Technology Changes to Supply Chains Demand Good Leadership
Hidden Costs of Outsourcing and Offshoring for Financial Services...
Procurement Transformation - Be Careful What You Wish For
Cloud Computing Benefits Procurement in Two Ways
Balancing Customization and Business Process Change in an...
Benjamin Ho, Deputy Procurement Officer, City of Chicago Department of Procurement Services
High Performing SRM Cultures Require Technology
Ryan Nied, Executive Consultant, State of Flux
Partnering with Procurement to Increase Automation
Aaron G. Thum, Executive Director, Procurement and Vendor Management, GardaWorld Cash Services
Aligning Procurement Teams with Data
Jeff Stites, CIO, Diamond Foods
Thank you for Subscribing to CIO Applications Weekly Brief
Without a centralized data solution, analytics, planning, and macro-scale decisions can disrupt the workflow at every procurement step. Errors in inventory aggregate can result in unnecessary orders or lack of available product when needed.
Fremont, CA: A successful procurement depends on a balanced set of procurement processes. Usually, in a procurement department, a team of professionals works together to make sure tasks such as contract management, risk reduction, and supplier relationship management are efficiently carried out.
However, businesses often face expensive and frustrating procurement issues, such as:
Supplier Management
Suppliers are partners in creating shared success. However, without any easy way to analyze, hire, manage and enhance vendors in the supply chain, businesses will potentially face several issues like missing or late shipments, duplicate orders, and inefficient supply chain with underperformers who take more attention directed at prospective partners in productivity.
See Also: Top Risk Management Solution Companies
Process Inefficiencies
Lack of proper process development and attention to workflows will make buying difficult. The procurement process faces many challenges when spend priorities are moved away from strategic spending and buys at the lowest price at the last minute.
Information Overload
Without a centralized data solution, analytics, planning, and macro-scale decisions can disrupt the workflow at every procurement step. Errors in inventory aggregate can result in unnecessary orders or lack of available product when needed. Approval workflows can be delayed, which leads to lost discounts, penalties, and cancellations, which can hamper the operation.
Risk Management and Mitigation
Risk mitigation is a potential value in the procurement process but is often overlooked. The inflow of goods and services and the lengthy supply chain that produces it holds a vast number of risks such as compliance, supplier contracts, fraud, and sourcing risks.
These risks can have a significant effect on the bottom line and competitive edge, which can be efficiently handled with centralized and transparent data and supply chain.
I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info
Featured Vendors
-
Jason Vogel, Senior Director of Product Strategy & Development, Silver Wealth Technologies
James Brown, CEO, Smart Communications
Deepak Dube, Founder and CEO, Datanomers
Tory Hazard, CEO, Institutional Cash Distributors
Jean Jacques Borno, CFP®, Founder & CEO, 1787fp
-
Andrew Rudd, CEO, Advisor Software
Douglas Jones, Vice President Operations, NETSOL Technologies
Matt McCormick, CEO, AddOn Networks
Jeff Peters, President, and Co-Founder, Focalized Networks
Tom Jordan, VP, Financial Software Solutions, Digital Check Corp
Tracey Dunlap, Chief Experience Officer, Zenmonics