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Once a procurement is awarded it moves to contractmanagement whose primary functions are implementation, compliance and issue management. A well written contract is a key enabler of successful contractmanagement as it clearly sets out the expectations of both parties.
Predictive Analytics: Uses advanced data analytics, such as machine learning, to predict future demand, analyze potential supplychain risks, and facilitate informed procurement decisions. Also, proper data analysis can help find potential hazards in the supplychain, sustain continuity, and reduce disruptions.
ContractManagement is often thought to be the last step in the Procurement life cycle but instead it is both the beginning and end of the procurement cycle and it provides a constant feedback loop. The following article discusses the various steps of contractmanagement and its role in procurement efficiency.
Then, as often happens these days, the questions took us back onto sustainable Procurement or “Procurement with purpose”. That includes quite a range of issues now, ranging from climate change and de-forestation to modern slavery or supporting diversity in our supplychains.
Retail and tech expert Greg Petro says that, “ while the supplychain moves at a snail’s pace, the consumer is moving at the speed of light… the “see now, buy now” economy is here to stay”. Zara can have similar clothing in its shops just two weeks after a new design idea has appeared on the catwalk.
This includes buying office supplies, building roads or hiring services. The contracting authority or government agency sets the rules, picks the best supplier, and ensures everything runs smoothly. It is all a part of supplychainmanagement, making sure the right products and services get to the right place at the right time.
It’s a question that you can answer for yourself at Ivalua Now – The Art of Procurement , being held, appropriately enough, at The Louvre, Paris 10 th – 12 th April. So what’s “art” got to do with it?
The Hackett Group and Ivalua have been working together for some months to assess the status of Digital Procurement transformation and lessons learned from early adopters. CPOs in many organisations have progressed beyond the planning stage, with Ivalua actively working with many of them and supporting their journey.
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