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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.
Why is visibility so important? 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. Set expectations with suppliers.
Norway and Public Procurement Adoption One interesting observation to note–several private companies in Norway have adopted the public procurement methodology, not out of necessity, but because it makes sense.
Sajid Kunnummal, Vice President and CPO at Navistar, was interviewed in late 2020 by Philip Ideson from Art of Procurement. When the crisis hit, Procurement as a function was suddenly in the hot seat, and it became the driving force for business continuity. Why is visibility so important?
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: . Click here to talk to Ivalua about your Procurement strategy. Both are essential to the success of every business.
No collaboration: ERP systems don’t provide support for collaborative procurement, making it difficult for procurement or evaluation teams to work together. Purpose-built procurement software provides a platform for collaboration, helping procurementteams achieve better and faster results.
When the crisis hit, Procurement as a function was suddenly in the hot seat, and it became the driving force for business continuity. In fact, the pandemic spurred enormous growth and expansion for Procurement, while helping uncover hidden weaknesses in procurement processes and procedures. Why is visibility so important?
But beyond that, we’ve also worked together to support the success of public procurement professionals everywhere. Seeing that real-world impact keeps us motivated to continue supporting procurementteams for years to come. What happens is that procurement rises to be a value-add department within the agency. What’s next?
Scalability Scalability is another important consideration when choosing a procurement software solution. Procurement processes shouldn’t be considered set in stone. At Ivalua, we understand the importance of having a single source of truth for your data. Can the software grow with you as your needs change?
CPO’s and CFO’s will join forces to combat inflation and supply risk, supply assurance will be perceived as more important than price, convenience and customer service gaining significant popularity, and vigilance against commodity and supply market manipulation will be critical. #3. 5 Procurement Increasing Its Focus on and Use of Data.
For procurement and supply chain professionals, the biggest takeaway from 2020 is that no matter how hard you try, you cannot predict the future. COVID-19 disrupted supply chains on an unprecedented scale, and businesses became much more reliant on procurementteams to help mitigate the impact. .
Recently I attended a conference for StrategicSourcing in the medical device manufacturing sector. About 60 Procurement Managers, Directors, and Executives attended from top medical device manufacturing companies. The latter is of particular importance since second sourcing can often be very expensive in this sector.
Balance Procurement Objectives. Before diving into specifics, I feel it is important to note how the crisis has emphasized the importance of Procurement / Supply Chain leaders having a balanced set of objectives. Others may still be applied to help businesses better manage the effects of the crisis.
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