Technology

Are you utilising data effectively to drive synergies between procurement and finance?

UtilizingData_100.jpgBy Piotr Raszewski, Senior Analyst: Knowledge Services, Infosys, and
Srikrishna Koneru, AVP, Strategic Business Practice Head: Sourcing and Procurement, Infosys

When one thinks of ways to measure the effectiveness of cross-operation between procurement and finance, more than a few methods come to mind. Purchase order (PO) compliance rate, discount utilisation, the number of active vendor accounts, etc., are some of the indicators.

The business metric of impacting payment on time, however, best reflects the level of synergy between procurement and finance. In this article, we will look at one of the resounding examples of how business intelligence (BI) reports and data analytics can be leveraged to gain a clear perspective on the cause-and-effect relationship between the two departments.

3 reasons why focussing on spend analytics matters

KirkPoucher_100.pngAll sorts of spend analytics technology is available - but how do you best translate this data into constructive action? Procurious spoke to Kirk Poucher, Managing Director of SpendHQ.

Procurement needs less processes - as they are slow, boring and self-centred

Sammeli_Sammalkorpi.jpgBy Sammeli Sammalkorpi

During the past few months, I have discussed with a number of chief procurement officers (CPOs) how they have managed procurement during COVID-19. One recurring answer was along the lines of 'we broke all of our processes and went into wild-west-mode'. Now, many said this with an interesting combination of sadness and pride. Sadness that they had to give away great processes perceived to be the basis of any professional procurement organisation. Pride and excitement at how procurement teams were able to improvise, work hard and survive.

How a data-enabled supply chain can help the vaccine rollout

KevinSample_100.jpgBy Kevin Sample, Senior Consultant at healthcare supply chain firm GHX

As COVID-19 cases continue to rise, the spotlight is once again on the healthcare supply chain

The rollout of the COVID-19 vaccine has once again put the global healthcare supply chain under the magnifying glass. As inoculation programmes are established, the demand for full vaccination kits, which include syringes, glass and personal protective equipment (PPE), is likely to put strain on the supply chain. If not addressed properly, this could lead to delivery delays and critical supply shortages similar to those seen earlier this year. So, what can hospitals and other healthcare providers do to mitigate the supply chain risk they faced at the onset of the pandemic?

A large part of the answer lies in how they use data.

Perfect delivery: the new rules for survival, innovation and growth

SteveBanker_100.jpgBy Steve Banker, Vice President: SCM, ARC Advisory Group

Customer loyalty begins with excellent service and timely delivery. Companies have come under pressure to unify their buying experience across channels, capture orders easily, and deliver them rapidly and accurately.

When it comes to gauging the loyalty of an organisation's customer relationships, the net promoter score (NPS) survey typically represents best practice. The NPS is correlated with revenue growth and calculated based on responses to a single, simple question: how likely is it that you would recommend this company/product/service to a friend or colleague?

COVID-19 vaccines and the supply chain challenges

AmbrishKumar_100.jpgBy Dr Ambrish Kumar, Founder and Group CEO, AAA 2 Innovate Pvt Ltd

The world is waiting for the COVID-19 vaccine. Distributing it globally from its points of production is a gargantuan task. In fact, it is a task some feel should best be left to the expertise of military logistics.

The vaccine is beginning its rollout on the heels of large scale, global logistics and distribution stoppages. Those tasked with its distribution are on the backfoot.

The spread of the virus has grown exponentially in certain regions, compelling lockdowns and an unprecedented hindrance to countless businesses. One of the most affected sectors, since the very beginning and still, is the aviation and air travel sector.

4 leading CPOs reveal how they are digitalizing procurement

MatthiasGutsmann.jpegBy Matthias Gutzmann, Founder, Digital Procurement World

Digital procurement transformation is no longer an option, it is a must. Ignoring it today will ultimately lead to a loss of procurement's influence in the organization. On a more positive note, early adopters in digital procurement are already benefiting from incremental cost savings, increased productivity, and substantial improvements in innovation, quality, speed, and risk management.

As a CPO, it is absolutely necessary to understand how digitally mature your procurement organization really is, how you compare to others, and the key steps to digital maturity.

5 tips to help prevent and control maverick spend

Georg_Roesch.jpgA little innovation never hurt anyone. But whilst Maverick Spend may cause us to re-evaluate our processes, it can wreak havoc and cause long-lasting damage. Georg Roesch, Senior Manager at JAGGAER, outlines five ways you can prevent it from happening and keep it under control.

