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Big data is more than a buzz term, and if you are a strategicsourcing professional, it is a concept that should not be ignored. Big data is about synthesizing and making sense of information — better and quicker than your competition. So are you getting the most out of big data ?
Since its inception in the late 1980s, strategicsourcing has always been about getting the best value for the goods and services purchased from third party suppliers. Strategicsourcing requires an intense focus on the total cost of ownership, while incorporating customer needs, organizational goals, and market conditions.
Strategicsourcing is a contemporary approach to supply chain management. In this post, we explain what strategicsourcing is, why it is important and how it can be implemented. In this post, we explain what strategicsourcing is, why it is important and how it can be implemented.
Vishal Patel and Peter Hunt delivered their session ‘Creating Value with StrategicSourcing’ to discuss how Procurement professionals are recognizing that the fast-paced digital landscape of today demands new approaches to category management and strategicsourcing. The answer is simple – automation.
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.
Data-driven decision-making enables procurement teams to improve performance and align with wider organisational goals including corporate social responsibility and risk management. What is Data Analytics in Procurement? Prior purchase data is also used for demand forecasting improving resource management and operational efficiency.
The strategicsourcing technology market is a crowded space. Walk the exhibit floor at the annual ISM conference and you’ll easily find more than 40 providers offering a wide variety of e-sourcing solutions. So how do you know if you have the right sourcing technology for your business?
And at some agencies, best-in-class contracting is still growing by significant percentages, according to dashboard analyses of the Federal Procurement Data System maintained by the General Services Administration. In 2020, the government logged $13.2 billion in cost avoidances related to category management; that figure had risen to $16.9
According to OECD and National Health Expenditure data, US healthcare spending per person was approx $10,224 in 2017. According to 2019 Definitive Healthcare data, U.S. Across this supply chain there is typically a lack of visibility due to siloed information and data. The only way to really understand that is data.
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.
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. Sustainable master data management and governance: As much as 55% of projects fail due to data management issues.
Engaging suppliers in strategicsourcing events and collaborative cost improvement efforts will ensure that purchased component costs are appropriate to achieve targeted gross margins. Maturity and Decline: Drive Ongoing Innovation and Maximize Margins.
Meanwhile, purpose-built procurement software collects feedback from stakeholders and gives you real-time data and insights to help you monitor supplier performance and ensure compliance. No support for strategicsourcing: ERP systems don‘t offer support for strategicsourcing, which is critical for optimizing spend and driving savings.
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.
“Partnering with Consus Global and our successful deployment of Ivalua will accelerate our progress in supply chain optimization at REV Group by applying a powerful toolset of data, supplier management, and competitive bidding capabilities to our team,” says Rob Vislosky, Chief Supply Officer of REV Group. “We
In his role he works closely with multiple government agencies to address their unique enterprise and mission enabling communications requirements, as well as commercial industry partners to identify capabilities and emerging technologies to address customers’ mobility and SATCOM requirements.
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. When: Moving the Point of Data Collection. It does not tell us much about the suppliers.
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.
O-I Glass has chosen Ivalua after assessing technology and process gaps related to strategicsourcing, supplier relationship management, category management, vendor quality, sustainability, and compliance.
Services organizations highlight confidential data access, data privacy, and cloud/data security as the highest-probability, highest impact risk types (figure 2). According to 70% of respondents, the number one risk assessment criteria within Services is supplier access to sensitive data.
Modernization : Whether large or small, all states are dealing with the mounting technical debt that comes from managing decades old systems that don’t enable strategic initiatives or the sharing of data, provide a poor user experience, and are prone to security vulnerabilities.
Back to the marketplace – JLL chose Ivalua because of the cultural fit between the firms as well as the strong focus on customer experience, innovation , and data , which matched the JLL philosophy. Simplification of systems and tools was a key part of the programme. Rogers had no less than 10 (!)
