The best-performing procurement organizations traditionally operate at a lower cost than typical procurement organizations (i.e., peers), while also providing greater strategic value and overall effectiveness.
Recently DATAMARK, Inc., held a webinar on Business Continuity Planning. The three panelists discussed what was missing or did not receive sufficient attention in business continuity plans and the repercussions it can have for businesses worldwide.
The panelists were largely in agreement that many plans fall short when assessing the human impact of a potential disaster such as the COVID-19 pandemic. Most plans tend to place a disproportionate emphasis on physical things like buildings, transportation arteries, communication networks and data centers.
Suppliers are mission-critical partners for business success. Unfortunately, too often, an “arm’s length” relationship creates problems that are revealed only after it’s too late.
When suppliers feel conversations only occur after poor performances, the opportunity to have a productive, collaborative conversation may already be over.
Risk plays a role in every decision that is made by every business – and the supply chain is certainly no exception. Every supplier choice, contract negotiation and procurement transaction involves an unavoidable element of risk.
But just because risk can never be fully eliminated, that doesn’t mean it’s ok to leave it up to chance. Effective supply chain risk management demands continuous attention, careful planning and thoughtful execution.
Sourcing leaders today operate within an intricate web of interconnected buyers and suppliers from around the globe. When awarding parts of a business, companies must weigh more than the cost of what they buy. Prospective suppliers have to be viewed through multiple lenses. Prioritizing cost savings alone may seem like a clear win for your bottom line, but it can lead to missed opportunities to capitalize on other forms of value that suppliers can extend.
With 80% of an organization’s sustainability impact intertwined in its supply chain, businesses will need to identify where they can work with suppliers to realize their corporate purpose ambitions. On average, over 90% of an organization’s carbon footprint sits in “scope 3,” mainly in its supply chain and product lifecycle. Defer that logic across the wider scope of business initiatives, and you uncover a better understanding of where most sustainability lies.
The COVID-19 pandemic made an already challenging marketplace even more complicated, forcing businesses to seek out value in every corner of their operations—including in their extended networks. As a result, Global Business Service (GBS) organizations are increasingly investing in new capabilities, demonstrating to parent organizations their ability to improve business outcomes as a true strategic partner.
While everyone around the globe has become aware of the focus on diversity and inclusion, not everyone has embraced or welcomed it. Some are deliberate and vocal about expressing dislike of these necessities at work, school and in our communities. Others are quietly against it but raging inside, rallying against diversity and inclusion, both consciously and subconsciously.
Supply chain resiliency took on a new meaning in 2020. In the first few months of the pandemic, suppliers and procurement teams alike were left scrambling, desperately trying to maintain business continuity. The situation called for unprecedented levels of collaboration and visibility, which many organizations were not able to meet.
The supply chain headaches continue. Only 40% of global container ships were on time in March 2021, with average delays extending more than six days.
The pervasive disruptions have made effectively managing supply chain demand, accurately forecasting inventory levels, and ensuring on-time delivery mission critical in today’s market. Coming out of a recession, the stakes have never been higher.
Automation has become quite the norm across all industries. However, modern automation places a premium on interconnectedness. So it's no surprise that cyber risks are on the rise. It also means there's a greater probability of danger for every party involved.
For years, experts have urged business leaders to prepare for the coming AI disruption. Realizing the amazing potential of these emerging technologies, they argued, would require businesses to overhaul how they manage data. Yet with the economy booming, many found it easier to push tricky data questions into the future.
It surprised me when I first came into the procurement world that not everybody knew what a taxonomy was, I even had someone confuse it with taxidermy! I thought it was used in all procurement departments all over the world, but I was wrong. In fact, it is often overlooked, which can be frustrating as it’s an incredibly useful tool for data organization.
A wise person once said, “If you do as you’ve always done, you’ll get what you’ve always gotten.” That statement applies to many things in life, including accounts payable (AP) invoice processing.
For decades, AP was a manual process. Vendors mailed paper invoices to customers and accounting teams would perform their two- or three-way match, comparing an invoice to a receiving document and the purchase order (PO) or other purchase authorization documentation.