Forget RPA: the future of procurement is autonomous

Sammeli_Sammalkorpi.jpgBy Sammeli Sammalkorpi, VP: Customers and Co-founder of procurement analytics solutions provider Sievo

Let's face it - procurement teams are not the first to hop on the latest technology trends and the industry has been historically slow to digitize daily workflows. But now, with more data being generated in the last two years than in the history of mankind, procurement teams are starting to realize not only the benefits and competitive advantage that new technology can bring, but also that it is nearly impossible to manage the abundance of new data sets without it. For example, leveraging AI and machine learning to integrate this new data into procurement analytics strategies can equip organizations to dynamically understand spending, predict future outcomes and measure the trade-offs of various sourcing decisions.

Procurement: You can't do it alone!

Gordon_Reid_100.jpgBy Gordon Reid, Lead - Transparent Procurement Advisory Programme

One of the first things that I learned when I started my unplanned career in Procurement is that you cannot do it alone. Besides the team that you work with, you also need support and buy-in from people across all departments of the organisation for Procurement to make a real impact on the business.

Each organisation will be different but, based on my experience, here are seven departments in an organisation where I believe it is essential for Procurement to have a strong working relationship with key individuals.

Managing Supply chain cyber risks

VenishaNayagar_100.jpgWhen companies think about security, it is usually about securing their networks, software and digital assets against cyber-attacks and/or data breaches. But, in supply chain - whether it is a vendor used for facilities management or for cloud hosting - almost every organisation depends on a growing supply chain of services, creating an eco-system of dependency. As this eco-system grows to include fourth- and fifth-parties, it becomes more vulnerable to security risks. Recent major cyber-attacks were as a result of third-parties being compromised.

In this month's SmartProcurement, Venisha Nayagar, Director at Crypt IT Information Risk Management, takes a look at supply chain data risks.

How procurement spend analysis can cut costs

Spend_Analysis_150.pngWhile it is true that you often have to spend money to make money, optimising every cent by tapping into the power of spend analysis creates significant savings opportunities compared with flying blind and having no visibility on your spend.

To get an optimal return on your investment, it pays to understand and implement effective procurement spend analysis as part of your overall business process management.

Procurement empowered by cognitive and intelligent applications

Marcel_Vollmer_100.jpgBy Dr Marcell Vollmer, Chief Innovation Officer, Celonis

Across all industries, procurement leaders are seeking significant and measurable productivity gains. New technology, based on machine learning and artificial intelligence, is driving the digital transformation of the procurement function to deliver value, driving supplier innovations, performing risk management, securing a sustainable supply chain and, of course, managing budgets.

Post-COVID-19 cost savings in the mining and manufacturing industries

Cost_savings_mining_100.jpgWith cost pressures likely to mount up as we recover from COVID-19, mining and manufacturing companies must find alternative methods to reduce total cost of ownership relating to product procurement and product consumption.

"A product information management (PIM) system can help", says Isak Marais, CEO, DigiTeams, which specialises in bespoke digital transformation within the mining, manufacturing, wholesale and retail sectors.

4 cloud procurement myths

Weimer_Vieira_200.JPGCloud procurement means different things to different people. In this article, Leigh Weimer and Anthony Vieira dispel some of the dominant myths around implementing cloud‑based products to equip you with information for the decision‑making process.

12 benefits of advanced spend analysis

LariNumminen.jpegBy Lari Numminen, Chief Marketing Officer, Sievo

Having a robust spend analysis solution in place has become a prerequisite for running a professional sourcing organisation. But do you get all the possible benefits from your current spend cube?

At Sievo, we have worked with hundreds of clients across most industries. Here are 12 of the most important benefits that sourcing organisations can get from advanced spend analysis. The question is: are you already leveraging all of these?

16 tried-and-tested tips on running productive meetings remotely

ProductiveRemoteMeetings_200.jpgBy Michael Healy, Supply Chain Partner

The outbreak of COVID-19 has forced companies to get creative about how they connect and meet with customers and teams.

Working with cloud applications allows us to workshop, design and configure systems remotely. With apps like Zoom and Microsoft Teams, working remotely can be easy and cost effective. But making it a positive and productive experience for everyone joining in does take some planning.

Here is a checklist from Supply Chain Partner to help you get the most out of your remote sessions:

4 reasons to be excited about the future of supply chain technology

Technology_200.jpgBy Vijay Pandiarajan, Director: Product Management, IBM Sterling

What is next in supply chain systems? There is plenty to be excited about...
First-generation supply chains were good at automating and optimising processes. But they were restricted to functional silos - and that is not enough for what we need in supply chains today.

Advances in supply chain technology are needed if procurement teams are to manage supply chains that are dynamic, responsive and interconnected with ecosystems and external processes. New tech needs the capacity to manage much, much more data (by several orders of magnitude). This, in turn, will make it possible for an individual procurement manager to make sense of entire supply chain ecosystems in real-time.

These demands are driving progress - which is why I am excited about the future of supply chain technology.


 

 

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