To maximize your software efficiency and ensure streamlined processes with accurate data, integration is key! At Ivalua, we understand the importance of having a single source of truth for your data. Is your data separate from other customer data in the cloud? As you scale, how secure is your solution offering?
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. 5 Procurement Increasing Its Focus on and Use of Data.
Director StrategicSourcing Digital & Functional Transformation, . This year, we’ve invited a wide array of industry thought leaders to join 6 expert panels covering Data Integrity, Sourcing Optimization, Sustainable Procurement, Finance Procurement, Public Procurement, and Federal Procurement. . Breakout Sessions.
Establish the strategicsourcing program objectives and identify the owners of these objectives. Define the attributes to be measured (including datasources) for each supplier life-cycle phase. These processes rely upon different systems (if any at all) and utilize numerous and disconnected sources of data.
It must be compliant, secure data in transit, and provide the throughput, latency and reliability needed at the edge. Chris Thomas, technical strategist at Dell Technologies, said his team takes a data- centric approach to helping customers adopt 5G so the network can be tailored to support specific needs, use cases and innovative levels.
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.
professional secrecy, access to information and data, protection of personal data)”. There is a focus on cloud services, for instance – the regulators are rightly worried about the confidentiality, security and integrity of sensitive and vital financial data that could be (as we might say) “floating around” in the cloud! .
There are, in fact different phases of procurement value creation that tie into the Source-to-Pay process: . Identifying Value , is where procurement teams leverage spend data and spend analysis to understand trends in spend and identify opportunities and develop category management strategies. . What is Indirect Procurement?
Recently I attended a conference for StrategicSourcing in the medical device manufacturing sector. What if you could bring fact-based data to the table that helped stakeholders short-cut steps in making good and timely decisions?
Having fact –based discussions that are anchored with solid historical data is crucial in defining what a win/win should, and can, look like. None of these will resolve confusion in real-time and multiple hours are lost waiting for up-to-date data from colleagues. Do not let bad data be your obstacle. Talking is critical.
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.
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.
According to Sajid Kunnummal, Vice President and CPO at Navistar, supply chain data visibility is the number one driving force behind creating resiliency. “It Strategicsourcing professionals may end up doing tactical work, as well. Simplify approvals with clearly defined roles and responsibilities.
According to Sajid Kunnummal, Vice President and CPO at Navistar, supply chain data visibility is the number one driving force behind creating resiliency. “It Strategicsourcing professionals may end up doing tactical work, as well. Simplify approvals with clearly defined roles and responsibilities.
If you are getting started, you are likely looking to start with technology to address a specific process ( StrategicSourcing or P2P for example). That means not just the workflow (which demos nicely in sales meetings to mask deficiencies created by acquisitions), but also at the data level and UI. Plan to avoid those.
The total costs, in terms of human lives, disrupted supply chains, ruined businesses and GDP impact, are still just projections in the array of charts presented daily by statisticians and data modelers. And 91% of advanced organizations managed all spend via category management and strategicsourcing processes vs. 16% of beginners.
She said the challenge was how to access the CPARs system where the data lives. The pilot only used “fake” or anonymized data because of security and privacy concerns. The data could help contracting officers make better buying decisions but also help companies improve their chances of winning.
Currently, there are “more than 100 categories of CUI, ranging from technical weapon system data to historic properties and death records.” However, a recent report from the Government Accountability Office (GAO) highlighted the importance of improving data collection in these spaces.
OMB Reports Significant Improvement of Federal Websites in 2024 Nextgov reported on findings from the Office of Management and Budgets (OMB) data snapshot highlighting improvements in the publics experience with government websites. The data was released as part of the White Houses push to improve customer experience.
The four priorities of the BCI include: Leveraging Data Across Federal Agencies to Get Lower Prices and Better Terms; Negotiating Common Enterprise-Wide Software Licenses; Saving Money and Avoiding Waste by Getting Contract Requirements Right the First Time; and Getting Better Value from Sole Source and Other High-Risk Contracts.
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