2024 GEP Procurement & Supply Chain Tech Trends Report
Procurement & Supply Chain Tech Trends — 2024
X
What To Look For in Contract Management Tools
February 02, 2024 | Contract Management
The absence of a centralized contract management system severely impacts organizations by scattering vital data across siloed repositories.
This fragmentation restricts visibility and access, obstructing compliance efforts as holistically monitoring obligations grows difficult, escalating audit failure risks.
Revenue leakages also multiply as spend and unused entitlements evade detection without consolidated analytics.
Contracting workflows turn cumbersome when accessibility issues hinder tasks like search, retrieval and analysis, stagnating productivity.
The AI-Powered Evolution of Software for Purchase Order
February 02, 2024 | Procurement Software
The procurement process has come a long way from the days of paper forms and manual processes. The rise of digital transformation and intelligent software has led to significant improvements in efficiency, transparency, and oversight in managing purchase orders.
Gartner 2024 Magic Quadrant for Source-to-pay Applications
GEP has been positioned highest for Ability to Execute in the 2024 Gartner Magic Quadrant for Source-to-Pay Suites
Understanding Procurement Apps and Their Use Cases
January 24, 2024 | Procurement Software
Migrating key workflows such as contract management, supplier information tracking or spend analytics onto mobile procurement apps has been enabling procurement leaders to empower employees and business partners with on-demand access for maximized value delivery to the enterprise.
This blog post discusses the must-have phone/tablet-based use cases alongside current considerations for harnessing true mobility productivity without data fragmentation through a procurement software platform-driven approach.
Why Advanced Vendor Management Solutions are Indispensable for Procurement
January 23, 2024 | Procurement Software
How can businesses mitigate risks, sail through uncertain times and build resiliency?
Achieving all these objectives may seem extremely difficult, but there is surely a way to succeed — by building a strong vendor network.
In fact, it won’t be wrong to say that businesses that can build a strong vendor network and effectively manage this network are the ones that can thrive amid growing uncertainty.
That’s because they can stay prepared at all times and effectively respond to disruptions.
Direct Material Sourcing in the Digital Age: How to Thrive
January 23, 2024 | Procurement Software
Direct materials procurement faces escalating mandates from stakeholders today.
Beyond cost efficiency, procurement teams must now juggle responsibilities such as mitigating supply chain risks, improving ESG performance and ensuring business continuity – all amid a backdrop of increased global volatility.
With procurement’s profile rising, expectations mount while available resources remain static.
Automated Purchasing System: Augmenting Growth for Mid-Market Enterprises
January 16, 2024 | Procurement Software
Manual purchasing processes depend on paper invoices, email approvals and spreadsheet records — which not only drain mid-market enterprise productivity but also limit growth potential. As transaction volumes increase across locations or business units, purchasing workload for managers and finance teams makes it harder to support expansion needs efficiently. Furthermore, the excessive time spent on transactional chores diverts strategic human resources from addressing strategic value analysis.
Unlock Greater Procurement Savings With Real-Time Market Intelligence
January 15, 2024 | Procurement Software
With enterprises laser focused on cost control amid economic uncertainty, procurement is in the spotlight to deliver expanded value through sourcing.
But maximizing savings depends on equipping teams with real-time market intelligence – enabling them to become aware of pricing shifts as they occur and responding strategically.
How Procure-to-Pay Technology Can Help Optimize Resources
January 09, 2024 | Procurement Software
Procurement drives costs and cash flows in enterprises while managing vendor relationships. Yet the lifecycle of a purchase order — procure to pay (P2P) — has traditionally depended on disjointed manual efforts around requisitioning, budget checks, bidding, supplier selections, purchase execution, invoice processing and reimbursements. Employees shuttle documents and data across finance officers, procurement managers and accounting staff — often through email chains, spreadsheets or paper trails.
