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No organisation does everything itself, and whether we’re looking at buying raw materials, components, innovative technology, or sourcing the best in marketing or professional services, the whole process of engaging and working with suppliers must reflect this need for speed and agility. .
Public procurement spending accounted for an average of 30% of total public spending across the region [1] and as much as 74% of that spending is wasted due to inefficiencies [2] , according to data from FISLAC , an analytics platform developed by the IDB’s Fiscal Management Division (FMM).
Predictive Analytics: Uses advanced data analytics, such as machine learning, to predict future demand, analyze potential supply chain risks, and facilitate informed procurement decisions. It also provides transparency which encourages compliance with regulatory frameworks and positive ethical procurement practices.
Awarding the Contract The winning supplier is selected based on clear criteria, ensuring fair and competitive procurement. ContractManagement Once the deal is signed, contractmanagement ensures the supplier delivers as promised. E-Procurement It is the digital way of handling public purchasing.
This bill sends plenty of money to the state and local governments–but along with these allocations comes solicitations, procurements, contracts, deadlines, reporting requirements, and other overhead. We need to mobilize and challenge traditional processes and look for areas where we can change, innovate, or automate. .
Contract Lifecycle management is an area we have seen huge demand in over the last year or two. Many of our customers leverage our contractmanagement solution for both authoring or contract repositor. Christopher Bourez, Artificial Intelligence Architect at Ivalua.
Contract Lifecycle management is an area we have seen huge demand in over the last year or two. Many of our customers leverage our contractmanagement solution for both authoring or contract repository. One of the initial use cases the team is tackling is for contract analysis. .
Along with the rise of automation and AI, which reduce much of the traditional Procurement workload, these external drivers mean we must find a new role if we want to add real value. And increasingly, that means collaborative working with key suppliers who can support that need to be innovative, flexible and agile.
It’s a style of working that produced innovative thinking – but by its nature, could be hit and miss; where “miss” could have a significant negative impact to an organisation’s balance sheet. But now with strategic sourcing and category management, the process has become much easier to track, monitor and control.
Sole-source contracts are issued without competitive bidding when only one business can fulfill the requirements. government is increasing efforts to reserve contracts for small businesses, driving innovation and competitive pricing. What are the steps to secure a government contract?
There is no doubt that Digital Procurement is a reality for many organisations. Ivalua has seen among its customers a huge appetite for innovation, not least because it is making the role of Procurement so much more strategic and also, put more bluntly, it’s becoming a much more interesting role.
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