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REDWOOD CITY, Calif. , March 31, 2020 /PRNewswire/ — Ivalua, a leading provider of global spend management cloud solutions , has announced the latest findings of a worldwide study of supplychain, procurement and finance business leaders on Effective Procurement Performance Measurement. About Ivalua.
New Ivalua study shows technology challenges are hindering procurementteams from achieving business objectives. The study revealed the challenges procurementteams face when it comes to achieving business objectives and the wide and growing gap in performance between advanced and less mature teams.
35% of respondents are lacking systems to enable effective, scalable collaboration to empower supply-chain partners in support of their CSR strategies and policies. The study also reveals actionable insights for businesses looking to improve CSR results. . Social and ethical priorities are close behind but still lag.
The role of procurement has transformed over the last decade, from cost-cutter to a vital ally that can inform and enable businessstrategy. COVID-19 has only served to cement the procurement department’s status as a key stakeholder. Smart procurement tools can shrink the skills gap.
Leading the charge in navigating this constantly shifting trading environment is the Procurement department. Procurementteams are becoming a more intrinsic part of businessstrategy, able to help organisations manage and predict supplychain risk, unlock innovation, create sustainable cost savings, and help grow revenue.
The role of procurement has transformed over the last decade, from cost-cutter to a vital ally that can inform and enable businessstrategy. COVID-19 has only served to cement the procurement department’s status as a key stakeholder. Smart procurement tools can shrink the skills gap.
The sole source justification process is rigorous and requires approval from the organization’s procurement services, with steps including the completion and review of a justification form, internal review and approvals, and adherence to transparency and compliance regulations to manage risks effectively.
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