August 01, 2024 | Procurement Strategy
From the blistering pace of 5G rollout to the expansion of Internet of Things (IoT) devices, staying ahead of the curve is paramount in the fast-moving telecommunications industry. Amidst the technological frenzy, digital transformation has emerged as a go-to strategy for procurement organizations to best support their enterprises.
Telecom companies face a multitude of challenges that directly impact their procurement processes. Here are some key issues:
July 30, 2024 | Cost Management
Direct costs stand out as a fundamental component of project budgeting and financial planning. These expenses or costs are directly linked to specific activities and deliverables within the scope of the project and are critical to accurate cost estimation and control. With growing complexities in projects, competition will get fierce — necessitating the effective management of direct costs.
AI isn’t the future. It’s here, now.
Thirty percent of businesses have invested in AI. Another 57% will do it in the next 12 months*.
From demand forecasting to inventory optimization, risk mitigation to sustainability, AI is set to transform everything.
But here’s the secret: success will only come from strong human-AI collaboration, reveals this new Economist Impact report.
By 2050, solar, wind and nuclear energy are projected to contribute significantly to the global electricity supply, challenging us to rethink energy production. But how will this shift impact supply chain and procurement strategies? How can organizations be ready?
Read this bulletin to explore what the future has in store. Industry experts Sangram Bhosale from Xcel Energy and Pardeep Gill from Ameren discuss the strategic integration of solar and nuclear energy and more. Their insights help decode the complexities of adopting these technologies amidst global energy transitions.
As supply chains continue to face risks and organizations strive to build resilience, this survey-based Economist Impact-GEP report highlights the critical role of technology and collaboration in mitigating disruptions and driving business growth.
July 11, 2024 | Procurement Strategy
When it comes to procurement, the old ways of doing things just don't cut it anymore. A fresh approach — the agile procurement operating model — that's shaking things up could be the game-changer businesses need. Let's dive in and see why.
July 09, 2024 | Procurement Strategy
Businesses worldwide are acknowledging the strategic importance of procurement in driving business value — which is probably why they are constantly on the hunt for innovative solutions to optimize their procurement processes. With strategic sourcing gaining prominence, procurement has further evolved into a critical driver of business performance.
And in this evolutionary journey, Procurement as a Service represents the next step — offering businesses a scalable and cost-efficient approach to manage all of their procurement needs.
July 08, 2024 | Procurement Strategy
As businesses increasingly rely on technology to drive growth, profitability and competitive advantage, the role of procurement teams in sourcing and acquiring IT solutions is more important than ever.
However, the IT solutions landscape is increasingly fragmented and complex, making it essential for procurement teams to navigate it strategically.
Let’s explore common problems faced by procurement teams in the IT domain, as well as strategies and best practices to ensure successful IT procurement.
July 02, 2024 | Procurement Strategy
When it comes to media buying, collaboration between marketing and procurement teams has never been more critical. With brands investing heavily to humanize their messaging and leverage advanced technology, aligning these two departments is essential to optimize media buys and drive superior outcomes.
So how can enterprises ensure these two functions work together effectively?
June 28, 2024 | Procurement Strategy
The healthcare industry has seen unprecedented transformation in the past few years. From diagnostics to treatment to service delivery, the industry has been constantly evolving, and healthcare procurement is no exception. But the changes also meant a sharp rise in costs, and hospitals and clinics have been striving to deliver better patient care while controlling costs.
Innovative solutions are emerging to streamline the procurement process in the healthcare industry. Here are the top 5 trends shaping healthcare procurement solutions that leaders should be looking at in 2024:
