Tag: procurement risks

procurement risks

A Holistic Plan to Address Procurement Risks in the Wake of Brexit

Whilst negotiations are ongoing between the UK government and the European Union, many businesses are still unsure about the steps needed to mitigate procurement risks associated with Brexit. Download the full article and know the steps that companies can take to address the procurement risks.

Introduction

Brexit has brought about one of the biggest changes to global trading rules over the last years. It is impacting the procurement processes and supply chains of companies having significant operations in the U.K. and disrupting their operations. Financial plans are shredding and companies are facing major procurement risks and challenges. The probability of the UK and the EU arriving at a trade agreement seems difficult and the period of uncertainty is likely to be prolonged.

At SpendEdge, we understand that this period of uncertainty can pose major financial and procurement risks for companies. Therefore, we have listed out the major procurement risks faced by companies and shown how procurement leaders can prepare for Brexit in our new free resource, which is now available for free download.

Want to know how you can improve your procurement system? Request a free demo and access our SpendEdge Insights platform for free!

Procurement Risks that Companies Need to Address

SpendEdge has identified the key procurement risks that companies need to address in order to curb the rising uncertainty among companies and procurement leaders.

  • Exchange Rates: The declining value of GBP against the USD is one of the major concerns for companies. The UK’s decision to exit the European Union is not only increasing import costs but also influencing the movement of goods across borders. Supply chains are becoming expensive and companies need an effective procurement strategy to address this situation.
  • Contract negotiations: Contracts that were made earlier are now proving to be inefficient and are unable incorporate changes coming from currency fluctuations and new tariff rates. Companies require new terms and agreements that can ensure the right level of flexibility against different Brexit scenarios.
  • Compliance risk: The UK government’s strategy to explore new trade deals is increasing regulatory burden for companies. Also, it is pressurizing procurement leaders to focus on network planning and identify delivery locations for commodity groups.
  • To know more about the procurement risks faced by companies, request more information. 

 

What’s in it for you?

  • Gain detailed insights to address high import costs occurrinWP Cover Imageg due to decline in GBP against the USD.
  • Figure out contractual terms for new agreements to ensure flexibility against different Brexit scenarios.
  • Determine the impact of new trade agreements on different sectors.
  • Analyze the key strategies imperative for companies to comply with multiple regulatory systems.
  • Learn the procurement strategy to manage increased costs due to new tariffs and duties.
  • Discover the skill requirements needed for procurement professionals to navigate currency change.

Managing procurement risks is imperative for companies looking to gain a competitive advantage. Request a free proposal to gain a comprehensive overview of our procurement risk management solutions portfolio.

Why SpendEdge:

SpendEdge delivers robust, real-time procurement market intelligence solutions to help sourcing and procurement professionals to manage procurement risks. Our innovative procurement solutions help enterprises to transform the structural capabilities of businesses and improve execution efficiency. Our state-of-the-art procurement risk management solutions also help enterprises to transform structural capabilities, improve execution efficiency, and achieve better cost savings. We provide businesses with actionable insights and techniques to improve their procurement system.


Want to the know more about the procurement risks that companies can face in the wake of Brexit? Contact us below.

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Why Should Your Organization Use Procure to Pay Software?

A procure to pay process in a typical organization is lengthy, time-consuming, and laborious. The process starts out with requirement planning, then RFQ, vendor selection, purchase order, goods receipt, order and goods assessment, payment invoice, and reporting. Manually going through all such processes can be hard and laden with errors. Additionally, an organization may be running multiple processes in parallel with numerous vendors, and tracking them might just go out of hand. A traditional procure to pay process involves a lot of checks, authorizations, paperwork, communication, and errors. With a flurry of innovations in this sector, automation has stood out as the clear winner as it helps organizations better understand their spend and increase contract compliance. So why should an organization use procure to pay software?

Benefits of Procure to Pay (P2P) Software

Enhanced spend visibility

Automation eliminates the requirement for a lot of paperwork and enforces manual checks within each stage of the procure to pay process. Automated procure to pay software provides end to end visibility between POs, goods receipts, invoices, and other documents to ensure goods are as per specification before issuing payment. By providing real-time data to both buyers and suppliers, it offers better srequest proposalpend visibility.

Easy access to records

Procure to pay software eliminates all the paperwork and stores all records in the system digitally. As a result, it becomes easier when procurement professionals want to retrieve data on a particular supplier or transaction. They can get the data instantly, rather than having to go through all the files and documents. Also, buyers can easily access the online catalogs from suppliers, and also review and approve purchase orders in electronic formats. Additionally, the cloud-based system can provide selective permissions and encryption to allow multiple levels of access. It can also generate automated reminders to alert users when purchase orders are pending or require approvals.

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Catalog management

Contracts are an essential document for any organization. Hence, they store such documents regardless of importance or time. However, it’s not the same with catalogs; they only keep catalogs from a selected few suppliers. Procurement professionals cannot access information on suppliers past offerings or offerings from new suppliers as they do not have their catalogs. An automated procure to pay software helps procurement professionals to link the software with the contract management system and store contracts in the absence of catalogs of a supplier. Such software assists procurement professionals to fetch details and historical costs of previous orders from a particular supplier even without a catalog.

Proactive reporting

The automated procure to pay software has the ability to create reports that provide more profound insights into supplier performance. It can detail over supplier spends over various levels, compliance issues, and status of contracts and shipments. Such real-time reports are valuable to businesses as it assists them with strategic spend analysis and controls their maverick spend.


Want to gain better insights into procure to pay cycle and P2P software?

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Media Procurement Strategies: Vision 2020

Title:                                       Thought Leadership Series: Media Procurement Strategies: Vision 2020

Presenters:                           SpendEdge Procurement Intelligence Experts     

Date:                                      Wednesday, October 26, 2016

 

With a huge proliferation of digital media and sheer growth in digital media spending, marketers struggle in making the right choices about what they buy, how they buy, and whom they work with. Media procurement has brought a new dimension and perspective in addressing these challenges by recognizing a programmatic approach to optimize media spend.

This webinar will discuss actionable procurement strategies for media professionals and give valuable insight on how to overcome sourcing challenges, while mitigating procurement risks. The 45 minute webinar will feature a panel of procurement experts presenting useful information for the category managers to understand:

–  Emerging agencies in digital media – Is the industry moving towards more consolidation?

–  Programmatic media buying and its impact on media procurement professionals

–  The holistic growth of digital media, across regions

To access this webinar, please register here

 

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