Source One's series for keeping up with the most recent highlights in procurement, strategic sourcing, and supply chain news week-to-week. Check in with us every Monday to stay up to date with the latest supply management news.
Staff Writer, Thomas Net, 7/18/2018
Effective Procurement is one of the main pieces of the successful business pie. Therefore, it must be properly aligned with the specific needs and goals of the company. Procurement has the capabilities to directly impact an organization's bottom line and day-to-day functionality. This means it's critical to effectively manage its procurement process. ThomasNet identifies five main stages of Procurement, explaining and highlighting the importance to each one.
Spend Management for Real World Complexities: Internal and External Perspectives
Nick Heinzmann, My Purchasing Center, 7/17/2018
In a constantly-changing world, many organizations face intricate financial and procurement challenges. Proper spend management must then come from solution providers able to offer flexibility, depth, breadth, and experience to completely tackle these complexities. Looking at capabilities, methods, and requirements, it's important to properly analyze the perspectives of internal stakeholders, particularly those who will use the spend management technology systems. Additionally, a complex supplier base must be handled by establishing a common platform for all supplier engagements, bringing every aspect of supplier interaction together. Developing organizational structures as such will enable an organization to achieve and sustain lasting success.
Automation of accounts payable (AP) provides great potential benefits to an enterprise such as moving away from paper, saving money, removing inefficiencies and providing more time for strategic tasks. Dan Andrew, senior vice president of sales at Corcentric held a digital discussion with Karen Webster- "The Payable to Payments Revolution," which was held Wednesday, July 18. The discussion tackled the subject of the daunting task of overhauling AP. Andrew holds that the space of AP can potentially cause a dramatic transformation of the enterprise overall, but the process is an intricate one, going beyond invoice automation and payment processing.