August 06, 2024 | Procure to Pay
The procure-to-pay cycle is the lifeblood of any procurement organization. It transforms a need into a paid invoice, weaving together departments, suppliers and technology. While it might seem straightforward, the P2P cycle is a complex process that, when orchestrated effectively, can deliver substantial cost savings, improved efficiency and reduced risk.
August 06, 2024 | Procurement Software
Punch-out catalog in procurement software streamlines by providing a consolidated list of items from all supplier websites, external procurement applications, or hosted e-procurement systems in one place.
This eliminates the need for manual catalog maintenance and ensures that buyers can easily access and purchase products from preferred suppliers.
August 02, 2024 | Supplier Management Technology
Effective supplier performance management is vital for modern procurement, ensuring strong and productive supplier relationships. However, not all businesses able to realize its benefits.
It’s because their legacy systems often fall short in capturing comprehensive supplier data, such as risk factors, social media profiles, corporate responsibilities and certifications.
In the absence of advanced software, organizations face numerous challenges, including incomplete supplier data, inefficient performance tracking and poor supplier relationships.
July 30, 2024 | Procurement Software
We know that managing bill of materials (BOM) inventory can be a time-consuming and error-prone process – especially for companies with complex products or frequent product revisions.
Many manufacturing enterprises use spreadsheets to manage and maintain BOMs, but this method imposes significant limitations and risks.
July 22, 2024 | Purchasing
A purchase-to-pay (P2P) system enhances procurement efficiency in multiple ways – it automates processes, reduces administrative costs, and speeds up order and payment cycles.
Through real-time access to purchasing data, it provides better spend controls. P2P systems also ensure transparency and compliance with internal policies and external regulations, aiding in audits and reducing non-compliance risks.
June 07, 2024 | Supply Chain Software
Global supply chains may be in a Goldilocks zone of efficient utilization right now, but they’re hardly static.
The technological landscape is dynamic and changes quickly. And for procurement and supply chain leaders looking to harness the power of technology to navigate complex challenges and an uncertain business environment to bring goods and services to the market, keeping up with the latest trends can be its own obstacle.
So, what’s on the technological horizon for procurement and supply chain for the year ahead?
June 05, 2024 | Supply Chain Software
Businesses must closely plan, execute and monitor their logistic activities to thrive. Automation is therefore the key at each stage of the logistics process. It adds new levels of efficiency, accuracy, and flexibility to the transportation of goods or services.
The logistics automation market is expected to grow to $158 billion by 2032 from $52 billion in 2022, according to latest data.
Here are some key drivers behind the wide adoption of logistics automation:
