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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.
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. Work to achieve 100% supply chain visibility. Why is visibility so important?
Prior to his time at Ivalua, Jarrod held various roles in category and supplier management—including strategicsourcing and procurementteam management where he led teams to implement shared service procurement models and Source-to-Pay systems.
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.
Advanced analytics tools are being integrated into procurement operations, enabling public and private organisations to rethink procurement processes, supplier relationships and cost optimisation. Applications of Procurement Analytics Yet, procurement data analytics is not limited to just cost management.
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.
Most of the benefits that can be realized by manufacturing procurement organizations are gained through external collaboration with suppliers and partners – which ERP systems, internal portals, and Excel spreadsheets are not designed to handle. . Digitization Benefit #2: StrategicSourcing Alignment.
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. Strategicsourcing professionals may end up doing tactical work, as well.
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?
Kicking off the day with our first keynote, Ivalua’s Founder and CEO David Khuat-Duy will present his reimagined vision in a post-pandemic world, leveraging digital transformation to restore growth, and igniting new opportunities for procurementteams and suppliers.
This reliance can increase supplier risk or uncover a large source of value and supplier innovation for organizations. . In order that sourcing and procurementteams fully optimize their supplier network, there needs to be a change in the way organizations view all suppliers. Secure executive sponsorship.
Prior to his time at Ivalua, Jarrod held various roles in category and supplier management—including strategicsourcing and procurementteam management where he led teams to implement shared service procurement models and Source-to-Pay systems.
An Ardent 2021 survey of more than 350 CPOs and other business leaders found that there’s a strong push by procurementteams to adopt suites instead of a collection of standalone or one-off solutions. 5 Procurement Increasing Its Focus on and Use of Data. More on that here.
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.
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.
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. .
For example, as Procurementteams now scour contracts to see where Force Majeure conditions apply, it is key to understand contractual rights and obligations during a crisis. And 91% of advanced organizations managed all spend via category management and strategicsourcing processes vs. 16% of beginners.
It also increased the efficiency and speed to market for all sourcing users, while providing visibility and ability for procurement professionals in the center-led procurementteam to provide strategic support.
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