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In last week’s blog , I began discussing telltale signs that you have entered the new age of strategicsourcing. Leading manufacturers have proven that best-in-class strategicsourcing can create measurable and sustainable shareholder value by contributing to top line growth and bottom line profitability.
Strategic procurement is more than just buying goods and services—it’s about creating value, optimizing resources, and aligning purchasing decisions with organizational goals. In this blog, we’ll explore key best practices and show how leveraging group/cooperative purchasing can help you master the art of strategicsourcing.
So what does “good” strategicsourcing look like? The primary difference between StrategicSourcing and “good” StrategicSourcing is contextualized flexibility. If Procurement follows a StrategicSourcing process flow like a checklist, then all StrategicSourcing projects will start and end in the same way.
Ivalua, a global leader in spend management , today announced that bol.com, the largest online retailer in the Netherlands and Belgium, has selected Ivalua’s solution to digitalize its indirect Source-to-Contract (S2C) processes. The project has been delivered in partnership with Accenture. Learn more at www.ivalua.com.
Redwood City, CA, 4th October, 2021 – Ivalua, a leading provider of global Spend Management Cloud solutions, today announced that Crelan, a cooperative Belgian bank, has selected its platform to digitize the entire source-to-contract process. The post Crelan Digitizes StrategicSourcing with Ivalua appeared first on Ivalua.
Supplier information is typically viewed by procurement organizations as one of two things. It is either a data input, such as what we gather and use in spend analysis, or it is a process by-product, such as the information we gather from prospective suppliers during strategicsourcing.
Offering customers a market leading source-to-pay platform coupled with powerful supplier discovery, diversity and data enrichment from Tealbook. the ‘Trusted Source of Supplier Data’ today announced a new partnership to provide a seamless experience between Ivalua’s Source-to-Pay Platform and Tealbook’s Supplier Intelligence Platform.
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.
As teams worked with suppliers through creative solutions, it became obvious that transparency and supplier risk management are essential components to maintain stability during crises like these. Procurement technology can also help businesses improve supplier relationships and enhance communication between buyers and suppliers.
Rapid Optimization of Contract Management, Supplier Management and Direct Materials Sourcing. Asian Paints conceptualized a technology solution using Ivalua’s Supplier Information Management , Sourcing and Contract Management solutions to streamline the end-to-end contract management and sourcing processes. .
Limited supplier reach: ERP systems don’t go far enough when it comes to reaching and managing suppliers. There’s often little visibility into supplier performance and risk, limited supplier collaboration and communication, and little or no ability to manage suppliercontracts and agreements.
System will improve the experience for employees and suppliers while supporting sustainable growth in shareholder value. The initial scope which was delivered in a 5-month project included Supplier Risk and Performance Management, Sourcing and Contract Management.
Shift towards self-contracting and self-distribution: With health systems gaining significant scale and wanting more control over their supply chain, this shift is accelerating. Quite often there can be a general lack of spend and vendor management and strategicsourcing activities. Share on Twitter.
in “ The Forrester Wave™: Source-to-Contract Suites, Q4 2019.” Ivalua is now the only vendor positioned as a Leader in four separate reports — the Gartner Magic Quadrant for StrategicSourcing Application Suites, Gartner Magic Quadrant for Procure-to-Pay Suites, The Forrester Wave™: eProcurement Platforms, Q4 2019 and this report.
in “ The Forrester Wave™: Source-to-Contract Suites, Q4 2019.” According to the report, “In today’s business world, success depends as much on the performance of the suppliers a firm uses as it does on the capabilities of the workers it employs. S2C suites offer the software tools to achieve these objectives.”.
As part of the partnership with Consus, REV has implemented Ivalua, a leading provider of global Spend Management Cloud solutions, to achieve a more focused and faster source-to-contract cycle. Benefits include: Shortened sourcing cycle times. 100% visibility of sourcing processes. Enforcement of procurement compliances.
