What better time to set and start tackling key objectives for 2019? Your New Year’s resolution should be to be better than best-in-class… “Achieving best-in-class performance won’t result in procurement becoming truly strategic and may actually hinder progress in the long term. So, don’t settle for best-in-class”, says Alex Saric, from source-to-pay suite provider Ivalua. […]
23 January 2019
Supply Management‘s Lucy Patchett takes a look at some of the key trends for 2019… Adaptability will be key to managing risk Procurement is operating in an uncertain environment, with negative impacts from Brexit, trade relations and general economic instability. Being ready to react to change efficiently will make all the difference. IHS Markit predicts
In procurement analytics, there are two clear trends: 1. Data is the new oil. 2. Big data and advanced analytics, such as machine learning, deep learning and neural networks, definitely create new opportunities. The way we can automatically extract insights from vast amounts of data will both unearth new opportunities as well as move tasks
One of the primary components of any procurement function’s strategy is, or should be, to ensure that the company has an optimised vendor base. This is aimed at achieving a more cost effective and high-quality supply chain. Most companies therefore go through a vendor rationalisation process at some stage and continually review vendor categories to
The procurement function will fall behind and suffer a wider skills gap if organisations do not proactively pilot the Internet of Things (IoT) technology, writes Supply Management‘s Su-San Sit. Robert Handfield, Executive Director at Supply Chain Resource Cooperative, notes that many procurement managers today are “frozen” when confronted with new technology and lacked the skills
To move your procurement organisation to the next level, it pays to learn from the masters… New research conducted by Accenture Strategy shows that a small group of procurement masters – defined as the top 10% of procurement organisations in terms of performance – are delivering a 15:1 return on investment (ROI) to their organisations.
It is important to do business with the right vendors if you want you want to stay on the right side of the law while ensuring that the business’ needs are met. With hundreds of suppliers offering relevant products and services, the vendor selection process can appear strenuous and time consuming. However, if done the
The chickens have come home to roost for public procurement in South Africa − and what a lot of chickens there are! All indications are that public procurement has been beset by peddlers of influence, venal vendors, rogue executives and delinquent boards. Without a doubt, those responsible must be held accountable for their ruinous conduct.
The seasonally-adjusted Absa Purchasing Managers’ Index (PMI) ended 2018 on a positive note, reaching its best level of the year. The PMI rose from 49.5 in November to 50.7 in December, which is just above the neutral 50-point mark and signals growth in the sector. The headline PMI was well supported by three of the