SIG Speaks

OCTOBER 12, 2023

The rapid advancements in AI have notably impacted various business functions, including procurement and sourcing. Businesses and organizations continue to strive to enhance efficiency, reduce costs, and gain a competitive edge, and AI technologies have begun to revolutionize the procurement landscape.

Sourcing 40

Sourcing Strategic Sourcing Outsourcing Regulations 40

Obobo

MARCH 23, 2023

For companies looking to reduce costs, procurement is often one of the first places they look. Cost reduction during procurement processes can be accomplished through various strategies that range from the short-term to medium and long-term goals. Short-term Cost Reduction Strategies Short-term Cost Reduction Strategies: 1.

Reduced Costs 52

Reduced Costs Inventory Management Automation Sourcing 52

Perficient Digital Transformation

NOVEMBER 8, 2021

We work with you to build supply chain core competencies and identify initiatives that align with your corporate strategy, streamline operations, and reduce costs. Strategic sourcing and spend control. We can help modernize and mature your end-to-end supply chain. Technology and data enablement.

Supply Chain Management 69

Supply Chain Management E-Commerce Manufacturing Strategic Sourcing 69

SIG Speaks

APRIL 25, 2023

To gain efficiencies, reduce costs and ensure long-term viability, the company executives wanted to consolidate the company as one. The company's prior organizational structure was that each facility was its entity with its procurement, human resources, quality, and manufacturing departments excreta.

Sourcing 40

Sourcing Management Co-Sourcing Strategic Sourcing 40

Obobo

DECEMBER 17, 2021

In light of the ongoing effects of the pandemic, it is essential that businesses keep track of all cost reduction initiatives and strategic sourcing in order to survive harsh economic declines. To configure, manage, and track custom savings, procurement teams often use source-to-pay or finance software. Table of Contents.

Strategic Sourcing 52

Strategic Sourcing Finance Software Out-Tasking 52

Obobo

MARCH 7, 2023

Benefits of using purchase management software include increased efficiency, improved accuracy, and reduced costs. This can reduce the chances of errors and miscommunications between buyers and suppliers. This information can be used to negotiate better deals with suppliers and find cost-saving opportunities.

Software 40

Software Management Reduced Costs Data Entry 40

Planergy Software

MARCH 2, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Introduction To Tail Spend Analysis Tail spend analysis examines a company’s spending patterns and identifies opportunities to reduce costs and improve efficiency.

Strategic Sourcing 52

Strategic Sourcing Reduced Costs Efficiency Sourcing 52

SIG Speaks

SEPTEMBER 14, 2023

First, I could utilize cost models to target process areas that need improvement. Once an area with high costs is identified, I can work on finding ways to optimize processes and reduce costs. I would consider my company an advanced procurement organization.

Supply Chain Management 40

Supply Chain Management Risk Management Risk Management Strategic Sourcing 40

IBM Services

JANUARY 16, 2024

How do those competencies align with an organization’s long-term strategic business plans? It may be useful to rank these advantages—for example, the ability to deploy software quickly or strong strategic sourcing—to capture a deeper sense of where the business stands.

Engineering 80

Engineering Manufacturing Collaborations Research 80

Obobo

JANUARY 15, 2023

Procurement cost savings is the process of reducing costs associated with acquiring goods or services, without sacrificing quality. In this article, we will explore the definition of procurement cost savings, as well as its advantages and disadvantages. The different types of procurement cost savings.

Reduced Costs 40

Reduced Costs Out-Tasking Strategic Sourcing Automation 40

Obobo

MARCH 21, 2023

Procurement savings refer to the cost reductions that are achieved by a company when it purchases goods and services through a strategic sourcing process. key Takeaway: Procurement savings are the cost reductions achieved by a company when purchasing goods and services through strategic sourcing.

Finance 45

Finance Strategic Sourcing Software Reduced Costs 45

Planergy Software

JANUARY 19, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Additionally, since it requires minimal effort and resources compared to other cost analysis methods, it has become a popular choice among many businesses looking for ways to optimize their budgeting process.

Supply Chain Management 52

Supply Chain Management Reduced Costs Robotics Process Automation Analytics 52

Planergy Software

NOVEMBER 1, 2022

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. By developing a PSP, an organization can streamline its procurement process, reduce costs, and improve quality and service levels. Communication is often improved, reducing costly misunderstandings.

Reduced Costs 52

Reduced Costs Finance Accounting Strategic Sourcing 52

Planergy Software

OCTOBER 18, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Cost Savings and Productivity Gains Using corporate travel programs can help reduce costs, as companies can negotiate discounts on airfare, hotel stays, and car rentals.

Finance 52

Finance Reduced Costs Management Risk Management 52

Obobo

MARCH 30, 2023

If you’re responsible for a procurement team , reducing costs is probably one of the main goals you care about. In fact, cutting costs is the primary KPI for most purchasing organizations. But what’s the best way to measure and report those cost savings ? What are the Benefits of Procurement Cost Savings?

Analytics 40

Analytics Reduced Costs Strategic Sourcing Software 40

Planergy Software

OCTOBER 20, 2022

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. RFIs can also help buyers identify potential suppliers and compare them against each other, which is crucial for strategic sourcing. How to gain visibility and control of your indirect spend. Written by.

Supply Chain Management 52

Supply Chain Management Strategic Sourcing Sourcing Finance 52

Planergy Software

SEPTEMBER 5, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. It typically involves the following steps: Setting Financial Objectives Start by determining your short-term and long-term financial goals, such as increasing revenue, reducing costs, or improving profitability.

