Procurement Budget: Budgeting, while many times painful, is among the most important aspects of an organization(1). In the past, the procurement department was not included in the budget-making process. It was not represented in organization-wide budget meetings. The role of procurement in budgeting was relegated to direct acquisition. However, currently, things are changing, and procurement…
Beating Fraudsters at Their Game: Insights on How Procurement Solutions Help to Curb Fraud (Published May 30th, 2019: MWUG Spring Newsletter) Fraud cases are on the rise. Today, many businesses fall prey to fraudsters, thanks to technological loopholes. Fraud has adverse effects on an enterprise regardless of the size. Among the main outcomes of fraud…
Upgrading procurement departments with innovative cloud solutions is a growing trend among modern enterprises; streamlining the approval process for procurement-related documents is a big reason why. In an effort to explain, let’s examine how dynamic approval routing significantly improves procurement processes. P2P Software Market Growth Gartner shares some interesting details: The procure-to-pay suite market…
Technology has always been a part of building and improving supplier relationships with B2B partnerships; from the telephone to the fax machine, technology has helped businesses facilitate P2P processes and communications. This is still true today, yet the difference is the level of technology being used. In particular, the rapid advances with online technology…
Expanding you market reach with Digital Procurement While most modern B2B businesses are focusing on using digital technology to automate production, distribution, and client management processes, their procurement processes often remain stuck in analog mode. The immediate benefits of digitizing P2P processes, or digital procurement, may be harder to quantify than upgrading an assembly line…
The concept of improving supplier collaboration to improve those relationships isn’t a complex mystery, although achieving this common industry objective may seem to be at times. After a certain amount of collaboration fails, CPOs might finally ask: Is it as simple as upgrading AP departments and end-to-end P2P processes with automated digital solutions in the…
Manufacturing companies that operate their Procure-to-Pay (P2P) processes so that Supplier Relationships are collaborative, data-driven, strategic alliances improve client quote generation. They are lean, strong, agile supplier relationships that aren’t siloed to strict, expensive parameters. They develop with trust and time through transformative iterations that eliminate unnecessary processes, so your quotes aren’t ambiguous and give…
Maverick spend doesn’t promote efficient Procure-to-Pay processes or strategic supplier relationships since it takes purchasing outside the realm of your company’s e-procurement system. It doesn’t promote contractual compliance and it undermines trust and transparency. Whether you call it maverick, indirect, rogue or tail spend, “it’s the same challenge and leads to the same results–wasted money…
Building of Supplier Alliances: Supplier relationships operating in traditional, waterfall workflow silos are still common in manufacturing companies. The Procure-to-Pay (P2P) processes tend to follow strict parameters, with a flow that’s dependent on the preceding requirements. There’s no iteration. Any deviation from the path requires procedural approval that costs time and money. Following agile workflows…
Reconfiguring Your Supplier Relationship Mindset Sometimes the tried-and-true becomes the tired-and-disengaged. Traditional Supplier Relationship Management (SRM) tends to manage communication down a one-way street, from your company to the supplier. When supply runs low, your company orders, waits on signatures, approvals, and fulfillment schedules. Sales representatives visit your company on predetermined agendas. Drawn-out contract terms…
