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REDWOOD CITY, Calif. , March 31, 2020 /PRNewswire/ — Ivalua, a leading provider of global spend management cloud solutions , has announced the latest findings of a worldwide study of supply chain, procurement and finance business leaders on Effective Procurement Performance Measurement. on time payments) and spend visibility.
A checklist guide to getting the most out of your supplier risk management program. The wave of globalization has made businesses more reliant upon their suppliers than ever before. This reliance can increase supplier risk or uncover a large source of value and supplier innovation for organizations. .
Majority of European suppliers not being asked to prove they protect against labour violations, while 76% of UK suppliers are unprepared for new changes to the Modern Slavery Act. Just half (50%) of European suppliers said they are frequently asked by their buyers to provide proof that they protect against unsafe working conditions.
The study found that 88% find it challenging to hire the right digital skills to work with technologies such as AI, cloud-based platforms or data analytics, while 76% say they are concerned that existing procurementteams will struggle to work with new technologies.
At the same time, two-thirds (66%) of businesses admitted they were still reliant on such processes as part of their Procurement or supplier management function. The research, conducted by Vanson Bourne on behalf of Ivalua, found that 71% of respondents believed the rate of digitisation in Procurement is low. About the study.
New Ivalua study shows technology challenges are hindering procurementteams from achieving business objectives. The study revealed the challenges procurementteams face when it comes to achieving business objectives and the wide and growing gap in performance between advanced and less mature teams.
Although a significant gap exists between procurement organizations’ supply chain transparency aspirations and their current capabilities, there are several steps teams can take that will yield a rapid boost to supplier visibility. Procurement must be able to access data at any time–to manage spend and suppliers.
The study found that 88% find it challenging to hire the right digital skills to work with technologies such as AI, cloud-based platforms or data analytics, while 76% say they are concerned that existing procurementteams will struggle to work with new technologies. About the study.
For the short-term, a shift to local production alleviated reliance on Asian suppliers and helped mitigate risk, but a longer-term solution will require identifying opportunities to optimize costs, find alternative suppliers and enhance supply chain visibility. Enter eProcurement.
Geopolitical manipulation on suppliers worldwide adds to the pressure. Procurement’s Role in Sustainability White pointed out that Procurementteams have a big role to play in helping businesses address inflation and determine countermeasures, while meeting sustainability requirements and goals.
In August 2020 Gartner published this report “4 Tactics Procurement Can Use to Sustain Influence as Economic Conditions Improve” This blog summarizes the key points of the report which you can read in full, here. ProcurementTeams Step-up. Help staff sell procurement’s value during recovery.
Similar to how CRM manages everything around the customer, an S2P platform manages everything around the supplier. It is a crucial process for organizations that are looking to streamline their procurement activities, better manage spend and suppliers and increase operational efficiency. What is Source-to-Pay?
It also requires a focus on procurement-supplier relationships, and striving to be the customer of choice for your suppliers. Balancing New Priorities Makes Procurement More Valuable. Historically, Procurement was perceived as adding value when it could effectively control costs.
Our research found intense and growing pressure on procurementteams with the potential for even darker clouds on the horizon,” Alex Saric, CMO at Ivalua says. The result: Many Procurementteams are bending and cracking under the pressure. So, how are procurementteams preparing for or responding to this recession? .
GSA Provides Updated Instructions on Identifying SUP Free Packaging GSA has updated an Interact post that explains how suppliers can garner a Single Use Plastic (SUP) free icon for products on GSA Advantage! can download the icon and use it on their website. To join, please contact Michael Hanafin at mhanafin@thecgp.org.
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