ICYMIM: July 30, 2018

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.

Nick Heinzmann, Spend Matters, 7/24/2018
As time has gone on, business has become increasingly complex, making it even more challenging to achieve greater results. A big part in a business's success stems from enhanced spend management, which can be approached in one of two ways. The first is to work on their current spend management processes, enhancing or automating the existing structure. The other option is to revolutionize their strategy, transforming it in a way that generates an entirely new way to go through the spend management processes. Organizations want a focus tailored to bottom-line results and active outcome participation. In analyzing the complexity that spend management has evolved into, there are multiple layers and factors to uncover in order to have a complete understanding. 

Procurement Vs. Purchasing
Kristin Manganello, Thomas Net, 7/20/2018
The terms "purchasing" and "procurement" are often used as synonyms. However, they are actually connected with different processes, making it very beneficial to learn and understand the proper definition of each. With the sector covering a lot of areas, procurement is often used as an umbrella term for various processes. Procurement's goal is to identify and obtain goods and services necessary for a company to operate, and to do so through a set of strategic processes. Purchasing, on the other hand, falls under the procurement umbrella, but works with the actual transactions that were established by that same procurement process.

Three Technology Trends to Watch that are Impacting Procurement
Dennis Bouley, 7/19/18
There are a lot of new technologies out there, many of which have a great impact on Procurement- edge computing, cloud computing, and artificial intelligence to name a few. Edge computing, a processing power that enables analytics and controls automation functions, brings the ability of data generation to devices. Cloud computing, boasting benefits such as easier customization and faster implementation time, has also sped up the collaboration process between suppliers and distributors. With Artificial Intelligence, computers can be programmed to complete specific tasks and use rules and information to make decisions. These computers can identify patterns and combine them with data to generate the next step, allowing human employees to take on other work. 

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