Why the need for Punch-out? In a word: efficiency. Buyers want to buy with little to no error. Sellers want to sell with as little “friction” as possible in the process. If an organization needs to buy the same products or services from an established vendor repeatedly then, eCommerce Shopping or Punch-out makes perfect sense. Punch-out…
Indirect spend, also known as tail spend, is often an overlooked issue for financial professionals. According to research conducted by The Gartner Group in 2012, “For the average company, a 5% savings on tail spend can be the equivalent of a 10% increase in profit. Eliminating Maverick spend; or ‘uncontrolled buying’, by automating indirect spend…
‘Maverick spend’ is the expense resulting from purchases made within an organization by circumventing pre-established procurement policies and other standard corporate procedures. Such rogue spending and lack of automation can cause serious losses to a company’s bottom line. As illustrated by data from APQC’s Open Standards Benchmarking in procurement, organizations that do not take steps…
According to ProcurementBulletin (PB), a web magazine devoted to helping supply chain professionals stay informed, eighty-five percent (85%) of maverick buying (uncontrolled buying) is not uncommon. In other words, very few companies have an e-Procurement system that captures the benefits of a sourcing initiative, for example contract usage and compliance. The result is maverick buying…
Prime Advantage, a buying consortium for midsized manufacturers headquartered in Chicago, with 750 member companies and more than 125 endorsed suppliers announced the findings of its 14th edition of the Purchasing and Manufacturing Survey, revealing financial projections and procurement insights from more than 750 U.S. manufacturing companies. One of their key findings of the survey:…
According to the Oxford Dictionary website the origin of a word “maverick” dates back from the 1860’s and stems from the name of a Texas lawyer and land baron, Samuel A. Maverick, who refused to brand his cattle. Today, a maverick is generally someone who does not go along with the group and is viewed…
Project Snapshot About the Customer Avery Dennison (Avery) is a global leader in labeling and packaging materials and solutions. The company’s applications and technologies are an integral part of products used in every major market and industry. With operations in more than 50 countries and 25,000 employees worldwide, Avery Dennison serves customers with insights and innovations…
Picture an empty water glass. Now place a bunch of rocks into the glass filling as much of the glass as possible. Is the glass really filled? Of course you know the answer is ‘no’, since you’ve probably heard this metaphor before, but it’s the perfect symbolism to describe the world of IT business…
If you are a Supply Chain or IT Professional using the QAD Enterprise Application (EA) and are responsible for setting up Items in QAD, you know the challenge that can be, especially if multiple people within your organization need to be involved in the process. You know that for certain types of Items there are…
As companies seek to improve their performance in driving savings and increasing efficiencies, Process Metrics serves as a powerful tool for measuring a company’s business processes for optimized performance. Supply Chain and IT professionals can better understand the relative effectiveness of their efforts and find areas of opportunity to improve upon, for savings and future…
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