The Procurement Category

Procurement Findings from ISM2018: The Path Ahead

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Spend Matters welcomes this guest column from Naseem Malik and Nick Lazzara of MRA Global Sourcing.

Having attended several ISM annual conferences as both a participant and the past few years as a CLC member, I’m always struck by the energy, enthusiasm and growing excellence when it comes to this evolving function. As the quality of the conference has improved via content and companies represented, it has steadily bolstered the number of attendees every year, culminating to their highest turnout to date this year. 

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4 Ways Technology Can Enhance Food and Beverage Buying

As chefs try to meet growing consuming expectations, sourcing the wider range of ingredients and products they need quickly, reliably and at the best price, they face the challenge of their internal buying processes. For most, the process of food and beverage buying hasn’t really changed since the advent of email, adding to the phone and fax as ways to get those orders placed. It’s time consuming, inefficient and lacks the spend visibility and control that catering and hospitality businesses want to see. This is where modern technology can help. Here are four ways modern purchasing systems can enhance the food and beverage buying experience.

Building the Business Case for SRM (Part 2): Improving Procurement Efficiency

Spend Matters welcomes this guest series from Sean Harley, co-founder and CEO of LUPR.

In this second installment of our series on developing the business case for supplier relationship management (SRM) capability investment, we are focusing on improving procurement efficiency, which can dramatically reduce non-value add (NVA) activities performed by procurement. SRM software eliminates many of these resource-draining manual tasks, promoting efficiency and enabling reallocation of scarce procurement resources.

Executives Continue to View Supply Chain as a Support Function Rather Than a Competitive Differentiator

Despite the push to transform procurement and supply chain from a back-office function to a strategic one, supply chain executives are still more inclined to see supply chain as a support function rather than as a competitive differentiator or a growth enabler, according to a recent report from Accenture. In “Drive Your Own Disruption: Is Your Supply Chain in Sleep Mode?” the authors of the report argue that new digital technologies are key to shifting supply chain beyond its support role.

Commodities Roundup: Critical Minerals, Copper Prices and Lead Leading the Way

conflict mineral

For the buyers and category managers out there, especially those of you deep in the weeds of buying and managing commodities, here’s a quick rundown of news and thoughts from particular commodity markets. From price movements to policy decisions, our MetalMiner editors scour the landscape for what mattered this week.

Corcentric Acquires Source One: Transaction Analysis (Part 1) — Background, Rationale and Deal Analysis [PRO]

Corcentric, a unique amalgam of accounts payable automation, order-to-cash, trade financing and group purchasing organization (GPO) software and services, announced earlier in May it would acquire Source One, a boutique sourcing and procurement consultancy. Terms of the transaction were not announced, but Spend Matters believes they are in line with the increasingly higher revenue and EBITDA multiples procurement consultancies and services firms have afforded themselves as of late.

For those unfamiliar with the closely held Corcentric, the name is the permanent rebrand of Corcentric and AmeriQuest. Both companies are based in the Philadelphia metropolitan area, arguably a critical factor for Corcentric to realize the full synergies from this targeted acquisition, especially given the relatively small size of Source One.

This two-part Spend Matters PRO research brief provides insight into the transaction. Part 1 provides an overview of the acquisition and background on Source One. Part 2 will provide an analysis of the transaction and our opinion on what it means for the broader procurement consulting and solutions market.

Icertis Finally Releases AI-Based Contract Analytics: Is The CLM Death Star Now Complete?

Pardon the “Star Wars” reference, but I’m excited about the new Han Solo movie. AI is one of the few critical differentiators within the CLM space, and there’s not a hotter CLM pure-play provider than Icertis. Eighteen months ago, we wrote a four-part series about AI in contract management that explained the various value propositions of AI in the CLM space. In the first installment, we mentioned Icertis, but had to add a caveat to the mention. As of Tuesday, however, we’re going to have to finally update that post, as Icertis has added two new AI-powered apps to its offering.

What Does the Data Say About Millennials in Supply Chain Management?

millennial

Judging from the many interviews and casual conversations that we’ve had with millennial professionals in supply chain management over the past few years, we can say with some certainty that this generation (roughly defined as those born between 1981 and 1996) is characterized by a desire for purpose, a willingness to collaborate, and an eagerness to look for technological solutions to problems. A new report from APICS, APQC and Supply Chain Management Review on millennials in supply chain largely supports these assertions.

The Featured Feature: Introducing A New Column on Standout Procurement Tech Capabilities

Software is eating the world, and there’s no sign the beast is even close to satiated. Nearly seven years after venture capitalist Marc Andreessen’s oft-quoted defense of the long-term viability of companies like Facebook and Amazon, businesses have more options than ever when it comes to selecting enterprise software services. Along with this glut of technology providers also comes a sense of déjà vu — the same kind of companies pushing the same features that, for the most part, offer the same solution to the same problems procurement faces on a yearly basis. Here at Spend Matters, however, we strive to bring clarity to the increasingly murky procurement technology market, and we'll be bringing you yet another way to do so starting this week.

To Digitize T&E and Invoice Management, Companies Must Improve IT-Finance Alignment

Oversight Systems

The digitalization of manual processes is viewed as increasingly vital across functions, and travel and expense (T&E) management is no exception. According to a Forrester report commissioned by SAP Concur, the majority of companies face challenges linked to manual processes, from errors in expense reports to the time-consuming nature of dealing with paper documents. Surveying 378 IT and finance professionals involved with T&E and invoice management at their companies, Forrester found that only 13% are very satisfied with the T&E and invoice management processes that their companies are using.

Commodities Roundup: Steel Momentum, Copper and Rising Oil Prices

oil oversupply OPEC

For the buyers and category managers out there, especially those of you deep in the weeds of buying and managing commodities, here’s a quick rundown of news and thoughts from particular commodity markets. From price movements to policy decisions, our MetalMiner editors scour the landscape for what mattered this week.

‘Collabs’: What Procurement, the Billboard Chart and Supreme Have in Common

Michael Lamoureux, Xavier Olivera and I are in New York City today at Ivalua Now, the procurement technology provider’s customer event. Alex Saric, Ivalua’s CMO, kicked off the morning’s festivities with a quick introductory presentation highlighting parallels between music and procurement. One of these, which I think is ingenious, is the notion of “collaborations” in the recording industry. Saric extended the concept to procurement partnering with the business.