Global State of Procurement and Supply 2024
This CIPS survey looks at how procurement and supply chain professionals are wielding greater influence on technology and ESG spend.
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3 Key Strategies to Maximize M&A Impact in Oil and Gas Companies
September 23, 2024 | M&A
Mergers and acquisitions (M&A) are vital tools for growth and expansion in the oil and gas (O&G) industry. These strategic maneuvers can enhance operational efficiency, expand market reach and improve competitiveness.
However, the success of these transactions depends heavily on strategic planning, integration and subsequent management. As the industry continues to navigate through volatile market conditions, regulatory changes and technological advancements, companies must adapt and refine their M&A approaches.
AI-Powered Vendor Invoice Management: Streamlining Accounts Payable
September 16, 2024 | Procurement Strategy
Vendor invoice management is the process of receiving, reviewing, approving, and processing invoices from vendors or suppliers. It covers everything from validating invoice data for accuracy to managing exceptions and facilitating timely payments.
How AI Transforms the Contract Management Process
September 10, 2024 | Procurement Strategy
Procurement teams have to spend a lot of time and effort getting contracts right. Effective contract management enables businesses to remain compliant, mitigating risks and maximizing operational efficiency. Contracts are the backbone of business relationships, outlining the terms and conditions that govern interactions between parties.
Why Resilient Power Grids Need a Mix of Solar, Nuclear & Batteries
September 02, 2024 | Procurement Strategy
By 2050, the world’s energy demands are expected to rise by a staggering 50%, driven by economic growth and increased urbanization.
Renewable energy sources, led by solar power, are projected to account for most of the global electricity capacity additions during this period.
Solar could be a major player in this global energy generation, but nuclear power remains a crucial player too. It currently contributes 10% of the world’s electricity supply with zero carbon emissions and its influence continues to grow.
Vendor vs. Supplier in Procurement: Understanding the Nuances
August 28, 2024 | Procurement Strategy
The terms "vendor" and "supplier" continue to be interchangeably used in the procurement and supply chain domain. But they are not the same. Enterprises need to understand the distinct differences between the two — because recognizing these nuances can provide a significant edge to an enterprise's ability to effectively manage its purchasing and sourcing activities.
Navigating M&A Complexities in Oil and Gas Companies
$432 billion. That’s the total value of global oil and gas M&A deals in 2023, a staggering 52% increase over the previous year. And this trend shows no signs of slowing down. But M&A in oil and gas comes with complexities — integrating diverse systems, processes, and cultures, all while ensuring cost synergies and operational success. It’s a challenge that, if not managed carefully, can turn opportunities into costly pitfalls.
M&A in Life Sciences: Manage the Complexities with These Strategies
August 21, 2024 | M&A
Mergers and acquisitions (M&As) in the life sciences sector offer significant opportunities for growth and resilience.
However, there are significant challenges dealmakers face.
For instance, in a recent survey by Bain , 73% life sciences executives said they expect a high gap between buyer and seller valuation while 59% believed sellers were bringing fewer assets to market and 49% said regulatory concerns would affect deal types.
Why You Can't Afford to Miss GEP INNOVATE 2024
August 13, 2024 | Procurement Strategy
With the advent of generative AI tools, the procurement and supply chain world is undergoing a seismic shift. Enterprises that adopt and apply AI to their operations will drive competitive advantage and unlock new opportunities through AI-powered insights.
However, understanding the use cases and real-world applications of AI is paramount.
Centralized vs. Decentralized Procurement: Advantages and Disadvantages
August 12, 2024 | Procurement Strategy
Businesses constantly seek new ways to streamline procurement processes, reduce costs and increase enterprise-wide efficiency. With procurement going through significant transformation across industries, the strategic importance of optimizing the procurement practice. However, enterprises often have to make a choice between centralized procurement and decentralized procurement. Which is the better choice? Is there an alternative? Let’s explore.
