Empowering Category Managers Through Practical AI

Read more about Empowering Category Managers Through Practical AI

Category managers face stiff headwinds, including a lack of visibility into spending and cost control challenges. Nearly half of all senior procurement professionals believe data-related issues are impeding category management efforts, according to Procurement Leaders’ research.

For strategies to better align category management with broader business objectives, download this report — Empowering Category Managers Through Practical AI.

What’s Inside:

Resilience: Delivering Value Amid Volatility

Read more about Resilience: Delivering Value Amid Volatility

The COVID pandemic and subsequent events have spurred a renewed focus on risk management. Procurement is now at the forefront of safeguarding business continuity and protecting the bottom line.

Stakeholders rely on procurement for insight to ensure the business can withstand — or, ideally, avoid — major disruptions to operations and supply chains. With resilience firmly established as a business imperative, the onus is on CPOs and their teams to deliver.

Key Discussion Points:

Struggling with Budget Overruns? Here’s How Procurement Can Stick to the Purchase Budget

September 13, 2024 | Cost Management

A manufacturing company plans to launch a new product line during the year. The company decides on a purchase budget and buys the necessary raw materials and components to commence production.

Midway through the year, it realizes that it needs more raw materials to meet the production requirements. It also finds that the prices of a particular raw material have increased due to a shortage of supply. It now has to spend extra money to procure these raw materials and exceeds its original purchase budget in the process.

Is Your Accounts Payable Still Manual? Here’s Why You Should Switch to AP Automation

September 10, 2024 | Accounts Payable

Not many people in the office talk about accounts payable. Everybody knows it’s basically routine back-end operations involving the processing and payment of supplier invoices.

But this function comes into the picture almost immediately when a supplier complains about their payment getting delayed. In such a situation, procurement and accounts payable teams often blame each other.

Irrespective of who is to blame for the payment delay, the relationship with the supplier is likely to deteriorate. This can hurt the business in the long term.

7 Strategies for Optimizing Indirect Procurement Categories Spend

September 09, 2024 | Cost Management

Failing to optimize indirect spend leads to significant financial inefficiencies. Without a clear view of spending patterns, organizations are prone to overspending and missing out on cost-saving opportunities. This lack of visibility results in fragmented purchasing practices and missed opportunities to negotiate better contracts.

Strategic Sourcing Vs. Category Management

September 03, 2024 | Sourcing Strategy

Organizations often use two of the most common procurement strategies – category management and strategic sourcing, interchangeably.

As a result, they fail to exploit the benefits of what each strategy has to offer.

To understand and utilize both these procurement strategies effectively, it is essential to understand the key similarities and differences in strategic sourcing and category management.

Unlocking the Power of Purchase Order Collaboration

September 02, 2024 | Procurement Strategy

Effective purchase order collaboration has become a crucial element in streamlining procurement processes and optimizing supply chain operations for enterprises today. It fosters open communication and shared visibility throughout the order lifecycle, enabling companies to improve efficiency, reduce costs and drive overall supply chain performance.

6 Reasons to Engage in MRO Spend Analysis

August 28, 2024 | Spend Analysis

Routine maintenance, unforeseen repairs, and several miscellaneous expenses. Maintenance, repair and operations (MRO) category managers have to deal with complex, multi-faceted expenditures.

Classified as indirect, a large portion of this spend is overlooked by procurement and often remains invisible. Yet, it is vital for the smooth running of business operations and minimizing downtime.

High purchase volumes with a large number of vendors including local vendors at individual sites adds to the mismanagement, as internal teams often engage in spot buying.

Embedded AI: The Catalyst for Technological Change

Read more about Embedded AI: The Catalyst for Technological Change

This GEP-Procurement Leaders white paper delves into how procurement professionals are making faster and better decisions with low-code platforms with embedded AI.

5 Key Strategies for Sourcing Transformation Success

August 22, 2024 | Sourcing Strategy

Failing to implement sourcing transformation can result in several significant issues such as higher costs, inefficiencies in the supply chain and a loss of competitive edge.

Enterprises would fail to capitalize on potential savings and end up dealing with quality-related problems due to outdated supplier contracts. This can lead to long order wait times, and a heavy dependency on just a few key suppliers, which means there is less flexibility in terms of market responsiveness.

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Struggling with Budget Overruns? Here’s How Procurement Can Stick to the Purchase Budget

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Is Your Accounts Payable Still Manual? Here’s Why You Should Switch to AP Automation

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7 Strategies for Optimizing Indirect Procurement Categories Spend

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Strategic Sourcing Vs. Category Management

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Unlocking the Power of Purchase Order Collaboration

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6 Reasons to Engage in MRO Spend Analysis

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5 Key Strategies for Sourcing Transformation Success

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