When discussing ways to improve your organization’s internal spend controls, it is helpful to take a holistic look at your spend program as a whole to identify areas for improvement. Often, we find that organizations can make significant progress just by getting a better hold of their spend data. The data is there, it’s just
The Difference Between Spend Data Visibility and Transparency in Purchasing Read More »
If you’re running a business, or working in procurement or sourcing for a large organization, you are creating relationships whether you are fully cognizant of it at all times or not. It’s a huge part of procurement and sourcing. But some of those relationships can become a little more unique — and downright lucrative. Case
The Price to be Paid for Ignoring Preferred Suppliers Read More »
Artificial intelligence is not a new development. It has existed in infancy since the 1950s, and as a concept, well before that. Unless you had a career or particular interest in robotics, programming, or automation, its impact on your life was likely minimal, unless you happened to be an hour deep in a sci-fi movie.
How AI Augments Procurement Departments Read More »
Putting together a future-oriented procurement and/or sourcing strategy requires a lot of attention to detail. You want to minimize risk, but at the same time, you know that for change to happen, you need to take some risk. Maybe your sourcing process is based on price, delivery time, and availability, without much thought as to
A Forward-Thinking Approach to Procurement and Sourcing Read More »
One of the most important aspects of putting together a strategic sourcing plan at your organization is risk management, and proper identification of risk. While taking risk is a necessity in business, it’s important to eliminate needless risk factors that do not open any new opportunities for the organization. A solid strategic sourcing plan should
Risk Management in Strategic Sourcing Read More »
Strategic sourcing is the process of taking a look at what goods and services your organization needs to run most effectively, and is implemented by taking a look at all available options and optimizing the spend of the organization. It implies a knowledge of the difference between minimizing total cost, and minimizing purchase price. It’s
How Data Monitoring Can Improve Strategic Sourcing Strategy Read More »