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This means companies are under more pressure than ever to innovate at pace. As a result, the role of the supplier has grown in importance – for example, much of the innovation in the aerospace market comes from suppliers rather than traditional aerospace firms. Cost-focused approaches block innovation.
Originally published in the 2022 ProcureCon Report “Transforming Procurement: Embracing Digital Innovation and Driving Sustainability” Ethical business practices and sustainability initiatives are forcing organizations to not only stand up, but to also set themselves apart from the competition by implementing ESG and CSR commitments.
Your procurement strategy should outline short-term and long-term goals, identify potential risks, and focus on building strong supplier relationships. For instance, instead of conducting lengthy RFP processes, your team can access ready-made contracts with industry leading suppliers.
By integrating the EIC’s functionalities in their procurement practices, organizations can dramatically accelerate sustainability agendas with reliable emissions data for all the direct and indirect products and services they acquire, and establish transparent reporting standards.
Traditional procurement approaches prioritised lowest price, which led to unintended consequences like accepting bids of lower quality, a lesser performance record or that did not adequately allow buyers to consider equity, sustainability or socio-economic objectives like creating local jobs.
The term “supplier collaboration” can mean many things to many people depending on your functional perspective. Innovating. If you work in product design or engineering, supplier collaboration is focused on integrating strategic suppliers into your product innovation efforts.
As buyers we often expect a lot from our suppliers, but do we take the time to think about what they need from us in order to perform to the standard we often demand of them? It is important for us to remember the suppliers perspective and to effectively communicate with them, so we receive the end product that we want.
Public procurement encourages collaboration between government and private enterprises, in turn allowing public authorities to achieve sustainable and circular practices. The following blog will provide a more detailed exploration of creating sustainable procurement strategy, their benefits and challenges during implementation.
The Future of Supplier Management is Here, and it’s Holistic. Leading, high-performing procurement organizations share one common trait–they consistently prioritize a holistic and integrated approach to Supplier Management. In fact, they go beyond simply supplier management, what they do is Supplier Engagement.
Following the global climate protests that swept the world in 2019, sustainability rose to become a business priority. In our latest study of UK-based procurement, supply chain and finance professionals, we found that 60% of UK businesses have decreased investment in sustainability initiatives as a result of the coronavirus outbreak.
Blog » Procurement on the Thames: Ivalua’s London Summer Symposium June 26, 2023 | | Thought Leadership by Eloise Barnum As businesses navigate through supply chain disruptions, high inflation, and sustainability initiatives, procurement, and supplier management has taken center stage in driving change. See you soon!
When it comes to the nature of buyer-supplier relationships, we’re entering a brave, new world. Organizations are increasingly dependent on suppliers to successfully bring innovative goods and services to market on time, improve ESG performance, and meet other objectives. Gain control of your supplier data.
In its search for commercial partners, the city needed to promote competition in a concentrated marketplace, learn more about the latest bike share technology and innovations, and provide better and expanded service at the same or lower budget. Download our infographic to get all the results at a glance. And read the full story here.
Public procurement regulations is absolutely front and centre to this, both in terms of buying more sustainable products and services, but also incentivising its supply chain to adopt environmentally friendly practices. The Role Of The Public Sector In Improving Sustainability The public sector in the UK is huge. What can suppliers do?
Ivalua Spend Management Insights [ivory-search] Navigating CSRD Regulation: What Procurement, Supply Chain, and Finance Leaders Need to Know June 12, 2023 | | Sustainability by Vishal Patel In an effort to drive sustainability and combat climate change, the European Union has introduced the Corporate Sustainability Reporting Directive (CSRD).
In recent years, sustainability has increasingly become a top priority for many organisations. With this in mind, our research found far too few European suppliers are being regularly assessed on sustainability practices, with less than a quarter (24%) seeing themselves routinely measured on carbon emissions.
The act was established to address issues of sustainability and ethical conduct in global supply chains, and has significant implications for companies and procurement organizations operating in Germany. These organizations must also conduct regular supply chain audits to ensure sustainable and responsible operating measures. .
Buyers are expected to scrutinize every aspect of the purchasing process to identify ways to reduce their carbon footprint, source sustainable materials, and promote diversity. As the sourcing function evolves, digital procurement technologies have become crucial tools for buyers to capture and report their sustainability achievements.
To start the conversation about how to better address these challenges, FMM organized the first Regional Policy Dialogue aimed at developing an innovative agenda to transform public expenditure management through smarter procurement practices. In contrast, relational contracting emphasizes cooperation for mutual benefit.
Many organisations vowed to reach net zero during COP26, but suppliers say there is a lack of collaboration on green initiatives. Just one-in-ten (10%) suppliers say that organisations always include sustainable practices in contracts and agreements. Suppliers have an important role to play in tackling climate change.
Redwood City, CA – March 24th, 2022 – Ivalua, a global leader in spend management, today announced that it has been named a leader in The Forrester Wave : Supplier Value Management Platforms, Q1 2022. In today’s dynamic and uncertain environment, strong supplier relationships are a key competitive advantage. About Ivalua.
Ivalua Spend Management Insights [ivory-search] A Balancing Act: Drive Sustainability while Managing Cost and Risk April 27, 2023 | | Supply Chain by Vishal Patel Cost, Risk, and Sustainability. Geopolitical manipulation on suppliers worldwide adds to the pressure. Those are three hot topics in the enterprise today.
