Geopolitical, economic and supply chain challenges will continue to impact the major spend categories in 2024, but help is here. In this GEP-sponsored SIG webcast — 2024 Spend Category Outlook – Key Trends & Opportunities — we outline ways to leverage the latest strategies and digital toolsets to overcome these hurdles more effectively.
March 27, 2024 | Sourcing Strategy
Direct materials – the raw ingredients that become the building blocks of your finished products – are the lifeblood of your manufacturing process. When supply chain disruptions occur in direct materials sourcing, the consequences can ripple through your entire operation.
This means building resilience in your direct materials sourcing strategy is no longer optional, it's essential for business continuity.
March 26, 2024 | Supply Chain Strategy
Sustainability has become a critical consideration for companies globally and across industries. Consumers and stakeholders alike are increasingly demanding green products and operations. And businesses that fail to adapt risk losing their competitive edge.
One area where sustainability can make a huge overall difference is supply chain management.
This case study demonstrates how GEP helped a global quick service restaurant identify alternative suppliers to optimize its supply network, ensure supply security and reduce costs.
March 20, 2024 | Procurement Strategy
The procurement landscape is undergoing significant transformation, driven by rapid technological advancements, evolving market dynamics, and the ever-increasing demand for supply chain resilience and sustainability. And staying ahead of these trends is key to maintaining a competitive edge, and at the same mitigating risks and unlocking new growth opportunities.
This blog explores the top procurement trends in 2024 set to shape the business environment and provide strategic insights to business leaderships to navigate these changes effectively.
March 13, 2024 | Sourcing Strategy
While both traditional and strategic sourcing secure goods and services for the organization, the critical distinction between them lies in focus and approach.
Traditional sourcing methods have prioritized upfront cost reduction, often at the expense of long-term value.
In contrast, strategic sourcing takes care of total cost of ownership, quality, innovation, sustainability, and risk mitigation.
This shift leads to strong and collaborative relationship with key suppliers, and maximizes value beyond mere cost reduction.
March 07, 2024 | Procurement Strategy
Oil and gas companies face an uncertain future amid the global energy transition. While demand projections vary, new technologies and sustainability pressures are clearly reshaping industry strategies and operations. This disruption creates risks but also opportunities to upgrade performance.
Procurement sits at the center of this transformation.
By harnessing emerging trends, procurement organizations can drive greater value and become strategic advisors that enable competitiveness.
Here are five key trends reshaping procurement for oil and gas service providers:
March 04, 2024 | Supply Chain Strategy
Transportation, chemicals, manufacturing, agriculture, construction – the list of industries that depend on oil and gas products for their operations stretches on.
And despite the advances in renewable energy, it’s not a stretch to say that the world’s economy still depends on the oil and gas industry. And with its inherent complexities and susceptibility to disruptions, the oil and gas industry depends on efficient supply chain management for effective operations.
March 04, 2024 | Supply Chain Strategy
Selecting the right supplier is critical. But the evaluation process can't stop once a supplier is onboarded. Proactively monitoring and managing supplier risk must be an ongoing initiative in order to prevent supply chain disruptions. This blog takes a look at best practices in supplier risk assessment during selection and post-contracting.
March 04, 2024 | Procurement Strategy
Mergers and acquisitions can spur growth for companies, but achieving the promised value is tricky. Read this GEP blog to learn how procurement can be your secret weapon for realizing cost synergies during an M&A.
