Tech Upgrades Delivering Procurement Efficiency Boosts

Looking for a common thread between supply chains and procurement operations today can be challenging: As companies’ efforts reach global scale and incorporate complicated relationships between third parties, each one takes on its own unique characteristics. However, sourcing professionals must identify the hallmarks of success in the field if they want to ensure their own organizations end up on the right path. Continue reading “Tech Upgrades Delivering Procurement Efficiency Boosts”

What Sets World-Class Procurement Organizations Apart? Use of Digital Technology for One

here are many things that set world-class procurement organizations apart from their average-performing peers. It may be working closely with suppliers to drive innovation and manage risks, or perhaps it’s collaborating with senior management on strategic initiatives. Continue reading “What Sets World-Class Procurement Organizations Apart? Use of Digital Technology for One”

Essar Projects CIO’s e-procurement and e-invoicing applications saves Rs 30 crore in the company

Enterprises and organisations often face new kind of business challenges and complex problems. While ready-made software applications and solutions are easily available in the market, the complexity of business challenges and a problem at times puts the CIOs under immense pressure to innovate and develop solutions that are highly distinctive and beneficial in nature.

Essar Projects CIO’s e-procurement and e-invoicing applications saves Rs. 30 crore in the company

Two in-house built e-procurement and e-invoicing applications have helped the company save Rs 30 crore in the first year of its implementation says, Satyanarayana Kasturi, Essar Projects (India)’s GM & CIO – Projects Business Continue reading Essar Projects CIO’s e-procurement and e-invoicing applications saves Rs. 30 crore in the company

New Ways to Achieve Unprecedented Savings on Indirect Spend

In Deloitte’s 2016 Global CPO Survey 2016 report, 74% of respondents stated cost reduction as their top priority in 2017. Also, 70% of the surveyed procurement executives cited indirect spend as a top focus for controlling and reducing costs.

Recent studies have found that indirect spend can account for up to 50% of a company’s purchases, and manufacturers specifically can spend 20% or more of their total revenue on indirect expenditures. It is clear the next profound impact area for procurement professionals is in accessing hidden and unexploited areas of indirect spend. Continue reading “New Ways to Achieve Unprecedented Savings on Indirect Spend”

All Smoke, No Fire: A Procurement Practitioner’s Thoughts on Digital Procurement (Part 1/3)

Rebecca Karp is a principal of Sourcing Synergies, a procurement strategy company based in Chicago. You can reach her at rkarp@sourcing-synergies.com or follow her on Twitter @rebeccakarp.

 

Editor’s note: This is the first in a three-part series on digital disruption from a procurement professional’s perspective.

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“Digital” is smoking hot for CPOs right now. “Disrupt” is the newest square on Corporate Buzzword Bingo.

Really?

As someone with a front-row seat to the inner workings of procurement teams, I don’t see it. I was dismayed at the lack of content on this topic on the agenda of the most recent ISM conference in Orlando.

All are way too quiet on the digital front in procurement. In the business environment today, the “why” of this inertia doesn’t matter. The need to do something, on the other hand, does.

Continue reading “All Smoke, No Fire: A Procurement Practitioner’s Thoughts on Digital Procurement (Part 1/3)”