The Rise of Electric & Hybrid Construction Equipment
January 08, 2025 | CAPEX
The global construction industry is on the verge of a transformation with the growing adoption of greener practices, specifically with the rise in use of electric and hybrid construction equipment.
Traditionally, the construction industry has been a massive contributor to the greenhouse gas emissions. It accounts for ~36% of the global energy consumption and contributes to ~37% of GHG emissions globally, according to the United Nations Environment Program.
The 2024 US Port Strike: Lessons for Supply Chain Resilience
December 04, 2024 | Logistics
In the first week of October 2024, nearly 45,000 dockworkers, who are members of the International Longshoremen's Association (ILA), went on strike at U.S. East and Gulf Coast ports. The reasons were higher wages and fear of job losses because of increased automation of the ports. The ILA union demanded a 77% (negotiation ended at 62%) pay increase over six years and legal security of the jobs post port automation.
How Utilities Can Leverage Procurement for Effective Wildfire Management
November 19, 2024 | Procurement Strategy
Wildfires have become an increasingly frequent and destructive phenomenon, posing significant risks to communities, ecosystems, and critical infrastructure.
Extreme weather (which includes wildfires) was ranked on top in the list of risks most likely to present a material crisis on a global scale, according to the Global Risks Report 2024 by the World Economic Forum.
94% of Executives Believe Supply Chain Decisions Influence Business Strategy
November 16, 2024 | Supply Chain Strategy
Supply chain executives have become critical to business — as they should — but there still exists room to elevate supply chain leaders to the C-suite level.
According to the 2024 Economist Impact survey commissioned by GEP , 94% of business leaders believe procurement and supply chain decisions have a profound impact on their companies’ business strategies.
However, 41% of companies' most senior supply chain executives are still below the C-suite level.
What’s So Special About Green Methanol?
November 16, 2024 | Chemicals
Methanol is an organic chemical compound that is widely produced globally — almost reaching 110 million metric tons as of 2023. Currently, methanol has become popular as a clean energy source. However, not all types of methanol are sustainable — only two have the potential to replace polluting fossil fuels.
In general, there are four types of methanol based on how they are produced.
Brown methanol:
Produced from coal with high carbon emissions. This methanol has a relatively small market share because of low efficiency.
Transforming Accounts Payable: The Shift to Paperless Invoicing
November 16, 2024 | Accounts Payable
As procurement organizations increasingly adopt digital solutions, the shift to paperless invoicing is transforming how they manage accounts payable (AP).
The traditional AP process is fraught with inefficiencies. Paper invoices can get lost, misfiled, or delayed in approval chains, leading to missed payments and strained supplier relationships.
Purchase Order vs Invoice: Key Differences & How to Optimize Them for Savings and Compliance
November 16, 2024 | Accounts Payable
Two documents play pivotal roles in the complex world of business transactions: purchase orders and invoices.
These forms are critical for maintaining order, clarity, and accountability in commercial dealings. Purchase orders, issued by buyers, outline specific requirements for goods or services. Invoices, sent by sellers, formally request payment for delivered items. While distinct in purpose and timing, both documents are essential for smooth business operations.
Trade Accounts Payables Vs. Trade Accounts Receivables: What Are They & Why Are They Important
November 16, 2024 | Accounts Payable
We know that maintaining strong financial management is essential for success. And two important components of this are trade accounts payables and trade receivables.
Trade payables represent the amounts a company owes to its suppliers for goods and services. Trade receivables, on the other hand, are the funds that businesses are set to receive for the products they’ve sold.
The careful management of these balances not only impacts cash flow and profitability but also affects supplier relationships, operational efficiency and overall financial health.
Why the US BIOSECURE Act Could Give A Boost to Indian Contract Manufacturers
November 16, 2024 | Pharma and Life Sciences
On September 9, the U.S. House of Representatives passed H.R. 8333, known as the BIOSECURE Act. The bill addresses the concern that some foreign biotechnology companies could use genetic data for surveillance or espionage.
If signed into law, the BIOSECURE Act would prohibit entities that receive U.S. federal funding from doing business with foreign biotechnology companies affiliated with China’s People’s Liberation Army, including the five companies named in the bill (WuXi AppTec, BGI, MGI, Complete Genomics and WuXi Biologics).
5 Reasons to Drive Contract Manufacturing Collaboration
August 27, 2024 | Supply Chain Strategy
Successful product development and manufacturing often hinge on strong partnerships. For procurement and supply chain teams, enabling strong collaboration with the right contract manufacturer (CM) can be a game-changer in accelerating innovation and time-to-market while optimizing costs.
However, getting to effective collaboration with your contract manufacturer is fraught with challenges.
This article delves into the importance of collaboration, the obstacles to it, and strategic approaches to overcome them.