Strategies and Challenges in Building AI-based Supply Chains
Experts outline successful use cases that demonstrate AI’s effectiveness and the strategies they have used to harness AI in procurement and supply chain operations.
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Your Guide to Logistics Automation in Supply Chains
June 05, 2024 | Supply Chain Software read
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:
Digital Twins: The Missing Piece in CPG Industry Success
June 04, 2024 | Supply Chain Software read
CPG companies operate in a fast-paced and extremely competitive market where efficiency and agility are vital. A CPG company’s ability to satisfy consumer demand, optimize production and manage their supply chain is compromised by specific challenges when it doesn’t leverage AI-enabled digital twin technology.
Digital twin technology provides real-time replicas of actual systems to better understand their expected performance, reduce costs, boost efficiencies and extend the life of stock by leveraging real-time data from the IoT and data lakes to inform business decisions.
3 Predictive Analytics Strategies to Transform Your Supply Chain
June 03, 2024 | Supply Chain Software read
The rapid growth and complexity in today’s supply chains and the ever-changing business landscape require businesses to improve resilience against disruptions. And for this, predictive technology is the biggest catalyst.
According to a recent survey, $41 billion worth of data-driven technologies are projected to be integrated into the logistics and supply chain industry by 2027.
Spend Aggregation: The Powerful Strategy for Optimizing Cost Savings in Procurement
May 07, 2024 | Spend Management read
Procurement teams are well-aware of the challenges that come with managing spend across multiple business units, suppliers, and categories. These include:
Fragmented Spending: Decentralized procurement processes often lead to disjointed spending patterns, making it difficult to identify opportunities for consolidation and negotiation.
Limited Visibility: Inadequate spend data and analytics can hinder your ability to identify trends, monitor performance, and make informed decisions.
Procurement Outlook 2024: Powering Business Outcomes Through AI, ESG, and Talent
Forward-thinking CPOs and CSCOs are now considering their strategies for the future as supply chain pressures ease, inflation declines, and interest rates begin to level off. How can they harness the potential of AI and data? What steps can they take to champion sustainable practices? How can they effectively balance costs and opportunities?
The What, Why and How of Procurement Data Management
April 19, 2024 | Procurement Software read
Data is king in today's fast-paced business environment,
The ability to effectively manage and leverage data can mean the difference between success and failure for enterprises. And one critical area where data management is paramount is procurement.
By doing procurement data management better with the help of tools like AI-powered procurement software , enterprises can improve their ability to control costs, manage risk, improve sustainability and competitive advantage, and make better decisions.
A Procurement Software Platforms Leader — 4 Years Running
EP SOFTWARE™ leads the way in the ISG Provider Lens™ Procurement Software Platforms 2024 report for four years running.
How Embedded Payments and Finance Solutions Can Benefit Procurement Organizations
April 04, 2024 | Accounts Payable read
Discover how to make procurement and supplier payments more efficient and cost-effective through embedded payments. Explore GEP and Mastercard's virtual card solution for payments.
How CPOs Can Unlock Financial Potential With a Tech-Forward Approach
The “year of efficiency” that began in Big Technology last year has spread like wildfire to all other industries and CFOs are looking to their counterparts in procurement to deliver this year.
For the CPO, this means driving efficiencies across the source-to-pay (S2P) process and maximizing financial gains while improving overall performance. The clearest, most direct way to achieve these goals is to take a tech-forward approach to operations, including sourcing, supplier management, invoicing and B2B payments.