Reimagining Procurement and Supply Chain Functions With AI
Learn from executives and leaders what AI can do in the supply chain and procurement space as they make the case for implementing AI across supply chains.
May 17, 2024 | Procurement Strategy
How can procurement work in an optimal manner? Can it go beyond monitoring costs and contribute in more strategic ways?
As uncertainty continues to prevail in the business environment, can procurement identify potential bottlenecks and mitigate supply-related risks?
Likewise, as regulations around sustainability become increasingly stringent, can procurement shoulder extra responsibility and incorporate sustainability goals in supplier selection?
May 13, 2024 | Procurement Strategy
You've meticulously crafted procurement procedures, automated approvals and built robust vendor risk profiles. "We've got this covered," you think. But is a quarterly review of your procurement history really necessary?
Consider this: even industry giants are susceptible to fraud. A single perpetrator swindled Facebook and Google out of a staggering $100 million over a few years.
May 13, 2024 | Procurement Strategy
Amid the prevailing uncertainty in the business environment, organizations are looking to derisk their procurement and supply chain operations as part of a wider strategy to build resilience. Procurement, traditionally seen as a cost center, can be a huge area for strategic optimization.
The entire procurement process is often fragmented in many businesses. Lack of transparency and communication between internal teams as well as external stakeholders exposes gaps and hampers operational efficiency.
Learn from executives and leaders what AI can do in the supply chain and procurement space as they make the case for implementing AI across supply chains.
As a procurement leader, you must keep up with the latest innovations and best practices to maintain a competitive edge. But how do you know which technologies are worth investing in and which are just hype?
GEP partnered with Procurement Leaders on a webcast — 2024 GEP Procurement & Supply Chain Tech Trends — to help you understand the most important technological trends in procurement, from generative AI and low-code development tools to data management and analytics applications.
May 08, 2024 | Procurement Strategy
A purchase order (PO) number assigns a unique identifier to the PO form.
It captures the buyer’s essential information such as contact details, quantity, product description, price, delivery date, payment terms and more.
This information forms a master document for the buyer to purchase goods or services from a seller. The purchase order number is associated with the seller for a transaction.
May 07, 2024 | Procurement Strategy
Vendor fraud can go undetected for years and the consequences only worsen with time. An investigation into vendor fraud brings down the finance function’s operational efficiency. It can cause delays as systems must be examined, risk assessed and overhauled. Additionally, suppliers miss out on owed payments.
May 07, 2024 | Procurement Strategy
Understanding the standard pricing for goods and services is crucial when negotiating new purchases.
Potential suppliers are likely to use benchmarks such as the prevailing industry prices as reference points in their bids. Additionally, being aware of purchase price variance or PPV helps understand if procurement’s cost-saving initiatives are working or not.
This case study details how a major oil and gas company updated its procurement system, integrating over 70% of suppliers before launch of the project. Achieving 98% data accuracy with zero major issues, it met 85% of its goals immediately. The project, completed on time and within budget, streamlined supplier management and data processing.
May 02, 2024 | Procurement Strategy
Retail procurement leaders face a constant battle against inefficiency, lack of visibility, and suboptimal supplier relationships.
Outdated manual processes, siloed data, and limited technological integration often lead to slow, error-prone, and costly procurement operations. These challenges can significantly impact a retailer's ability to optimize inventory, manage the supply chain effectively, and ultimately, deliver a superior customer experience.