Seven Effective Cost Reduction Strategies for FMCG Packaging
The fast-moving consumer goods sector continuously seeks cost-efficiency opportunities, and the spotlight often lands on an unexpected contender: packaging expenditure.
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Total Procurement Orchestration: What, Why and How
May 23, 2024 | Procurement Software
Procurement has reached the next stage of its evolution and is going through a creative disruption.
It’s a quantum leap in a way, as procurement sheds its old, siloed ways and achieves end-to-end flow in the intake-driven budget-to-pay process that organizations could once only aspire for, but never actually achieve.
Now, they can, and it has been made possible with AI-powered procurement orchestration, where different parts of the process are harmonized, organically.
6 Steps to Master Procurement Cost Analysis and Transform Data into Insights
May 23, 2024 | Procurement Strategy
Getting procurement spend under control requires a deep understanding of cost analysis, which is both a skill and a strategic imperative. Being able to work with procurement data is critical if you are to unlock the hidden levers for efficiency and cost savings and make an impact on the company’s bottom line.
Here is an explanation of the procurement cost analysis process to get you started on your journey from data to insights.
4 Types of Procurement Spend and How to Manage Them
May 23, 2024 | Procurement Strategy
We know that procurement has become more strategic – in addition to possessing cost-management capabilities, procurement is also seen as value-generating and a source of competitive advantage.
However, focusing on spend remains a top priority for procurement leaders. And one of the most important ways to reduce spend is to bring more spend under management.
But here's the catch: you can't manage what you can't see.
A Dynamic RFP Software Can Transform Your Procurement Process
May 23, 2024 | Procurement Strategy
A manual request for proposal (RFP) process brings little value to all parties involved and is now viewed as expensive and a constraint on efficiency.
As the RFP process becomes more complex and time-sensitive, enterprises are feeling the need to adapt.
Moreover, today’s RFPs are also longer, more complex, and come with shorter and shorter deadlines. Organizations without the right software start at a disadvantage as compared to those that have.
AI Adoption Fast-Tracked, Say 46% Procurement Pros in SIG Survey
May 22, 2024 | Procurement Software
The adoption of artificial intelligence (AI) is fast transforming procurement and supply chain operations. But as procurement organizations and professionals prepare to embrace this technology, they are also likely to face many challenges.
Let’s first look at how they are reacting to rapid developments in AI.
Up to 19% of procurement professionals are still exploring the potential benefits of AI, shows a recent SIG research commissioned by GEP.
Unlock More Value with These 5 Best Practices for Optimizing Procurement Operations
May 17, 2024 | Procurement Strategy
How can procurement work in an optimal manner? Can it go beyond monitoring costs and contribute in more strategic ways?
As uncertainty continues to prevail in the business environment, can procurement identify potential bottlenecks and mitigate supply-related risks?
Likewise, as regulations around sustainability become increasingly stringent, can procurement shoulder extra responsibility and incorporate sustainability goals in supplier selection?
Reinvent Procurement with This 6-Step Audit Guide for CPO s
May 13, 2024 | Procurement Strategy
You've meticulously crafted procurement procedures, automated approvals and built robust vendor risk profiles. "We've got this covered," you think. But is a quarterly review of your procurement history really necessary?
Consider this: even industry giants are susceptible to fraud. A single perpetrator swindled Facebook and Google out of a staggering $100 million over a few years.
From Sourcing to Payment: How Technology Can Streamline End-to-End Procurement
May 13, 2024 | Procurement Strategy
Amid the prevailing uncertainty in the business environment, organizations are looking to derisk their procurement and supply chain operations as part of a wider strategy to build resilience. Procurement, traditionally seen as a cost center, can be a huge area for strategic optimization.
The entire procurement process is often fragmented in many businesses. Lack of transparency and communication between internal teams as well as external stakeholders exposes gaps and hampers operational efficiency.
Reimagining Procurement and Supply Chain Functions With AI
Learn from executives and leaders what AI can do in the supply chain and procurement space as they make the case for implementing AI across supply chains.
