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.
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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.
2024 GEP Procurement & Supply Chain Tech Trends
As a procurement leader, you must keep up with the latest innovations and best practices to maintain a competitive edge. But how do you know which technologies are worth investing in and which are just hype?
GEP partnered with Procurement Leaders on a webcast — 2024 GEP Procurement & Supply Chain Tech Trends — to help you understand the most important technological trends in procurement, from generative AI and low-code development tools to data management and analytics applications.
Purchase Order Numbers: The Key to Organized Procurement
May 08, 2024 | Procurement Strategy
A purchase order (PO) number assigns a unique identifier to the PO form.
It captures the buyer’s essential information such as contact details, quantity, product description, price, delivery date, payment terms and more.
This information forms a master document for the buyer to purchase goods or services from a seller. The purchase order number is associated with the seller for a transaction.
Staying Vigilant: A Guide to Preventing Vendor Fraud
May 07, 2024 | Procurement Strategy
Vendor fraud can go undetected for years and the consequences only worsen with time. An investigation into vendor fraud brings down the finance function’s operational efficiency. It can cause delays as systems must be examined, risk assessed and overhauled. Additionally, suppliers miss out on owed payments.
Unpacking Purchase Price Variance: Factors That Make or Break Costs
May 07, 2024 | Procurement Strategy
Understanding the standard pricing for goods and services is crucial when negotiating new purchases.
Potential suppliers are likely to use benchmarks such as the prevailing industry prices as reference points in their bids. Additionally, being aware of purchase price variance or PPV helps understand if procurement’s cost-saving initiatives are working or not.
Large Oil & Gas Company Transforms Procurement Operations With GEP SMART
This case study details how a major oil and gas company updated its procurement system, integrating over 70% of suppliers before launch of the project. Achieving 98% data accuracy with zero major issues, it met 85% of its goals immediately. The project, completed on time and within budget, streamlined supplier management and data processing.
The Tech Edge Retail Procurement Leaders Can't Afford to Miss
May 02, 2024 | Procurement Strategy
Retail procurement leaders face a constant battle against inefficiency, lack of visibility, and suboptimal supplier relationships.
Outdated manual processes, siloed data, and limited technological integration often lead to slow, error-prone, and costly procurement operations. These challenges can significantly impact a retailer's ability to optimize inventory, manage the supply chain effectively, and ultimately, deliver a superior customer experience.
Why the Future of Procurement is Composable
April 30, 2024 | Procurement Software
Your procurement function needs a technology makeover.
But you need a solution that is designed not only to meet current requirements but can also adapt quickly to meet future requirements.
Can legacy systems live up to these expectations?
Long deployment times and static features make legacy procurement systems unsuitable for evolving requirements.
Fast-changing customer needs as well as market conditions make it vital to have a procurement stack that is flexible and easy to deploy.
Purchase Requisition Vs Purchase Order: Key Differences Explained
April 24, 2024 | Procurement Strategy
Ever wondered what separates a request for office supplies from a binding agreement with a vendor?
The answer, in large part, comes down to two critical documents, the purchase requisition and the purchase order. Though related to one another in the procurement process, they can be remarkably different in purpose and audience.
Here's a breakdown to shed light on these distinct functions:
