Technology

Procurement will find its value-add by grasping burning platforms

 

Trump labels it protectionism. The UK calls it Brexit. Other countries talk about local economic and manufacturing support. But whatever you call it, how do we continue to source effectively when traditional procurement is being disrupted along with almost every other industry or profession?

By grasping procurement’s burning platforms and taking them as opportunities, said Duncan Brock, CIPS Director, at this morning’s launch of the Smart Procurement World Gauteng Conference.

Gaining sourcing street cred - Q&A with Salesforce and Oracle's former CPO

 

Balancing_Transformation.jpgGreg Tennyson is the CPO of VSP Global, where he leads transformative change. He is the former VP and CPO (source-to-settle and expense-to-settle) at Salesforce and Oracle.

Greg sat down with ScoutRFP. In part 2 of the conversation, Greg unpacks three ways companies can work to change sourcing behaviours – and gain street cred in the process.

Smart Procurement World topic highlight: How cross-functional collaboration in the strategic sourcing process can deliver savings beyond expectation, even in a very mature category. Presented by Mike Machell-Cox, Director Indirect Procurement, Sappi Europe.

Turning supplier information into procurement insight

 

RudiKruger_2017.jpgDecisions and consequences go hand-in-hand. This is why having adequate, relevant information at your fingertips is a critical aspect of any decision-making process - more so when these decisions affect the operation of business and company reputation.

In procurement, the optimal goal is to manage risks and costs within a company, making it an imperative department of business. Businesses spend a significant amount of time vetting potential suppliers before embarking on a partnership, and pertinent data provides them with the right tools to make informed decisions with information that is easily interpreted by management.

However, the vetting system should not end when an agreement is reached between a business and its supplier. Intensive research and vetting on future and current suppliers should be a continual safety requirement to ensure all procurement legislation is adhered to, says Rudi Kruger, General Manager of Risk Solutions at LexisNexis Data Services, in this month’s SmartProcurement.

Do SA business travellers toe the travel-policy line?

 

TravelPolicy.jpgTraveller non-compliance is an increasing area of concern among travel buyers and managers internationally, with great efforts made to persuade travellers of the benefits of compliance that extend beyond “because the company said so”.

A recent study conducted by FCM Travel Solutions and the African Business Travel Association (ABTA) revealed that the level of non-compliance among South African travellers is limited, however. At least 42% said that their travellers rarely or never booked out of policy, with a further 39% indicating that it didn’t happen often.

Procurement shines brightest on a burning platform

 

GuyStrafford.jpgEconomic woes, political uncertainty and digital disruption might trouble your CEO, but it should delight the CPO. After all, procurement can perform best on a burning platform, says Guy Strafford, Chief Client Officer, Proxima Group.

How can procurement drive down the cost of processing transactions?

 

IanHendry2.jpgWhat is the cost to your business to process one purchase order (PO)? How many POs do you process with a value below that amount? Are you spending a lot of money processing invoices of a low value?

If you need to simplify your procurement of low-value items, then you are in the company of most South African organisations. The average cost of processing a PO in South Africa is more than R700.

Implementing a P-Card programme is one solution. The average cost of processing procurement card (P-Card) transactions is typically less than R200, says Ian Hendry of Nedbank Commercial Card.

Is your travel technology a strategic procurement partner?

 

EuanMcNeil_HS.jpgWe’re in the throes of the 4th industrial revolution, where technology has changed the way we live and do business. Research shows that by 2020, half of the world’s business travellers will be millennials. With this in mind, it’s not surprising that the role of travel management companies has evolved way beyond making travel bookings.

Offering an online booking tool is no longer sufficient. To remain competitive, travel management companies need to draw on the latest technologies to create integrated travel ecosystems through which they can help their clients achieve specific business objectives.

Process-driven travel management has evolved into a strategic procurement function, requiring professional skills in benchmarking suppliers, issuing RFPs, negotiating contracts and collecting data for KPIs, says Euan McNeil, General Manager of FCM Travel Solutions SA, in this month's SmartProcurement.

Blockchain's impact on procurement and procurement professionals

Michael_Shaw_Blockchain.jpg

Is your procurement team ready for Blockchain? Michael Shaw, Chairperson of the American Council of Sourcing and Procurement Executives, explains in this month's SmartProcurement, that Blockchain - more commonly referred to as the Internet of Value, or Internet of Trust - will mature in five to seven years.

