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Procurementteams are now expected to manage a lot of moving parts — from supplier relations to spend, risk, compliance, contractual obligations, contingency plans and more — and a lack of visibility inhibits their ability to do any of that effectively. Work to achieve 100% supply chain visibility. Why is visibility so important?
Redwood, CA, 20th December 2021 – Ivalua, a leading provider of global Spend Management Cloud solutions, today announced that Canada’s largest co-operative, Federated Co-operatives Limited (FCL), has gone live with its source-to-contract solution which includes a seamless integration to TealBook, the leading supplier data foundation.
There’s often little visibility into supplier performance and risk, limited supplier collaboration and communication, and little or no ability to manage supplier contracts and agreements. Procurement software offers a one-stop solution that covers the whole range of contract management challenges.
Advanced analytics tools are being integrated into procurement operations, enabling public and private organisations to rethink procurement processes, supplier relationships and cost optimisation. This knowledge enables procurement professionals to streamline operations, optimize spending patterns, and improve supplier performance.
Procurement can and should be a significant value generator for the larger organization. There are, in fact different phases of procurement value creation that tie into the Source-to-Pay process: . Creating value isn’t enough though, the value still has to be captured. . Both are essential to the success of every business.
According to the OECD Compendium of Good Practices for Integrity in Public Procurement, “Transparency is critical for minimizing the risks that are inherent in public procurement. Jarrod holds a Masters in Business Administration (MBA) from Duquesne University and a Bachelor of Science degree from Carnegie Mellon University.
An Ardent 2021 survey of more than 350 CPOs and other business leaders found that there’s a strong push by procurementteams to adopt suites instead of a collection of standalone or one-off solutions. 5 Procurement Increasing Its Focus on and Use of Data. More on that here.
While taking a collaborative approach with stakeholders and suppliers is increasingly accepted as the best approach, I still see many Procurement organizations resorting to the old ways – beating up suppliers. “We We are under financial stress so you need to help us out by dropping our contracted prices, and accepting later payment.”
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