organization that had evolved from the early years of oil pollution clean-up solution provider into a fully equipped and experienced company, providing effective solutions.

Key services: Land, water and underwater response, oil and HAZMAT spill response, level A response, WMD and biohazard response

To get a full list on the top vendors in the oil spill solutions market along with supply market insights, procurement best practices, pricing insights, and supplier selection criteria in SpendEdge’s upcoming report on the global oil spill solutions market.

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IoT and EDC technologies Driving Innovations in the Drug Development Biometric Services Market

SpendEdge Procurement Market Intelligence Drug Development Biometric ServicesLondon, Mar 21, 2018: Increased investment in drug research and focus on cost reduction by outsourcing data management services have driven the need for drug development biometric services. Additionally, availability of technology platforms such as IoT and EDC that reduce the time required for manual report fabrication has also contributed to the growth of global drug development biometric services market.

SpendEdge’s latest procurement research report on the global drug development biometric services market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the pharma and healthcare, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“Most pharma drug manufacturers and researchers do not possess the competency to conduct data management processes in-house. As a result, there is a demand for CROs and third-party clinical trial data management service providers that would conduct data management process efficiently, resulting in low cost for buyers and better management results.” – Bhuvaneshwari Udayakumar, pharma and healthcare expert at SpendEdge.

Suppliers providing biometric services for drug development may be using either proprietary software or source it from an IT products supplier. These solutions need to be compatible with the type of data collected in clinical trial so that statistical analysis can be made based on these data. As a result, procurement professionals face challenges in re-engineering clinical trials in this market.

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Request Free SampleThis procurement report on the drug development biometric service market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

Get unlimited access to all our reports. Get access to our reports to gain insights, platform ready-to-use procurement research reports, latest supplier news, innovation landscape, markets insights, supplier tracking, and much more at the click of a button. Request a free demo now


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Increase in Number of Financial Regulations Driving the Revenues in Forensic Accounting Services Market

SpendEdge Procurement Market Intelligence InfographicsLondon, Mar 07, 2018: The rise in the number of financial regulations such as the SOX Act and Dodd-Frank Act has led to a rise in adoption of forensic accounting services among organizations. This is mainly because these services protect organizations from financial and legal risks. It is estimated that the rise in the number of regulations will increase the revenue of forensic accounting services market.

SpendEdge’s latest procurement research report on the global forensic accounting services market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the financial services, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“The need to store a vast amount of data is driving buyers to use big data. This, in turn, is increasing buyers’ demand for forensic accounting services to be performed on large amount of data to identify fraudulent cases and minimize risks associated with it. This will drive buyers to outsource forensic accounting services.” – Tridib Bora, financial services expert at SpendEdge.

Buyers face issues related to vendor lock-in as it is difficult to switch from one service provider to another. High switching costs and sharing of a large amount of data with service providers have made it difficult for buyers to shift to another service provider. Such vendor lock-in issues are causing procurement challenges in the forensic accounting services market.

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This procurement report on the forensic accounting services market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

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IR18

Procurement Analytics: 7 KPI Metrics You Need to Track

As far as procurement managers are concerned, one of the primary goals is to ensure that the company’s procurement teams are as efficient and effective as possible. Some of the other areas of concern include reducing unnecessary spend, lowering cost, accelerate procurement cycle, and to ensure compliance. But how they correctly measure if these goals are being accomplished successfully? Managers must be in a position to carry out the right procurement analytics tools that would help them track results, measure progress, and identify the areas of improvement.  Furthermore, with the help of procurement analytics and the right KPI metrics, it is possible to track whether the procurement team is delivering the value-add that has been planned. Here arSE_Demo2e some of the top KPI metrics that every procurement manager needs to keep track of :

Maverick spend

Most companies face the problem of employees indulging in ‘rogue spending’ without going through the proper approval channels. One of the critical steps to optimize the procurement efforts is to reduce if not eliminate the maverick spend altogether. Cutting down 5 to 10 percent of maverick spending can translate into millions of dollars of cost savings at large organizations.

Cost savings

The success of a procurement strategy largely depends on the amount of cost savings attained. It is essential to identify whether switching vendors or suppliers could yield better prices. Also, it is important to focus on the total cost of ownership (e.g., delivery costs, supplier management, lifecycle costs, etc.) and consider the time value of money. Unavoidable cost increases such as inflation or energy prices should be taken into consideration while ascertaining cost savings KPI metrics.

Procurement ROI

This KPI metrics help you to understand very clearly whether your initiatives are adding value to your company or not. If a significant amount of money is spent on procurement efforts but if those expenses do not help the company to realize the expected return on investment, then it is best to cut down or take corrective actions to realigns such spends.

Purchase order cycle time

Purchase order cycle time is a KPI metrics that help companies to measure how quickly the purchase orders can be placed. Top companies typically take only five hours—about half business day—to send a purchase order to a supplier. The quicker a purchase order is placed, the more efficient and agile your organization will be.

Total spend by vendor

This KPI metrics is highly beneficial for procurement teams. This metrics helps to identify how many suppliers the company is depending on and the deals made with each vendor. By consolidating the number of vendors you work with, you increase the chances of lowering costs by sourcing materials and services in a more affordable fashion. 

Contract compliance

During procurement, companies enter into contracts with several vendors and suppliers. It is essential to keep track of whether the prices paid are as agreed upon, the parties meet the standard of service-level agreements signed, and the quality standards are adhered to or not. The closer a company gets to 100 percent contract compliance, the better.

Cost reduction

Procurement managers often fail to track the efficiency improvements that can be made to reduce the cost of labor associated with procurement. This KPI metrics helps to understand ways to reduce the overall cost of procurement by eliminating the need to hire additional staff.


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Buyers Efforts to Curtail Emissions Driving the Growth in the Global Mechanical Seals Market

Mechanical Seals ProcurementLondon, Mar 06, 2018: Increasing demand for high-quality seals that contribute to buyers’ efforts in curtailing emissions and growing focus of regulatory bodies on reducing the impact of emissions on the environment have driven the growth in the mechanical seals market. Additionally, growing demand from the pharmaceutical sector owing to emergence and adoption of bioprocess drugs is also driving the market growth.

SpendEdge’s latest procurement research report on the global mechanical seals market offers an in-depth assessment of the crucial factors influencing the supply market, strategic procurement and sourcing decisions, pricing models, and procurement best practices. The report, a part of the components and spares, also offers detailed insights into the supply chain management, key market developments, and demand-supply shifts to help sourcing and procurement experts make smart procurement decisions.

“The market for mechanical seals is obtaining demand from new end-user industries such as nuclear and renewable energy. The nuclear energy sector may decline over time owing to high negative environmental impact; however, the criticality of emission regulations for nuclear power generation is anticipated to spur new product development” – Bhuvaneshwari Udayakumar, components and spares expert at SpendEdge.

Due to a wide range of seals available in the market, buyers find it challenging to select a final product and often end up selecting a wrong product only to find incompatibility after its use. This eventually increases spend on mechanical seals by buyers. As a result, buyers are facing procurement challenges in selecting correct mechanical seals as per their requirement.

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This procurement report on the mechanical seals market offers insights on:

  • Supply markets, growth drivers, trends, and imminent restraints
  • Key suppliers and assessment of their capabilities
  • Procurement best practices
  • Negotiation strategies and cost-saving opportunities
  • Pricing models and category innovations
  • For a comprehensive, detailed list, view our full report

Get unlimited access to all our reports. Get access to our reports to gain insights, platform ready-to-use procurement research reports, latest supplier news, innovation landscape, markets insights, supplier tracking, and much more at the click of a button. Request a free demo now


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