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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. Creating and sharing information is fast and cheap.
Strategicsourcing is a contemporary approach to supply chain management. It formalises the gathering, analysis and application of information to assist companies in aligning their purchasing strategy with their goals and securing the best possible value. What is strategicsourcing?
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.
Supplierinformation 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.
Massy, France 18 March , 2021 – Ivalua, a leading provider of global Spend Management Cloud solutions, and CKS BeNeLux today announced that Punch Powertrain has successfully deployed Ivalua’s platform to support the digital transformation of the strategicsourcing process.
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. .
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?
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.
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.
But one critical area remains in need of significant attention … the need for better supplier collaboration AND internal teamwork. Early collaboration among engineering, sourcing, and suppliers brings better ideas to the table in terms of product design, features, and costs. Suppliers are always looking to hide sources of cost.
Across this supply chain there is typically a lack of visibility due to siloed information and data. Quite often there can be a general lack of spend and vendor management and strategicsourcing activities. This becomes even more complex due to the high amount of clinical variation which drives up costs and complexity.
“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 ABOUT IVALUA . Media Contact.
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. Ivalua is a leading provider of cloud-based Spend Management software.
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.
Rapid Optimization of Contract Management, Supplier Management and Direct Materials Sourcing. This deployment is another significant step forward in the digital transformation of their overall supply chain processes, a journey that started last year with the successful rollout of Ivalua Sourcing solution for direct materials. .
. TPRM is the process of identifying, analyzing and mitigating risks related to third parties–including suppliers, partners, contracts, service providers, etc). The main categories of risk are covered in Figure 1 to include supply chain, information security, location, CSR or ESG, financials, regulations, quality and reputation.
Procurement teams had to work closely with suppliers to find creative ways to solve problems, and they instantly realized the benefits of transparency in their supply chains and supplier risk management for business continuity in times of crisis. Navistar had a jump start on putting robust systems in place, but their suppliers didn’t.
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.
Procurement teams had to work closely with suppliers to find creative ways to solve problems, and they instantly realized the benefits of transparency in their supply chains and supplier risk management for business continuity in times of crisis. Navistar had a jump start on putting robust systems in place, but their suppliers didn’t.
Why did these outsiders want to know about our key strategicsuppliers? . professional secrecy, access to information and data, protection of personal data)”. Are suppliers managed properly, with clear and accessible contracts, performance measures and information? But it seemed a bit of a cheek, really.
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.
With Ivalua already positioned as a Leader in the latest Gartner Magic Quadrant for StrategicSourcing Application Suites, Ivalua is now recognized as a Leader by Gartner in two Magic Quadrants citing the Source-to-Pay space. Procure-to-Pay (P2P) suites include both eprocurement and einvoicing capabilities. Gartner Inc.,
With Ivalua already positioned as a Leader in the latest Gartner Magic Quadrant for StrategicSourcing Application Suites, Ivalua is now recognized as a Leader by Gartner in two Magic Quadrants citing the Source-to-Pay space. Procure-to-Pay (P2P) suites include both eprocurement and einvoicing capabilities. Gartner Inc.,
For our discrete manufacturing market, that means reducing product costs, driving margin expansion and extracting greater value from supplier relationships via superior strategicsourcing and supplier management. Significant performance gains are not accomplished by continuing to do the same old things the same old way.
At Ivalua, we understand the importance of having a single source of truth for your data. Having supplierinformation 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.
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.
Recently I attended a conference for StrategicSourcing in the medical device manufacturing sector. getting involved early on in the New Product Introduction ( NPI) cycle to ensure suppliers risk is being properly evaluated in production capacity and quality. Time is Money.
This additional level of requirement provides a perfect opportunity to leverage the capabilities of technology to communicate and centralize spend and supplierinformation state-wide. Paper based processes drive down accessibility while increasing the cost to manage information and raising the risk of human error.
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. Just how can you do that?
Be it stronger support or stricter policies around supplier management for sustainability and diversity or more efforts to improve the communities involved in and around a business. Overall, Procurement organisations can influence entire ecosystems of suppliers to develop with this balance in mind. Building Resilience.
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