The Procurement Category

Forging a Cognitive Future for Procurement: LevaData Kicks Off Second Annual Cognitive Sourcing Summit

platform

Spend Matters is on the ground in Santa Clara, California, today for the 2018 Cognitive Sourcing Summit. Hosted by LevaData, an emerging provider of e-sourcing software, the event, now in its second year, brings together leading procurement professionals to examine trends in strategic sourcing, with an emphasis on how artificial intelligence and machine learning are changing the way organizations approach this foundational process. While LevaData plans to expand upon several of the themes it first explored at its inaugural Congnitive Sourcing Summit, in October 2017, we will also be looking to hear about the latest updates to the vendor’s platform, as well as the results of some relevant research about procurement’s readiness to effectively use AI-powered technology.

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One (Direct Procurement) Tool Fit for All

digital

When considering indirect procurement departments, I often distinguish several tools used in parallel. But while this may be perfectly acceptable for the software providers, it is much less so for the users and company. Imagine the amount of effort for the administration of four separate tools, each different from the next — with their own supplier database and knowledge spread over multiple departments. The worst component of having four separate tools is there is no centralized flow, no process integration and different upgrades and training are required for each.

U.S. Pork Prices Hit Multi-Year Low

pigs

Spend Matters welcomes this guest post from George Duke, market analyst at Mintec.

Pork prices in the U.S. have fallen sharply since June, with August prices 40% lower month-over-month. Seasonal falls in pork prices can be expected for the late summer. This year, however, pork prices are falling at a more significant rate than the historical average.

Commodities Roundup: Aluminum Foil, Export Tariffs and European Steelmakers

aluminum

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.

Hail to the Value Leaders: Saluting SolutionMap’s Best Performers in Q3 2018

The coveted top-right corner of each SolutionMap represents the best performers in each procurement software category. Labeled as Value Leaders, these companies demonstrate the best balance of customer satisfaction and technical capability as judged by the Spend Matters analyst team. For the Q3 2018 SolutionMap, released Tuesday with newly added vendors and debut maps for Contingent Workforce and Services, here are the Value Leaders across all categories.

Commodities Roundup: China’s Domestic Consumption Slump, Aluminum Prices and Turkey Tariffs

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.

Concord, Cloud-Based CLM Provider, Doubles Enterprise Customer Base, Posts 300% Y-o-Y Revenue Growth

Concord, a provider of contract management software, announced in a press release Thursday morning that it has achieved a 300% year-on-year revenue growth, in addition to doubling its enterprise customer base over the past 12 months. The fast-growing CLM company has seen brisk market adoption of its solution, with more than 180,000 companies currently on the Concord platform. Find and compare contract management software companies: Check out the Q2 2018 CLM SolutionMap. In the past 12 months alone, Concord has added more than 150 new customers, including Kickstarter, Spark NZ, Altria, Newell Brands and Rent the Runway.

World-Class Procurement Organizations Boast 29% Fewer Staff and 21% Lower Labor Costs

Deloitte Global CPO Survey 2016

For every 10 employees that average procurement organizations have, their world-class peers have just seven, according to new research from The Hackett Group. Not only do world-class procurement organizations boast 29% fewer staff, but their labor costs are also 21% lower. These numbers come from The Hackett Group’s 2018 analysis of its procurement benchmarking database, the results of which are published in the report “Raising the World-Class Bar in Procurement Through Digital Transformation.”

Veraction Merges With Trax Technologies: A Q&A with CEO Chris Connell (Part 1)

Earlier this summer, Veraction, a provider of transportation spend management and freight audit software, announced it would merge with Trax technologies, a provider of global freight audit and payments solutions. The combined company, which is retaining the Trax name, manages more than $10 billion in logistics spending across all transportation modes for more than 300 enterprise customers, according to a press release. To learn more about the transaction, as well as what companies like Trax can offer to procurement and supply chain organizations, we sat down with Chris Connell, former CEO of Veraction and now CEO of the combined Trax Group.

Commodities Roundup: GOES Imports Drop, Rusal Sanctions Crunch and U.S. Raw Steel Production Jumps

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.

The 5 Key Benefits of Effective Buying

A wealth of worthwhile benefits can be gained through adopting an effective buying approach. By making just small changes in our approach to buying, we can expect to see significant value and benefits as a direct result. You might ask why you should do anything differently at all when individuals and organizations already manage to buy well without any kind of intervention. But to truly appreciate why we should consider a new buying approach, we must first recognize the size of the prize that can be obtained.

A.T. Kearney’s 2018 Reshoring Index: Has the Reshoring Trend Reversed?

Toyota supply chain

Harley-Davidson was in the news last month when it announced that it would be shifting some production overseas as a result of the E.U.’s planned retaliatory tariffs on the U.S. The American motorcycle manufacturer is also closing its Kansas City factory and opening a plant in Thailand, decisions that were spurred by sluggish domestic sales and the U.S.’s withdrawal from the Trans-Pacific Partnership (TPP). As it turns out, Harley-Davidson is hardly alone. Since 2013, A.T. Kearney has been tracking reshoring, and its 2018 Reshoring Index shows that the practice has not taken hold.