Procurement is about to get smarter, faster and more efficient

 

Cognitive_procurement.jpgA ‘cognitive procurement’ solution is set to redefine the source-to-settle process.

The solution delivers intelligence from procurement data - together with predictive insights from unstructured information - to help make decisions in supplier management, contracts and sourcing activities.

9 success factors for implementing a procurement transformation project

 

Implement_procurement_transformation.jpgMore South African organisations are starting to recognise the value that procurement transformation initiatives bring to the bottom line. Successful procurement transformation projects reposition the source-to-pay process for success, across the entire organisation. The entire source-to-pay process is made efficient and highly collaborative, providing organisations with a competitive advantage.

Procurement transformation can be defined as a process - with an element of flexibility - in which an organisation’s capability and procurement behaviour is altered to attain desired results (such as the achievement of maximum value through the procurement function) and attain long-term sustainability.

Supply Chain Partner, a specialist supply chain service provider, discusses 9 critical success factors (or pitfalls if not considered…) that can make or break your procurement transformation success, in this month’s SmartProcurement.

What is procurement's future in the 4th Industrial Revolution?

 

Mluleki Ntlemeza.jpgThe fourth Industrial Revolution, characterised by a fusion of technologies that is blurring the Iines between the physical, digital and biological spheres, builds on the digital revolution (known as the Third Industrial Revolution) that has been occurring since the 1950’s, said the World Economic Forum.

'4IR' has seen the emergence of technologies in procurement, which are set to disrupt established methods. Examples are cognitive procurement and Blockchain.

Mluleki Ntlemeza (MCIPS), e-Procurement specialist at PetroSA, unpacks the impact of the fourth Industrial Revolution on the future of procurement in this month’s SmartProcurement.

Procurement's value will be judged on its alignment with the organisation's strategy

 

ShirazSarang.jpgIs your procurement division a purchasing or a procurement function? More importantly, into which category does your CEO and other key executives place your function? Shiraz Sarang, CPO at Nedbank discusses how procurement professionals can elevate the importance of the procurement function within an organisation, in this month’s SmartProcurement.

Five ways to streamline your procurement

 

IanHendry2.jpgRunning a successful business is stressful. Very stressful, in fact. Arguably the biggest challenge facing chief procurement officers and procurement managers is cashflow. Ensuring that you have the right stock levels without sacrificing pricing, or incurring wastage, will go a long way in alleviating month-end pressure. Open communication between the procurement- and finance departments will more than likely prevent crises of oversupply.

In this month’s SmartProcurement, Ian Hendry - Corporate Card Product Manager at Nedbank Corporate Card - explores five ways to help you streamline your procurement process, and improve your procurement function.

The Future of Procurement - 5 challenges to the profession & strategic function

Jeremy_Kirsten.jpgJeremy Kirsten, MCIPS, puts pen to paper about where the procurement profession has come from, and where it is going.

Procurement as a profession is, I believe, in its infancy, as it only came into its own in the late 1980’s. Its growth from the mid 1990’s to date has been phenomenal. When I first started working, purchasing was not always carried out by professional purchasing officers, but by others that may have inherited the function. During this time, a new concept ‘Materials Management’ arose.

P-Cards' detailed transaction information unmatched by corporate cards

IanHendry2.jpgIf you think a P-Card gets its name from the material with which it’s made, think again…

A P-Card or purchasing card is a charge card that allows the cardholder to purchase high-volume, low-value purchases without going through the hassle, and incurring the exorbitant costs, of generating a purchase order.

With an ordinary CorporateCard, the amount of information reflected in the statement is fairly simple. You’ll see the date of transaction, the name of the supplier and how much was spent. But procurement staff need far more detail, which is why purchase orders are generated and invoices retained, says Ian Hendry, Corporate Card Product Manager at Nedbank Corporate Card.

When processing an invoice costs more than the purchase... P-Card is your answer

IanHendry2.jpgIf you’re spending 80% of your effort processing purchase orders for 20% of your spend, it may be time to change tactics.

You can deliver real savings by diverting low-value, high-volume transactions through a Purchasing Card or P-Card, ideal for companies that want complete visibility and control of their spend, and also need to streamline their purchasing processes, says Ian Hendry, Corporate Card Product Manager at Nedbank Corporate Card.


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