Finance 92

Finance Software Accounting Management 92

Obobo

AUGUST 2, 2022

Having an accurate and up-to-date supplier database is crucial to reducing costs, selecting new vendors, and promoting strong supplier relationships. A successful supplier management program goes beyond strategic sourcing. Maintain a Supplier Database. Assess And Monitor Supplier Performance.

Management 64

Management Right-Sizing Supply Chain Management Strategic Sourcing 64

Obobo

AUGUST 16, 2022

Having an accurate and up-to-date supplier database is crucial to reducing costs, selecting new vendors, and promoting strong supplier relationships. A successful supplier management program goes beyond strategic sourcing. Maintain a Supplier Database. Assess And Monitor Supplier Performance.

Management 52

Management Right-Sizing Supply Chain Management Strategic Sourcing 52

Planergy Software

JANUARY 12, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Supplier tiering also helps reduce costs by eliminating inefficient or unnecessary processes in the supply chain. How to gain visibility and control of your indirect spend. Download Free Copy.

Supply Chain Management 52

Supply Chain Management Regulations Manufacturing Finance 52

Planergy Software

SEPTEMBER 20, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. By leveraging these tools, you can optimize your travel planning, save time, reduce costs, and ensure a seamless travel experience for your team. How to gain visibility and control of your indirect spend.

Management 52

Management Right-Sizing Software Finance 52

Obobo

FEBRUARY 14, 2023

This is one of the most effective ways to reduce costs. Automation can help you reduce errors and speed up processes , leading to cost savings. By definition, cost avoidance is the proactive identification and prevention of unnecessary or wasteful spending within the procurement process. Review your current spend.

Automation 52

Automation Sourcing Strategic Sourcing Analytics 52

Planergy Software

MARCH 24, 2022

Create and Maintain a Supplier Database It’s crucial to own a detailed and current supplier database as this will help in planning, reducing costs, choosing new vendors, and promoting strong supplier relationships. It also involves risk management, supplier relationship management (SRM), and contract management.

Management 52

Management Insurance Supply Chain Management Right-Sizing 52

Planergy Software

OCTOBER 4, 2022

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Another advantage of big data analytics is that it can help organizations reduce costs and improve efficiency. How to gain visibility and control of your indirect spend. Download Free Copy. Written by.

Analytics 52

Analytics Out-Tasking Right-Sizing Sourcing 52

IBM Services

JANUARY 31, 2024

The advantages of captive centers include access to a new or larger talent pool, reduced costs and greater control over operations than traditional outsourcing (and therefore, less risk). Strategic sourcing methods : ethical, responsible and sustainable sourcing There are many types of sourcing strategies.

Sourcing 98

Sourcing Strategic Sourcing Supply Chain Management Outsourcing 98

Planergy Software

NOVEMBER 29, 2022

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Best Practices & Tips Strategic Sourcing Supplier Relationship Management. Vendor consolidation provides several benefits, including: Reduced Costs through Economies of Scale.

Strategic Sourcing 52

Strategic Sourcing Reduced Costs Sourcing Supply Chain Management 52

Obobo

JUNE 15, 2022

How will using eSourcing , as well as eRFx ultimately help business owners make more informed decisions when it comes to their strategic sourcing initiatives? RFx brings together RFIs , RFPs and RFQs , and is, therefore, an acronym that is used more frequently in strategic sourcing and procurement. .

Strategic Sourcing 52

Strategic Sourcing Sourcing Software Streamline Operations 52

Planergy Software

MARCH 29, 2022

This step can make or break an organization’s ability to understand its data better and leverage it to maximize profitability, reduce cost, and create value for shareholders. Translate information into insights The final step is to derive the required information to make better strategic decisions and generate more value from data.

Analytics 52

Analytics Accounting Finance Strategic Sourcing 52

Planergy Software

FEBRUARY 8, 2022

Strategic Sourcing Supplier Performance Supplier Relationship Management. Why is developing collaborative relationships with your most strategic suppliers crucial to your success? It helps to make process improvements, reduce costs, and continues to encourage innovation in the products or services you offer.

Strategic Sourcing 52

Strategic Sourcing Supply Chain Management Collaborations Finance 52

Planergy Software

SEPTEMBER 24, 2021

They focused the lion’s share of their time and skill set on dealing with regulatory issues, guiding their teams in cutting costs, managing cash flow, and enforcing budgeting initiatives, and then reporting the results. They don’t just lead the finance team or spearhead initiatives to reduce costs.

Finance 97

Finance Collaborations Flexibility Robotics Process Automation 97

Planergy Software

SEPTEMBER 12, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Cristian Maradiaga King Ocean Book a Live Demo Download a free copy of "Indirect Spend Guide", to learn: Where the best opportunities for savings are in indirect spend.

Manufacturing 52

Manufacturing E-Commerce Human Resources Marketing 52

Planergy Software

AUGUST 8, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Open tendering is preferable as it allows companies to apply for multiple contracts at once, resulting in more efficient use of resources and reduced cost-over-runs from multiple procurement processes.

Sourcing 52

Sourcing Strategic Sourcing Finance Automation 52

Planergy Software

DECEMBER 11, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. MATs will usually centralize specific business functions, like finance, to improve efficiency and reduce costs across the group of schools. How to gain visibility and control of your indirect spend.

Government 52

Government Collaborations Finance Accounting 52