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Accenture report: C-suite needs to recognize procurement technology’s value across all departments

Businesses that lead the way in innovation and technological implementation are reaping much greater rewards than those that take a less-focused approach across a wide range of industries, according to Accenture’s Future Systems Report. While the research was done before the coronavirus disruption changed the business landscape, the report has lessons for C-suites now that…

Procurement KPIs: The ‘Keys’ that Unlock the Value of Spend and Supply Management (Part 3) [PRO]

In the first two parts of this KPI series, we highlighted some of the foundational measurements for procurement pros and the problems of traditional procurement key performance indicators in terms of how they can be incomplete, misleading and even damaging to a value chain transformation. In fact, one of the easiest ways to assess an…

AI-powered solutions turn procurement into a catalyst for company value

In today’s fast-paced global economy, there is little doubt about the necessity for procurement’s digital transformation. However, many multinational companies are just starting their implementation journey, and they are realizing the benefits of having a digital business beyond just digitizing their processes. Regardless of what is being sourced, procurement teams need the ability to quickly…

As use of the extended workforce grows, procurement has a key role in adding value

Having little visibility into a company’s overall extended workforce results in procurement departments being focused on tactical, day-to-day matters. This approach leaves little time for strategic planning and the adoption of technologies to move away from the traditional to a modern, data-based approach. If companies can make the digital change, then procurement can help the…

Procurement Checklist: How to Boost Employee Adoption of Technology and Maximize Value

Employee adoption of tools for spend and cutting costs is a critical and often overlooked key performance indicator for procurement. When employee adoption is low, procurement value is limited. For enterprises, the combination of aging technology and process adoption has five primary business consequences.

Transforming from Contract Management to Commercial Value Management (Part 1): Setting the Table for Digital Transformation (especially for procurement) [PRO]

Are you looking to find that perfect business area for digital transformation this holiday season? Well, look no further than contract management. We know what you’re thinking: Improve the efficiency of processing legal documents? That doesn’t sound very festive, or even high impact! However, contract lifecycle management (CLM) itself is being transformed toward a more…

The value of branding: 9 tips for procurement to create a strong brand, improve its standing

Spend Matters welcomes this guest post by Amanda Prochaska, the president of High Performance Procurement. Part 1 of this two-part guest series appeared yesterday and was written by Charlotte de Brabandt, a member of the Institute for Supply Management’s Thought Leadership Council. For years, procurement’s role has been to reduce costs, or at least this is how it…

The value of branding: 6 ways procurement can redefine its brand, change misperceptions

Spend Matters welcomes this two-part guest series by Charlotte de Brabandt, a member of the Institute for Supply Management’s Thought Leadership Council, and by Amanda Prochaska, the president of High Performance Procurement, whose article will appear tomorrow. Procurement professionals are not typically known for their ability to be great marketers. However, having a strong brand ensures…

Jaggaer Deal: 5 Enterprise Value Creation Takeaways Learned From Shaping a Procurement Workhorse (Not Just a Unicorn) [PRO]

Last week, Jaggaer announced that Cinven, a European-based private equity firm, had acquired a majority stake in the provider. Various sources, including Bloomberg, place the enterprise value of the transaction, including debt, at $1.5 billion. But as in all private company valuations, it is important to exercise caution in reported numbers and even more so…