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Procurement’s Spend Analytics Expertise is Untapped Strategic Lever for M&A success

Mergers and acquisitions provide a constant reminder of how business is always in flux and how executives need to meet the challenge of managing it. The first 100 days after a merger or acquisition often set the tone for the new entity and can influence long-term success. The environment is typically perfect for early procurement synergy capture, where when executed correctly, procurement optimization can improve EBITDA by an average of 10% to 30%, which is one reason why procurement is an untapped strategic lever for M&A. With effective spend analytics, organizations can better size up the savings based on the combined entities spend in key procurement categories and identify the commonality of suppliers across the merged entities and categories where spend is highly fragmented.

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10 Questions to Ask in a Purchase-to-Pay Demo

Sometimes cleverly crafted demos can gloss over important nuances or mask inadequacies, which can cause major problems later during implementation — and the dreaded scope creep. So, here are some areas that I recommend digging into and questions to ask during a purchase-to-pay demo. 

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Working Capital Optimization: 3 Things to Avoid

In my last blog I outlined why you needed to reconsider your approach to working capital and why current programs are limited in their capabilities. In this blog I wanted to outline the things you need to avoid, or at the very least be aware of when approaching a working capital program.

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ROI, Today: Making the Near-Term Business Case for Spend Analytics

spend analytics

Most varieties of procurement software deliver some form of return on investment. Whether it’s an e-procurement system that consolidates process costs or a sourcing tool that optimizes supplier selection, successful vendors can always point to clear ways their solutions deliver value, both immediately and in the future. When it comes to spend analytics, however, demonstrating ROI has proven more elusive. This is because dedicated spend analysis tools are often viewed as enablers to saving money through other methods, rather than a benefit in their own right. Yet while it is true that spend analytics deliver value by illuminating new savings opportunities, these tools can also be used to obtain tangible wins in their own right.

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How Procurement Best Practices Are Stifling Innovation — And What to Do About It

disruption

Many companies have discovered that best practices for managing professional services spend have imposed financial discipline but have come at the expense of innovation and organizational agility. Now, growing interest in agile development methodologies — in which small, cross-functional teams are empowered to work independently on complex problems — is prompting procurement officers to wonder whether the on-demand talent marketplace could help them regain ground at a lower price point. After all, the push for agility is driven by a need for companies to respond more quickly to opportunities and threats by nimbly adjusting the assets — including human ones — they put against each one.

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How to Proactively Defend Against Supply Chain Risks from Section 232 and 301 Tariffs

trade

The escalating U.S.-China trade war has put billions of dollars of Chinese imports under tariffs — but thousands of Chinese products are about to fall under additional duties. Off the back of the Trump administration's Section 232 investigation, which resulted in steel and aluminum tariffs, the recently finalized Section 301 investigation has targeted numerous Chinese products. Many procurement organizations have been following the investigation and its potential effects on their supply chains, but knowing exactly how a decision could introduce risk on a part, supplier and regional level has been far from easy. To shield their businesses from uncertain trade risks, procurement organizations need to take a proactive approach.

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Working Capital Optimization: Why a Game-Changing Approach is Needed

Game changers are easy to spot. They are the ones who want to make sure that tomorrow is better than today. They are the dreamers, the innovators, the ones who think the impossible is a challenge waiting to be bested. And in today’s competitive marketplace, it will be the game changer, more specifically, the financial game changer, who will stand out from the crowd. How will they do this, you ask? They will understand that working capital optimization is so much more than jargon.

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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.

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E-Procurement Steering Committees: Gain Executive Support for Digitizing Procurement

reverse factoring programs

If you are getting ready to roll out an e-procurement platform and you don't have a steering committee in place, you could be in for a rockier road ahead than is necessary. If you have already celebrated your go-live launch, it’s not too late the pave the road ahead for subsequent phases of your procurement digitization program.

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Enabling Supply Chain Mobility: The myConnXion Revolution

Having officially launched myConnXion yesterday, our team is thrilled to invite buyers and suppliers to connect. A key factor behind our innovative technology lies in the ability to integrate the process into your current sourcing strategy. We mobilize supply chains to compete faster and better in today’s global economy. Many procurement teams are deeply entrenched in legacy enterprise software and business processes, which are often not enough to manage today’s data type and quality, supplier relationships and business risks. Having a supply chain capable of movement and adaptability has become vital to the success of an organization’s business operation. Adding velocity to your supply chain starts with sustainable sourcing.

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What Procurement Must Do to Keep Pace with Government’s Promises to Taxpayers

When President Trump first took office, it was clear that the new administration expected government agencies to start buying IT more like “a business.” Nearly two years later, that directive has not changed. In fact, the White House wants a technology business management (TBM) framework to be embraced government-wide by 2022, a feat that is not feasible unless agencies first embrace a more modern procurement framework. If the White House wants to change how agencies buy IT, infrastructure or any other system or service, it first needs to encourage broader investment in the technology required to more efficiently execute, track and evaluate every purchase.

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Back to the myConnXion Future: Connecting Buyers and Suppliers

digital business transformation

As disruptors in the supplier management space, our team set out with a simple task: understand the challenges suppliers face, so we can help them better collaborate with buyers in global supply chains. We started hearing from many small and diverse businesses that it was difficult to engage with large corporate buyers. As a small, minority-owned business, we’ve faced some challenges ourselves, but wanted to confirm our thoughts with general findings from other organizations. To gather these insights, our product innovation team conducted a focus group with buyers and suppliers and received some interesting feedback.