They may not consider potential issues of integrations, supplier onboarding, supply chain data management, change management and system optimization, all of which add to complexity and costs. ERPs tend to be built for the back office, so they lack the consumer-like user experience that leads to high user adoption among suppliers.
Procurement analytics is quickly becoming a core practice for efficient operations and effective sourcing in today’s rapidly changing business environment. This knowledge enables procurement professionals to streamline operations, optimize spending patterns, and improve supplier performance.
Our customers have seen anywhere between 4-24% cost reduction across a portfolio of initiatives including reduction in procure to pay (P2P) cycle time, increased transparency in the complete procurement life cycle, access to alternate local and global suppliers and effective ways of managing supply chain risks.
The second, authored by Andrew Bartels and published on December 18, is The Forrester Wave™: Source-To-Contract Suites, Q4 2019. It covers spend analysis, sourcing, contract management and supplier risk and performance management (SRPM), similar in scope to Gartner’s StrategicSourcing Application Suites Magic Quadrant.
TPRM is the process of identifying, analyzing and mitigating risks related to third parties–including suppliers, partners, contracts, service providers, etc). Interestingly, Services organizations actively monitor risk for strategic, direct, IT and onsite suppliers more frequently than manufacturing orgs.
A form arrived on my desk that required us to list some key contracts – I’m not even sure where it came from, to be honest. Why did these outsiders want to know about our key strategicsuppliers? . There is also a strong focus on contract exit provisions. But it seemed a bit of a cheek, really.
The Criticality of the Supply Chain (and Suppliers). Last year, 62% of enterprises that made an investment in supply management technology over the past two years took the suite-based approach (strategicsourcing suite or full Source-to Settle suites. More on that here. The Best Way Forward for 2022.
Creating Value occurs when sourcing and procurement uses relevant sourcing processes and tools to engage and select the best fit supplier. Monitoring and measuring value is where the procurement organization takes a holistic view of the Source-to-pay process and supplier relationships. What is Direct Procurement?
The second, authored by Andrew Bartels and published on December 18, is The Forrester Wave : Source-To-Contract Suites, Q4 2019. It covers spend analysis , sourcing, contract management and supplier risk and performance management (SRPM), similar in scope to Gartner’s StrategicSourcing Application Suites Magic Quadrant.
At Ivalua, we understand the importance of having a single source of truth for your data. Having supplier information scattered across multiple systems can lead to data quality issues and even duplicate records for the same supplier. Taxpayers and legislators demand transparency, and suppliers appreciate it.
We were excited to provide a forum for the acquisition community to continue the conversation on “What is Fair and Reasonable” when it comes to government market conditions, contract terms, procurement policies, and regulations.
He focused initially on sourcing and category management, because that would give the biggest return on investment as the firm moved from contract administration, to tactical sourcing, to true CatMan and strategicsourcing. Simplification of systems and tools was a key part of the programme.
And to maximize the impact of these and other objectives, Procurement needs to be managing all spend and all suppliers. For example, 46% of advanced Procurement departments had bonuses tied to KPIs on supplier risk performance and supply chain disruptions, versus a third of less mature organizations. The same applies to suppliers.
To support the company’s strategic objective to better serve its clients and members, Desjardins requires a more efficient and streamlined sourcing and contracting process. Fluxym is also a value-added reseller of the best Source-to-Contract (S2C), Procure-to-Pay (P2P) and Travel & Expense solutions on the market.
This additional level of requirement provides a perfect opportunity to leverage the capabilities of technology to communicate and centralize spend and supplier information state-wide. It must be clearly visible to everyone in the state that procurement is well run.
But now with strategicsourcing and category management, the process has become much easier to track, monitor and control. Add sourcing workflow to the mix, and introduce machine learning that can link directly to the supplier and track savings, then you can start to see where the science comes in.
Global automotive component supplier Meritor is a great example. They configured a unique approach to new product introductions (NPI), digitizing their engagement with suppliers, resulting in bringing more products to market faster and with greater profitability, multiplying their stock price over the period. Plan to avoid those.
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