Posts

Top 5 Benefits of Source-to-Pay Automation

Image
In today’s evolving market, industries are digitalizing their business process, and procurement is an important stage of a business. Procurement is defined as the process of sourcing, acquiring, and managing the goods and services that an organization needs to operate effectively.    As more and more businesses are adopting  digital transformation,  automation has been at the forefront. Enterprises and industries are adopting automation to embrace efficiency, improve productivity, and implement new business models. Automation of Source-to-Pay has catalyzed business growth by sourcing raw materials from reliable and potential suppliers without disruptions and delays.   Index   What is Source-to-pay? How to automate the Source-to-pay process? What are the benefits of S2P automation? Manage your Source-to-Pay with Partner Portal What is Source-to-pay? Source-to-pay refers to the process that addresses all the actions related to the procurement of goods or services. It begins with finding
Post a Comment
Read more

The 3 C’s of Supply Chain Synchronization

Image
  In the highly competitive and globalized business world, an effective supply chain has become an essential part for businesses to flourish and maintain a leading edge. An effective supply chain leverages advanced technologies and flexibility in the supply chain network to streamline the flow of goods and services from suppliers to customers. The network also depends on the various players involved in the process, ranging from raw material suppliers to manufacturers, distributors, and customers.   Index:   What is a Supply Chain? What are the three C’s of the Supply Chain?  How can Partner Portal Help in Supply Chain Synchronization?   What is a Supply Chain? A supply chain  is a network of all individuals, such as planners, managers, suppliers, manufacturers, and logistics operators, involved in the process of production of a product and delivering it to the customers. The process begins with sourcing raw materials from the suppliers, delivering them to the manufacturers and eventual
Post a Comment
Read more

How to Become a Successful Procurement Specialist?

Image
  The procurement specialist plays an important role in the organization by overseeing the entire purchasing process. His strategic role involves the purchase of goods, materials and services necessary for the company to operate effectively. This includes vendor identification, contract negotiation and supply chain management.  It would be naive to believe that the sole job of a procurement professional is to source products. They also need to study market dynamics, cultivate supplier relationships, and strive for quality products at reasonable prices. While there is a perception that procurement is the primary cost in a company, it must be emphasized that procurement also contributes to profit centers that ultimately lead to a strong bottom line.   Procurement professionals must find a balance between cost reduction and maintaining quality standards in their roles. Essentially, they are in charge of ensuring that they buy the right products from suppliers at the right prices while mai
Post a Comment
Read more

On-Premises vs Cloud-Based Procurement: Everything You Need to Know

Image
  Over the past few years, industries have witnessed a huge evolution in digital transformation. The latest and highly adopted change is moving towards cloud-based services and applications over on-premises software. According to the latest forecast from Gartner, people from all over the world are spending on end-user public cloud services and the investment is going to increase by  20.4% to total $678.8 billion in 2024.     One of the big reasons why businesses are moving towards cloud-based solutions is lowered costs and simplified operations.  This helps businesses to scale easily.  And as businesses grow, it brings with it the need to acquire more raw materials, produce more and distribute more. All of which puts focus on having an effective and efficient procurement process.   Index   What is Procurement? What is On-premises Procurement? What is Cloud-Based Procurement? How does On-premises Procurement differ from Cloud Procurement? What are the advantages of On Premise-Based proc
Post a Comment
Read more

What is Procurement Analytics and Why It is Important

Image
  Procurement, a cornerstone of a supply chain, involves a set of practices such as finding a company’s requirements, acquiring goods and services at the best available price, and paying to the vendors for completing the business needs. This strategic process needs to be optimized with changing market demands and aligned with the company’s business strategy.  Index What is Procurement Analytics? What is procurement data? What is the importance of analytics for procurement? What are the stages of Procurement Analytics? How can partner portal help in procurement analytics? One way to optimize the process is analyzing various data at each stage of procurement that helps the organization to gain insights and make well-informed and data-driven business decisions. Therefore, procurement analytics holds major potential to streamline the process.  What is Procurement Analytics? Procurement analytics is the process of collecting, analyzing, and deriving insights from procurement data to influen
Post a Comment
Read more

Vendor Risk Management Program and How to Automate it

Image
  Vendor Risk Management Program and How to Automate it Vendor-relationship is one of the most critical factors that define success of a business. Most organizations depend on their rich vendors’ networks to complete their business’ requirements and enhance their overall operations. This partnership significantly impacts the success and sustainability of an organization, but it comes along with high potential for risk which requires close attention.   Index   What is Vendor Risk Management? What are the kinds of risks vendors could bring to an organization? What are the components of a vendor risk management program? Why automate the vendor risk management program with Partner Portal?   What are the benefits of automating the vendor risk management program?  What is Vendor Risk Management? Vendor risk management (VRM)  is a security initiative that ensures that the engaged vendors do not cause unacceptable business disruption or a negative impact on business performance. As organizatio
Post a Comment
Read more