Klaipeda is far from the only public agency in Lithuania using innovative approaches to procurement to make its city greener and healthier. In 2023, the LPPO added a set of key sustainability performance indicators to its procurement dashboard. Can everything be green?
Sustainable products are experiencing growth in both profits and consumer demand. To successfully market your sustainability efforts, you must carefully navigate the fine line between legitimate marketing and greenwashing. Recommendation: Partner with suppliers who prioritize sustainability.
At our annual Ivalua NOW event in Paris, France–Ivalua asked, “Is your procurement team prepared to respond to unexpected supplier chain issues with speed and agility?”. Automation and innovation are at the forefront of the supply chain industry with procurement acting as a key enabler in the process. Enable innovation.
The Belgium-based automotive supplier, specialising in sustainable and affordable propulsion system solutions, deployed Ivalua’s platform in September 2020 for the sourcing of components for the DT2 program, within the company’s Joint Venture operations: Punch Powertrain PSA e-transmissions.
In a nutshell, the government will ban significant parts of the food distribution network within the EU from participating in food procurement in Portugal and thus tilt the market in favour of suppliers and distributors closer to the customer. Let's look at an example: a group of schools in the Algarve wants to buy pork meat for its meals.
For Körber’s supply chain management community, quality, innovative strength, legal certainty, adherence to delivery dates and the sustainability of suppliers and service providers play a decisive role – as does cost. The goal was to increase efficiency across the Group’s Business Areas.
Customers can effectively manage all spend and all suppliers within a single platform, or select modules to target specific processes. Leveraging the pre-packaged s olution financial services customers are empowered to: Ensure regulatory and policy compliance at the supplier and contract level.
The term “supplier collaboration” can mean many things to many people depending on your functional perspective. Innovating. If you work in product design or engineering, supplier collaboration is focused on integrating strategic suppliers into your product innovation efforts.
The vision aims to transform the country into a leading economy, a hub for commercial and cultural activities, and a model for sustainable development. In this blog post, we will explore how sustainable procurement practices can help organizations reduce greenhouse gas emissions and achieve their sustainability goals.
And then in October, we held our 19 th annual Scottish Procurement conference, which explored The Transformative Potential of Technology, AI and Innovation in Procurement. We’ve completed over 250 deep dive assessments now of our suppliers, supply chains and institutional procurement teams and their internal stakeholders.
Vision: Ivalua believes that digital transformation will make supply chains more efficient, sustainable and resilient, and unlock the power of supplier collaboration. Culture & Values: Customer-centric, Collaboration, Results-oriented, Care for and Grow people, and Integrity.
Many organisations vowed to reach net zero during COP26, but suppliers say there is a lack of collaboration on green initiatives. Just one-in-ten (10%) suppliers say that organisations always include sustainable practices in contracts and agreements. Suppliers have an important role to play in tackling climate change.
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.
Almost all UK businesses say sustainability-led innovation has become a priority, but most lack plans to improve the sustainability of goods and services. In light of rising gas and oil prices, there should be a renewed focus on sustainableinnovation, and identifying how being greener could cut costs.
Progress on sustainability is notoriously hard to measure for organizations, but the needle is moving in the right direction. The report explains that: “Scope 3 emissions reduction is a key challenge for companies, often due to a lack of visibility and monitoring of suppliers’ data. But time is of the essence for organizations.
Leading manufacturers have proven that best-in-class strategic sourcing can create measurable and sustainable shareholder value by contributing to top line growth and bottom line profitability. This week’s signs deal with supplier relationships. You Have Imbedded a Cost Management Mindset into Every Supplier Relationship.
In recent years, sustainability has increasingly become a top priority for many organizations. With this in mind, our research found far too few European suppliers are being regularly assessed on sustainability practices, with less than a quarter (24%) seeing themselves routinely measured on carbon emissions.
Pre-negotiated terms are provided that reduce the complexity for contracting authorities in procurement whilst allowing suppliers to capture opportunities more efficiently. These agreements take on even greater importance under the Procurement Act 2023, with greater emphasis on transparency, competition and sustainability.
As procurement professionals we spend a lot of time categorising our products, services and suppliers. But do we take enough time in understanding how our suppliers see us? By using the Supplier Preferencing Matrix we can start to understand where we fit in the suppliers’ opinions.
May 23, 2022 – Ivalua, a leading provider of Spend Management Cloud solutions, announced the winners of its Carbon Footprint Innovation Cup at its marquee annual event, Ivalua NOW 2022 in Washington D.C. The Carbon Footprint Innovation Cup featured 17 teams of volunteers. About Ivalua. Learn more at www.ivalua.com.
Digital technologies have the potential to make mobility systems more sustainable, intelligent, and inclusive. Several islands, from the Naxos in Greece to the Isle of Wight in the UK , have established themselves as innovation testbeds demonstrating what the future of mobility could look like.
Inclusive Opportunities: Public procurement can be a tool to promote equality, diversity, and inclusion by prioritising contracts with suppliers committed to these ideals. It also aligns with global goals like reducing greenhouse gas emissions and promoting sustainable development. Why Does Social Value Matter In Public Procurement?
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