November 16, 2024 | Procurement Strategy read
Mid-market companies — defined usually as businesses with annual revenue range of $10 million to $1 billion — are increasingly facing a challenge. They're at a critical juncture where managing a scattered vendor ecosystem is becoming very complex.
November 16, 2024 | Procurement Strategy read
Imagine an online shopping mall, but instead of clothes and gadgets, it's packed with things businesses need to keep running. That's basically what a procurement marketplace is — like a digital hangout where companies can shop for everything from office chairs to fancy software to complex services, all in one single place.
The procurement marketplace is not just one store. It comprises a bunch of different suppliers all competing for your business, enabling you to easily compare price and quality without having to hop from website to website or make a million phone calls.
November 16, 2024 | Supply Chain Strategy read
The transition to renewable energy is one of the most critical undertakings of the 21st century, driven by the urgent need for cleaner, more sustainable energy sources.
Global electricity generation increased by 2.5% in 2023, reaching a record level of 29,925 terawatt-hour. This demand continues in 2024, with growth expected at around 4%, driven by increasing renewable energy adoption.
For years, you and your team have fought an uphill battle. Supply disruptions. Cost pressures. ESG compliance. Geopolitical tensions. You name it, and you’ve had to navigate it.
In 2025, many challenges will persist, but procurement and supply chain teams have a powerful tool with rapidly advancing capabilities to tackle them — artificial intelligence (AI).
Is AI just hype? Not anymore.
With a projected growth to $1.2 trillion by 2030, AI is no longer a futuristic idea — it's a game-changer. But what exactly does procurement's future look like? GEP experts predict the procurement model of the future will focus on strategic insights, risk management and sustainability, all driven by AI. And this is just the beginning.
In this new bulletin, learn about the three phases of AI transformation and what the future holds for procurement.
What’s Inside:
The future of operations starts with one question: Are you ready to be proactive instead of reactive?
With the right S&OP framework, you can forecast more accurately, respond to market changes faster and make better decisions. And all of this is powered by accurate data and insights.
To explore six crucial use cases that are boosting efficiency and growth for companies just like yours, download our complimentary white paper and discover:
Tail spend management can consume a lot of your resources without you fully realizing it. If companies can optimize these low-value, high-volume transactions, they gain a strategic advantage. But how can global enterprises turn this often-overlooked cost into an opportunity?
Find out how enhancing supplier compliance and cutting unnecessary costs to control tail spend lead to a smoother, more effective operation in this detailed white paper.
What’s Inside:
August 28, 2024 | Procurement Strategy read
The terms "vendor" and "supplier" continue to be interchangeably used in the procurement and supply chain domain. But they are not the same. Enterprises need to understand the distinct differences between the two — because recognizing these nuances can provide a significant edge to an enterprise's ability to effectively manage its purchasing and sourcing activities.
$432 billion. That’s the total value of global oil and gas M&A deals in 2023, a staggering 52% increase over the previous year. And this trend shows no signs of slowing down. But M&A in oil and gas comes with complexities — integrating diverse systems, processes, and cultures, all while ensuring cost synergies and operational success. It’s a challenge that, if not managed carefully, can turn opportunities into costly pitfalls.
