How To Fix the Blind Spots (and Risks) in Direct Materials Sourcing
Discover how 360 visibility transforms direct materials sourcing to drive better decisions and boost the bottom line
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The Case for AI-Powered Strategic Sourcing in Healthcare
December 02, 2024 | Procurement Software
Healthcare procurement faces mounting challenges, reflecting the growing complexity and demands of modern healthcare systems.
The COVID-19 pandemic exposed systemic vulnerabilities, leading to widespread supply chain disruptions , product shortages, and delivery delays. Inflation adds to these pressures, with labor and product costs continuing to rise. For healthcare providers, these cost increases are a major obstacle to achieving resilient supply chains.
How RFI Software Drives Efficiency and Quality in Procurement
November 16, 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.
Invoice Management Software 2.0: Automation and AI Set New Standards for Accounts Payable
November 16, 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.
What to Look for in a Bill of Materials Software
November 16, 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.
What To Know Before Choosing a Supplier Value Management Platform
November 16, 2024 | Supplier Management Technology
Imagine you're a Chief Procurement Officer (CPO) in 2024, juggling multiple priorities while trying to squeeze more value from your supplier relationships. Sound familiar? You're not alone.
In fact, the supplier value management (SVM) market continues to grow as more and more CPOs realize their old enterprise resource planning (ERP) modules just weren't cutting it anymore.
SaaS Purchasing Platforms: A Comprehensive Guide for Businesses
November 16, 2024 | Procurement Software
Software as a Service (SaaS) solutions — for all sorts of business problems — have become indispensable. The SaaS market's exponential growth has, however, created a complex procurement landscape that requires businesses to navigate a vast array of options and considerations.
To streamline this process and optimize their SaaS investments, many organizations are turning to dedicated SaaS purchasing platforms.
The Growing SaaS Landscape
The SaaS market's ascent is driven by several key factors:
Thinking to Automate Purchase Order Matching? Here’s What You Need to Know
November 16, 2024 | Accounts Payable
For procurement and purchasing leaders, purchase order matching feels like a never-ending chase. But it doesn’t have to be that way.
Heaps of POs need to be compared against invoices and receiving reports – a process that's not only time-consuming but also error-prone. And with large businesses often generating thousands of POs and invoices per year, those errors can cost heavily.
Efficient PO matching ensures accuracy in vendor payments, aligns procurement with the invoicing process and mitigates fraud and error risks.
A Closer Look at the Transformation of PO Processing
November 16, 2024 | Accounts Payable
Consider a procurement manager tasked with ensuring a steady flow of materials for a manufacturing company. Traditionally, this would involve manually creating, routing, and approving purchase orders.
However, thanks to advances in AI and automation, the manager can leverage automated systems that handle much of purchase order (PO) processing, freeing up time and minimizing the risk of errors.
Spend Matters Ranks GEP a Leader in All 12 Major Procurement Technology Categories
GEP SMART source-to-pay software received top honors in all evaluation categories in the Spend Matters Fall 2024 SolutionMap. Go through this report to know about the assessment in detail.