Leading Procurement’s Digital Transformation: Three Steps to Success

Posted: 03/11/2022 - 09:00
Author: Keith Hausmann
Globality CRO Keith Hausmann discusses how innovative technology can help procurement meet today’s biggest challenges, while increasing its influence through the power of “Performance Spending.”

In her book Trade wars, pandemics, and chaos: How digital procurement enables business success in a disordered world, Dr. Elouise Epstein, a digital futurist at Kearney, explains why most companies have historically been underwhelmed by the digitalization of procurement processes, noting that it hasn’t always delivered on the promise to empower people to move at speed, be more agile and work how they want.

Tracking the Evolution of Procurement and Where It’s Going Next

Posted: 03/09/2022 - 09:00
Author: Omer Abdullah
How procurement has evolved throughout its history, why 2020 was such a turning point for the function and where things are headed next.

From the outside, procurement appears to be a relatively static department focused on one core goal: Acquiring the right goods at the right price.

But behind the scenes, procurement teams have been silently evolving. They’ve been growing their capabilities, creating value in new ways and driving growth while ensuring business continuity.

Sourcing Disruption to Continue In 2022

Posted: 03/04/2022 - 00:00
Author: Sébastien Breteau
While 2021 was a bust for many who hoped that supply chain disruptions would abate, it appears the trend will continue well into 2022.

Sourcing Disruption to Continue In 2022 

A volatile 2021 taught businesses a tough lesson about the fragility of supply chains. Just when many thought we were out of the woods, the promising trends toward recovery reversed. Supply chains quickly snapped amid the resurgence of COVID-19 outbreaks, China’s utility crisis, logistics woes, labor issues, and mass supply shortages.

Procurement’s Dirty Little Secrets

Posted: 02/25/2022 - 09:00
Author: Sam Jenks
Exposed: Six of procurement's dirty little secrets that are hindering its ability to be a truly strategic partnership to the business.

It’s an exciting time to be working in procurement and ProcureTech as they are both undergoing an exciting transformation.

Venture capital funds are flooding into ProcureTech, and the category has a forecasted CAGR of 10.2% between 2021–2026 (Global Industry Analyst, Inc 2021) at a $9.9BN valuation by 2023 (Banerjee 2019). At the same time, Global 2000 Corporations are increasingly open to adopting new emerging technologies.

All signs point toward transformation.

But, first, we need to address the elephants in the room.

Procurement’s Integral Role in Sustainability

Posted: 02/23/2022 - 09:00
Author: Tyler Higgins
Procurement is the gatekeeper when it comes to meeting your organization’s sustainability mission statement.

With floods, fires and failing supply chains increasing throughout 2021, we welcome another crisis to the center stage: climate change. The impacts of these disastrous events rippled across every industry and were felt by both consumers and suppliers, causing a major shift in how we do business.

It is not merely a question of if something can be manufactured or sourced, but it has become a question of how. Procurement plays a vital role in being the gatekeeper to procuring products and services without unnecessary depletion of natural resources!  

Do You Want Chips With That?

Posted: 02/21/2022 - 01:01
Author: Baber Farooq
While the shortage of semiconductor chips has been dominating news headlines and roiling corporate earnings, demand for chips has been steadily increasing prior the the COVID-19 pandemic.

The semiconductor industry has an atypical problem: everybody wants their product. Semiconductor chips are the basic component of the digital products used in our everyday lives, from mobile phones to televisions to washing machines, but it doesn’t end with consumer products. As many as 169 industries have been impacted by the current mismatch in demand and supply.

A Fresh Perspective on Supplier Relationships

Posted: 02/14/2022 - 09:00
Author: Costas Xyloyiannis
Procurement must prioritize true supply chain resilience and addresses the imbalance and barriers plaguing most customer-supplier relationships.

This year, business leaders are making it a priority to build resilience into their supply chains. In doing so, their relationships with suppliers are coming into view, and what’s being exposed are some significant fault lines.

But within the volatile landscape we continue to face, having supplier relationships that are strong and healthy is no longer a nice-to-have, it’s a business imperative. So, what can enterprise leaders do to put things right?

The Importance of Building and Maintaining a Visible, Sustainable Supply Chain

Posted: 02/11/2022 - 09:00
Author: Daniel Bachar
Supply chain sustainability is now a business priority among business executives, employees and consumers.

Increasingly, supply chain sustainability is becoming a key corporate goal as organizations aim to minimize environmental damage and positively influence the people and communities in which they live and do business. Sustainability refers to managing the environmental, social and economic impact of a business in way that reduces harm and benefits the world.

7 Takeaways From the 2021 Hackett 1000 Research Study

Posted: 02/09/2022 - 09:00
Author: Craig Bailey
Seven findings from the annual report and his analysis for sourcing, procurement and supply chain teams.

The Hackett Group’s annual working capital research – The Hackett 1000 – shows that the largest public U.S. companies have run a tight ship during the crisis, employing cash and working capital management strategies to increase liquidity and cash on hand as they navigate uncertainty and demand shocks. Nevertheless, those companies collectively had nearly $1.3 trillion of excess cash tied up in working capital at the end of 2020.

Why Surplus Asset Disposal Can be an Underrated Source of Revenue – and How Procurement Can Lead

Posted: 02/07/2022 - 09:00
Author: Elizabeth Maxted
Learn how procurement teams can implement new ways to capitalize on obsolete equipment and unused machinery.

The global supply chain has been stretched and disrupted like never before, putting a significant burden on shippers, manufacturers, retailers and consumers. Dealing with shortages of so many formerly abundant items has prompted many businesses to shift their focus to reusing merchandise and equipment.

Procurement Experts Weigh in on Alternatives to RFPs

Posted: 02/03/2022 - 09:00
Author: Erika Novak
The standardized RFP process takes months to complete.

In enterprise software and services, procurement’s use of a Request for Proposal (RFP) is meant to compare competitive product offerings against a set of requirements. The intent was to create an environment where vendors could respond with functionality, price, implementation details and unique offerings. Unfortunately, the RFP process has largely failed for several reasons. Today, the focus is on innovation and speed to market, which can rarely be achieved in a standardized RFP process that can take months to complete.

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