Why Companies are Prioritizing Procurement Digitalization to Gain Competitive Advantage

Posted: 09/18/2022 - 23:03
Procurement digitalization

It is clear that the economic impact of the global pandemic, significant inflation, and the war in Ukraine is accelerating procurement’s transformation from a transactional function to a key enabler of cost management and business growth. In 2020 and 2021, change was thrust upon us all. In 2022 and beyond, companies have the opportunity to own that transformation. 

Uncovering Hidden Opportunities and Mitigating the Impacts of Inflation in Indirect Procurement

Posted: 09/10/2022 - 00:02
Mitigating the Impacts of Inflation in Indirect Procurement

Indirect procurement isn’t a new field. It’s been around for decades, helping to control spending and reliably source the goods and resources internal teams need to do their jobs and keep the business operational. 

But, today, it still finds itself in the same position that direct procurement was in up until a few years ago. Perceptions of indirect procurement as a cost-saving, enabling function have caused many organizations to overlook the potential value it can deliver. 

How to Jump Off the Inflation Bandwagon

Posted: 06/13/2022 - 00:00
Inflation continues to be a thorn for procurement teams who want to maintain a strong bottom line without sacrificing quality.

It’s a word that everyone from high-ranking executives to the average grocery-store shopper dreads hearing: inflation. As the world continues to experience supply chain disruptions caused by a number of factors—the ongoing COVID-19 pandemic, political crises, changes in production patterns and more—we’re seeing prices for goods and materials climb faster and higher. 

The New Age CPO: Tania Seary

Posted: 05/20/2022 - 09:00
Tania Seary is the Founding Chairman of Procurious, an online network for procurement and supply chain professionals.

Tania Seary is the Founding Chairman of Procurious, an online network for procurement and supply chain professionals. Born and based in Australia, Tania’s fascination and commitment to procurement development began 20 years ago in the United States. After finishing her MBA at Pennsylvania State University, she became one of Alcoa’s first global commodity managers.

Battling Inflation: Strategies for Cost Containment

Posted: 05/04/2022 - 09:00
Procurement professionals across the globe are being catapulted to the front lines of the battle for cost-containment, remaining competitive in their respective industries, and in some cases saving operations from going under.

Supply chain and procurement professionals are now tasked with the near-impossible: fighting off upstream price increases and obtaining year-over-year cost savings in today’s inflationary environment. For the first time in years, suppliers are in control and cost savings are hard to find. Where does one start? Are cost savings even possible in today’s world? Is cost avoidance the only hope moving forward?

7 Takeaways From the 2021 Hackett 1000 Research Study

Posted: 02/09/2022 - 09:00
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.

4 Predictions That Will Shape Procurement in 2022

Posted: 01/27/2022 - 09:00
After an immensely challenging year, the stage is set for major procurement transformation in 2022.

2021 was an immensely challenging year for procurement teams across the globe. Not only did most of the challenges of 2020 continue, but many got significantly worse. Between major supply shortages, rising commodity prices and new variants reigniting pandemic-related disruption, teams had to work extremely hard just to keep their organizations operational, let alone achieve their strategic goals.

How Procurement Can Respond to Inflation and Volatility

Posted: 09/14/2021 - 09:00
How Procurement Can Respond to Inflation and Volatility

Inflation is a word that has been on the minds of every procurement team in 2021. We are seeing a sustained period of supply shortages and price volatility of the kind that most commercial professionals will not have experienced in their working lives. In one way or another, it is having an impact on virtually every business.

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