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5 Reasons to Make Procurement Matter Now

Today’s cloud-based procurement software platforms offer many advantages for companies seeking to gain greater visibility into — and control over — spend. This is just one reason why the market for e-procurement software is expected to grow from $1.35 billion in 2016 to $2.75 billion in 2021. Senior decision-makers at organizations contemplating the adoption of an e-procurement solution will find plenty of information about the advantages of doing procurement better through process automation. What’s missing from most of the available literature, however, are insights into how a modern procurement infrastructure can help companies accomplish specific business objectives.

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Procurement Begins with Sourcing: The myConnXion Story

To understand procurement and sourcing as a buyer, we must start with the supplier. Small and diverse businesses are often cited as being more nimble, innovative and cost effective, but are often most strained in resources. Suppliers have to register their profiles with many different buyers (sometimes paying to do so, for buyers who adopt the pay-to-play model) and may not even get a contract as a result of their efforts. On the other side, many buyers end up with outdated supplier information and expired diversity certifications, contaminating their supplier database with inaccurate data. Sourcing with unreliable information hampers the abilities of procurement professionals and negatively impacts bottom line.

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Here’s Why You Should Conduct Price Benchmark Analysis for Every IT Purchase or Renewal

If you remember nothing else about this blog post, remember this statistic: 5%. Those are the odds that enterprises are paying a fair price for any given IT purchase or renewal if they are not performing IT price benchmark analysis. In the first half of 2018, only 5% of the IT purchase quotes reviewed by NPI were priced at fair market value based on market benchmark comparisons. That number is dangerously lower than what it was just a few years ago when “fairly priced” IT purchases and renewals hovered around the 30% mark.

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A Good Spend Culture Is Not Just About Saving vs. Spending

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At the Procurify office in Vancouver, #SpendCulture is a tongue-in-cheek phrase that sometimes gets tossed about when we see someone being particularly thrifty. It’s ironic that we’d assign that meaning to the phrase when our own spend culture is very much focused on investing in rapid growth and creating an agile environment where we prioritize keeping our team comfortable, motivated and well resourced for continual development. Our office in Vancouver is located in a prime downtown location. We have a kitchen well stocked with snacks (including cider on tap) and dedicated space for video games (including a VR station), among other perks. To some business leaders this seems like the opposite of a good spend culture. We would humbly disagree.

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5 Things Procurement Can Do to Stay Ahead of Software License Audits

Enterprises are undergoing vendor-initiated software license audits at an alarming rate. Gartner estimates that 70% of enterprises get at least one audit notification a year. It’s not uncommon for penalties to surpass $1 million, $10 million or more. Audits have become an unspoken part of the routine conversation between procurement and vendors. In that regard, IT sourcing teams represent a first line of defense against noncompliance and audit risk.

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Configuring Your E-Procurement Platform to Achieve Early Wins and Improve Your Internal Brand

Cloud-based procurement platforms offer powerful and flexible solutions for reducing the cost and complexity of integrating best practices into daily operations. Unfortunately, many organizations spend too little time thinking about the needs of internal business stakeholders when configuring their platforms for rollout or expansion. As a result, platform adoption rates fall short of expectations.

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The Future of MSPs: 3 Characteristics of Successfully Evolving Providers

The world of work continues to change, and managed service providers (MSPs) need to evolve to remain relevant. Gone are the days where enterprise contingent workforce programs required little more from MSPs than managing a base of temporary staffing suppliers, regulating contingent workforce spend, and enforcing baseline program compliance. Today, these programs must also be built to navigate an expanding contingent workforce ecosystem, guard against increasing regulatory risks, and integrate data and analytics to provide program value beyond simple costs savings.

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Can Spend Actually Influence Revenue? Here’s Why Your CPO Will Be Your Next CFO

In 2017, Parsa Saljoughian, vice president of Institutional Venture Partners (IVP), set about the monumental task of analyzing each and every shareholder letter that Jeff Bezos had published since Amazon went public in 1997. In the course of studying the 20 letters, Saljoughian made a curious discovery: Bezos doesn’t seem particularly fond of the word “revenue.” In the course of those 20 years, Amazon increased its revenue by 120,000%, and yet “revenue” is mentioned only 12 times in those 66 pages of letters. Instead, writes Saljoughian, Bezos used these shareholder letters to talk at length about the company’s “inputs,” referring to aspect of the company's business that were controllable, such as spend management.

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6 Questions to Help Optimize Your Next Microsoft EA Renewal

Microsoft EA renewals have always been high-spend, high-stakes. But a number of factors have upped the ante. They include a greater number of software license audits (and higher penalties), changing product terms and the inherent complexity of migrating to Microsoft’s cloud offerings. For IT Sourcing pros tasked with negotiating a renewal, the implications are serious. Their next Microsoft EA renewal shouldn’t be treated as business as usual as it will present greater opportunity for overspending and compliance missteps. On the flipside, it’s also an opportunity to level-set and fine tune the EA for more value, more flexibility and best-match licensing that cuts cost and risk.

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Lessons Learned on the Road to Procurement Transformation

When it comes to leading a procurement transformation initiative, there is no substitute for experience. Recently, at the Coupa Inspire 2018 Conference, in San Francisco, four change agents discussed their e-procurement journeys and the lessons they learned along the way. As leaders of change within their respective organizations, Scott Whitehill of Blackstone, Todd Dooley of H&R Block, Dale Welcome of World Vision, and Leslie Townsend of Edwards Lifesciences each developed a vision for the role that e-procurement could play in addressing unique organizational challenges and opportunities. Just as important, they each built the stakeholder alliances and the infrastructure needed to translate their vision into reality.

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Predictive Procurement: What Artificial Intelligence Promises to Purchasing

Social networks brought with them upheaval, by radically changing the way people and companies communicate with each other. With this we can see how a new technology has been able to change corporate practices, particularly in purchasing, by inducing a more collaborative approach in the supplier relationship. So, what about AI and robotization? Will these new digital technologies invest in purchasing? What results will such a transformation cause?

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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.