July 22, 2024 | Purchasing
A purchase-to-pay (P2P) system enhances procurement efficiency in multiple ways – it automates processes, reduces administrative costs, and speeds up order and payment cycles.
Through real-time access to purchasing data, it provides better spend controls. P2P systems also ensure transparency and compliance with internal policies and external regulations, aiding in audits and reducing non-compliance risks.
June 07, 2024 | Supply Chain Software
Global supply chains may be in a Goldilocks zone of efficient utilization right now, but they’re hardly static.
The technological landscape is dynamic and changes quickly. And for procurement and supply chain leaders looking to harness the power of technology to navigate complex challenges and an uncertain business environment to bring goods and services to the market, keeping up with the latest trends can be its own obstacle.
So, what’s on the technological horizon for procurement and supply chain for the year ahead?
June 05, 2024 | Supply Chain Software
Businesses must closely plan, execute and monitor their logistic activities to thrive. Automation is therefore the key at each stage of the logistics process. It adds new levels of efficiency, accuracy, and flexibility to the transportation of goods or services.
The logistics automation market is expected to grow to $158 billion by 2032 from $52 billion in 2022, according to latest data.
Here are some key drivers behind the wide adoption of logistics automation:
June 04, 2024 | Supply Chain Software
CPG companies operate in a fast-paced and extremely competitive market where efficiency and agility are vital. A CPG company’s ability to satisfy consumer demand, optimize production and manage their supply chain is compromised by specific challenges when it doesn’t leverage AI-enabled digital twin technology.
Digital twin technology provides real-time replicas of actual systems to better understand their expected performance, reduce costs, boost efficiencies and extend the life of stock by leveraging real-time data from the IoT and data lakes to inform business decisions.
June 03, 2024 | Supply Chain Software
The rapid growth and complexity in today’s supply chains and the ever-changing business landscape require businesses to improve resilience against disruptions. And for this, predictive technology is the biggest catalyst.
According to a recent survey, $41 billion worth of data-driven technologies are projected to be integrated into the logistics and supply chain industry by 2027.
Experts outline successful use cases that demonstrate AI’s effectiveness and the strategies they have used to harness AI in procurement and supply chain operations.
May 07, 2024 | Spend Management
Procurement teams are well-aware of the challenges that come with managing spend across multiple business units, suppliers, and categories. These include:
Fragmented Spending: Decentralized procurement processes often lead to disjointed spending patterns, making it difficult to identify opportunities for consolidation and negotiation.
Limited Visibility: Inadequate spend data and analytics can hinder your ability to identify trends, monitor performance, and make informed decisions.
Forward-thinking CPOs and CSCOs are now considering their strategies for the future as supply chain pressures ease, inflation declines, and interest rates begin to level off. How can they harness the potential of AI and data? What steps can they take to champion sustainable practices? How can they effectively balance costs and opportunities?
April 19, 2024 | Procurement Software
Data is king in today's fast-paced business environment,
The ability to effectively manage and leverage data can mean the difference between success and failure for enterprises. And one critical area where data management is paramount is procurement.
By doing procurement data management better with the help of tools like AI-powered procurement software , enterprises can improve their ability to control costs, manage risk, improve sustainability and competitive advantage, and make better decisions.
