September 02, 2024 | Procurement Software
Do you run a manufacturing business and struggle to maintain the right amount of production inventory? Does shortage of raw materials or components often hamper your production process? Or do you have to order parts and components at short notice and bear expedited shipping charges?
Not only do issues such as these hamper production but they also increase costs, lead times as well as chances of manufacturing errors and defects.
September 02, 2024 | Accounts Payable
Gone are the days of cumbersome, error-prone paper invoice processes. Today’s advanced software solutions are revolutionizing accounts payable by significantly speeding up invoice handling and reducing human errors.
Top-performing companies now process invoices 74% faster through automation, setting a new standard in efficiency, according to an Ardent Partners survey.
September 02, 2024 | Procurement Software
RFIs, or Requests for Information, are a key element in the source-to-pay process. They are essential for gathering detailed information from potential suppliers, enabling informed decision-making.
However, having a high volume of RFIs to manage can be time consuming for procurement teams, increasing the risk of errors and inconsistent responses. This is where RFI software comes into play.
This white paper explores the potential of AI to unlock new levels of efficiency, agility and innovation in procurement and supply chain, examining the use cases, impacts and considerations for organizations as they embark on AI-driven transformation.
Procurement leaders are on a constant quest to find comprehensive source-to-pay solutions to drive greater efficiency and performance.
According to Gartner®, “Enterprises want robust S2P solutions tailored to their specific needs with the latest functionalities, such as direct material procurement, supplier risk management, advanced analytics and community intelligence in the specialty solution market to maximize ROI.”
August 06, 2024 | Procure to Pay
The procure-to-pay cycle is the lifeblood of any procurement organization. It transforms a need into a paid invoice, weaving together departments, suppliers and technology. While it might seem straightforward, the P2P cycle is a complex process that, when orchestrated effectively, can deliver substantial cost savings, improved efficiency and reduced risk.
August 06, 2024 | Procurement Software
Punch-out catalog in procurement software streamlines by providing a consolidated list of items from all supplier websites, external procurement applications, or hosted e-procurement systems in one place.
This eliminates the need for manual catalog maintenance and ensures that buyers can easily access and purchase products from preferred suppliers.
August 02, 2024 | Supplier Management Technology
Effective supplier performance management is vital for modern procurement, ensuring strong and productive supplier relationships. However, not all businesses able to realize its benefits.
It’s because their legacy systems often fall short in capturing comprehensive supplier data, such as risk factors, social media profiles, corporate responsibilities and certifications.
In the absence of advanced software, organizations face numerous challenges, including incomplete supplier data, inefficient performance tracking and poor supplier relationships.
July 30, 2024 | Procurement Software
We know that managing bill of materials (BOM) inventory can be a time-consuming and error-prone process – especially for companies with complex products or frequent product revisions.
Many manufacturing enterprises use spreadsheets to manage and maintain BOMs, but this method imposes significant limitations and risks.
A leading industrial manufacturer partnered with GEP to unify its fragmented indirect procurement operations and drive efficiency through AI-powered GEP SMART software.
