7 KPIs For Effective Contract Management in Procurement
January 15, 2025 | Contract Management
Does your business spend a lot of time drafting and negotiating contracts with vendors? Most probably, yes.
But once the contract is finalized, how often do you refer to its terms and conditions and monitor compliance? And why is there a huge gap between contract creation and implementation?
Because most businesses today have contracts with multiple suppliers. For a large enterprise, there may be more than a thousand suppliers at a time. A mid or small business may also be dealing with hundreds of suppliers.
Hosted vs Punch-Out Catalog: Which Is Right for Your Business?
January 15, 2025 | Procurement Software
Business leaders using procurement systems commonly use punch-out or hosted catalogs to carry out transactions with suppliers. The main purpose is to gain easy access to the supplier’s website.
When comparing the two – punch-out catalog, generally, wins hands down in terms of features and the automation it offers. It has therefore been the first choice in the B2B space.
However, it’s understandable that it can be difficult for some procurement leaders to pick between the two as all business needs are different.
Resetting Procurement Priorities: Enterprise Network Market Trends for 2025
January 14, 2025 | IT & Telecom
The network equipment market is undergoing significant transformation, driven by increasing demand for high-speed connectivity and the integration of advanced technologies like 5G and cloud-native solutions.
While 2024 was marked by economic uncertainty and market corrections, 2025 presents new opportunities. This blog delves into the trends shaping the industry, the hurdles encountered in 2024, and the anticipated recovery and growth strategies for 2025.
South America's Offshore Oil Boom: New Discoveries Drive Growth
January 13, 2025 | Oil and Gas
South America’s offshore oil and gas sector is undergoing a transformative phase, with Brazil, Guyana, Argentina, and Suriname spearheading growth. This phase is being powered by new discoveries, advanced extraction technologies and increased foreign investments. These countries are carving niches in the global energy landscape, making the region a key contributor to the world’s energy demands.
How Procurement Can Help Overcome Key Challenges in IT and Telecom in 2025
January 10, 2025 | Procurement Strategy
Remember that viral meme from The Office where Michael Scott says, "I am ready to get hurt again"? It feels oddly relatable for businesses navigating the IT and telecommunications landscape in 2025. After years of inflation, labor shortages and rising costs, companies are bracing for another challenging year. Yet, just like Michael, businesses are adapting, strategizing and finding new ways to thrive.
This blog explores actionable strategies to optimize IT and telecom procurement while addressing evolving challenges and opportunities in 2025.
Rethinking Internal Procurement: 11 Steps Toward Greater Transparency and Savings
January 10, 2025 | Procurement Strategy
Internal procurement, once seen as a routine administrative task, is now recognized as a powerful lever for efficiency and cost reduction.
As organizations scale, informal or outdated procurement practices strain budgets, breed confusion, and limit agility. What might suffice for a small team becomes unwieldy in a larger, more complex environment.
Why the Switchgear Market Is Facing Price & Supply Challenges
January 07, 2025 | Energy & Utilities
The global switchgear industry is struggling with rising pricing and longer lead times.
The post–COVID economic recovery has led to a surge in demand for switchgear, particularly in the power sector. Manufacturers, however, are struggling to meet the demand because of persistent supply chain disruptions.
Why Procurement Should Lead ESG Integration
January 07, 2025 | Procurement Software
Any responsible business understands the significance of incorporating ESG metrics into its routine business operations. It may have been talked about in board meetings.
But has the business succeeded in integrating ESG metrics into its core processes?
Do the internal teams and staff understand and comply with this requirement?
Do they consider ESG-related data while choosing suppliers and making sourcing decisions? And does the organization have a process in place to periodically monitor and check the effectiveness of these metrics?
What Steps Can You Take to Increase Procurement ROI?
January 06, 2025 | Procurement Strategy
Are your procurement strategies actually delivering the business impact you need, or do you sense there could be untapped opportunities right in front of you?
Procurement extends beyond placing orders and negotiating discounts. It connects cost savings, supplier innovation, risk mitigation, and even sustainability efforts. If you have ever wondered whether your investments in processes, people, and technology are truly worth it, the next step is to face the question head-on: what is your procurement ROI?
Evaluating Hotel Sustainability: A Guide for Procurement Teams
January 06, 2025 | Corporate Travel
Sustainability has become a priority across all aspects of corporate travel, including transportation, accommodation, and amenities.
Hotels face increasing scrutiny to adopt environmentally friendly practices as global carbon emissions continue to rise. Meeting international climate goals and adhering to emerging regulations necessitates a comprehensive Environmental, Social, and Governance (ESG) strategy within the hospitality sector.