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How Inflation Impacts Procurement Inflation affects a number of aspects of a business, including its ability to compete in the market, financial performance, and overall strategy. The key for procurementteams is to stay ahead of inflationary trends so they can anticipate needs and adjust accordingly before problems arise.
Across the country, state and local procurementteams are taking up the call to expand electric vehicle (EV) infrastructure. Additionally, the rapid pace of technological advancements in the EV sector can make it difficult for procurementteams to keep up, leading to concerns about the long-term viability of their investments.
In today’s turbulent business landscape, the challenges facing organisations have become increasingly complex, with uncertainty from geopolitical events such as Brexit and tariff negotiations impacting day-to-day operations. Leading the charge in navigating this constantly shifting trading environment is the Procurement department.
Preparing for these future inflationary changes requires strong negotiation capabilities and long-term resilience. . Procurementteams will be empowering a strategy advisor to provide a framework for how to leverage technology, retain talent, and drive sustainable value. ENABLE CORPORATE SUSTAINABILITY .
Ultimate Guide to the Insight of Public Procurement Professionals Public Procurement is a multi-staged activity and requires a thorough understanding of each process to be more successful with the bids. Hence it is important to put your best foot forward and put across your best potential to the procurementteam.
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: . Creating Value occurs when sourcing and procurement uses relevant sourcing processes and tools to engage and select the best fit supplier.
This exciting project provides TELUS’ employees with the ability to purchase everything they need to support their business through an easy-to-use and optimized procurement experience, ” said Dan Amzallag, COO of Ivalua. Learn more at www.ivalua.com. About Optis Consulting.
In this post, we explore what ethical procurement means and why it is so important. What is Ethical Procurement? Ethical procurement refers to the consideration of a wide range of issues relating to the ethical and sustainability goals of an organisation. Why is Ethical Procurement Important?
Inclusive Opportunities: Public procurement can be a tool to promote equality, diversity, and inclusion by prioritising contracts with suppliers committed to these ideals. Why Does Social Value Matter In Public Procurement? It also aligns with global goals like reducing greenhouse gas emissions and promoting sustainable development.
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 majority of procurement and supply chain leaders are weary of another recession. New sustainability expectations and regulations – 61%.
There’s never been a better time to explore creative solutions for stretching budgets further and turning federal infrastructure funding into transformative investments in efficient and sustainable water management. A lot of agencies view procurement as a transactional tool for negotiating with suppliers.
It starts with identifying the right suppliers for a need, sharing requirements and evaluating supplier offers, selecting the most appropriate supplier, negotiating terms and contracting with them to receive goods and/or services. S2P is the end-to-end process that encompasses all the activities between an organization and its suppliers.
Strict laws, such as the Procurement Act 2023 and the Public Contracts Regulations, regulate public procurement activities in order to maintain accountability and safeguard public funds. The all-encompassing approach guarantees that procurement choices will benefit both immediate public needs and long-term social advantages.
As organizations look beyond the panic and shocks created by Covid-19, procurement leaders must show that they can contribute to restoring growth and supporting a broader list of objectives. The reality is that too few procurementteams have experience here. A core goal of Ivalua’s in 2021 is to help more leaders do so.
“The Procurement function needs to move its focus from its traditional emphasis on cost to the things that really matter to customers,” he said. These include faster co-innovation with suppliers, working with sustainable and ethical suppliers and empowering employees — all of which will lead to increased business agility. .
In a recent webinar, “ How to Leverage S2P Platforms to Enable Supply Chain Resilience ,” procurement experts from Forrester, Ivalua and Procurement Leaders discussed how digital transformation and the technologies that enable it can help companies mitigate risk and be more agile and resilient.
Equally, companies are hungry for new technologies that can help them achieve sustainability. Rodrigo Bahia explained these put them ‘in line’ with the principles of the rest of the industry internationally which supports levelling the playing field for negotiations, even though the templates still present important concerns.
Companies that maintained zero-sum, hard negotiation relationships with suppliers cannot suddenly reset those in a more collaborative mold. To effectively address the key goals in an effective, sustainable way requires a collaborative approach – thinking of customers and suppliers as partners. That can’t be established overnight.
During the interview, Lee also discussed GSA’s efforts to lower procurement acquisition lead time (PALT). To reduce PALT, FAS has looked to the Commercial Platforms program, which includes “pre-negotiated agreements across the Federal Government with eight commercial marketplaces” that purchase card holders can utilize.
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