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Delivering a delightful buying experience to your entire company with Business Prime

Amazon Business

Amazon Business launched in 2015 with a goal of addressing the needs of business customers who loved shopping on Amazon. These customers had specific unmet expectations for business purchasing in the consumer-centric experience. Amazon Business now provides “Everything you love about Amazon, for your Business.” Right from the start, some of our most enthusiastic customers were Prime members. It turns out that business customers loved fast, free shipping and wanted business benefits too. Business Prime provides business customers the familiar Prime shopping experience employees love at home, with plans and benefits suited for work.

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For CPOs, Life Is Getting Complicated

During a routine meeting with one of our clients, the Chief Procurement Officer at a large Fortune 500 company, we were struck by something this person said: “I feel like I’m wearing so many hats these days, I need a hat stand to keep them all in one place!” Our client’s observation encapsulated something we were starting to see more often: a dramatic broadening of the role of the CPO.

A mere decade ago, a CPO’s job, while often difficult, was relatively straightforward: Find the best deal possible when sourcing raw materials or setting up production. But increasingly, that’s a fluid concept. What’s more, the changing nature of both technology and the manufacturing workforce has pulled CPOs into decisions that were once outside their purview.

Intrigued, we wanted to delve deeper into this trend, and we decided that this would be a fascinating area of focus for our annual “Chief Procurement Officer Survey.” Every year Deloitte conducts this global, cross-industry study to take the pulse of sourcing and procurement professionals. So, this year we’ll be exploring the role of the CPO — how it is evolving, and how procurement leaders are navigating and mastering complexity in the areas of technology, workforce management, and both the business and political environment.

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‘What Were They Thinking?’ E-Procurement Solutions Reveal Critical Insights into B2B Buying Behaviors

At EqualLevel, we believe that procurement leaders need more than visibility and flexibility, they need intelligence. Leveraging the power of advanced data analytics and emerging artificial intelligence technologies, the EqualLevel Savings Advisor (ELSA) doesn’t just document what was purchased, when, by whom and for how much, but, most critically, it will capture the user justification for any choice that diverges from established corporate procurement parameters in a structured report that can be analyzed by management. We call this “the power to know.”

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Unconditional Procurement with Cybersecurity

In the global supply chain landscape, threats to cybersecurity are increasing exponentially. Fortune 500 companies have seen sensitive information exposed because hackers have targeted their vendors and business partners, which are organizations that might not be as secure as their corporate buyers. Every supplier and business partner becomes an added risk.

Working with global companies large and small, one of the biggest opportunities that I’ve observed is managing multi-tier suppliers and mitigating risk. We can support all of our suppliers through secured technology and the principle of “unconditional procurement.” What does that mean? By “unconditional,” I mean an unrestricted approach to procurement.

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Better Business in a Digital World: The Need for Corporate Digital Transformation

The planning and vision for digital transformation starts at the top, but the change itself is driven from the bottom where it can be built piece by piece, ensuring the strongest foundation possible.

Important decisions must be made if a company wants to continue growing. Nowadays, decisions shouldn’t be made off instinct alone. Gut feelings aren’t enough. People will always have the final say, but their decision should be based on strong insights from trend analyses using big data to reveal patterns to better future-proof their businesses.

What should you expect from a corporate digital transformation strategy? Read on.

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Busting B2B E-Commerce Myths for Suppliers

If your B2B e-commerce system is not yet capable of digitally integrating with your customers' procurement systems, you are leaving a lot of business on the proverbial table. And we mean a lot of business. So let's dispel four common myths about the benefits and challenges of developing and maintaining a punchout-enabled e-commerce storefront. If not done well, it can derail the supplier journey before it even gets started.

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3 Ways to Tell a Story from Your Procurement Data with Amazon Business

data

Procurement leaders want their purchasing decisions to be driven by lessons and insights gained from their organization’s order history data. Gone are the days where the post-purchase data was used only for accounting and reconciliation purposes.

With thousands of employees buying on Amazon Business, procurement organizations realize that they can do more with this data. However, to tell a story from their procurement data, organizations will need to invest in business intelligence (BI) engineers, data scientists and dedicated teams of IT personnel. Machine learning (ML) continues to be just a buzzword for these professionals, as they do not yet see the benefits of ML in their everyday decision-making.

The Amazon Business Analytics portal provides the tabular order history data by various pivots, including orders, refunds and reconciliation reports. While this acts as a good mechanism to look up specific details about an order, customers told us that they spend multiple hours each month to understand the data and gain insights into the spend patterns of their organization. Customers heavily relied on the CSV download feature to continue to their analysis. They essentially needed to gain BI from their data.

To help solve this problem, we partnered with Amazon QuickSight to bring BI to organizations’ Amazon Business order data.

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How to Create Value by Benchmarking the Back Office

We recently introduced you to this year’s Coupa Benchmark Report, “12 KPIs to Drive Profitability and Growth with Business Spend Management.” This unique report, based on nearly $1 trillion of actual operating data from businesses around the world, outlines 12 key performance indicators (KPIs) to help you measure and increase your organization’s business spend management (BSM) maturity.

Across the categories of source-to-contract, purchasing, invoicing, and expenses management, there are countless opportunities to assess and analyze your organization’s progress towards BSM maturity, but the 12 KPIs Coupa has identified are especially important.

Why? Read on!

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7 Half-Truths Purchase-to-Pay Providers Are Telling You

I spend a lot of time in product demos, discussing product features and functionality with the analyst community, digging into technology, and harassing our pre-sales team. I’ve gained a wealth of knowledge about purchase-to-pay software – more than you probably want – but what I’ve also learned is that there are some slippery providers out there. They might deliver a slick demo, but there’s quite a bit of information they’re not telling you, and only one party stands to lose in that situation: you. Keep reading for some examples of how our competitors have offered creative storytelling instead of the truth about what their product can and can’t do.

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Sustainability: The New Recruitment Advantage

sustainability

Compensation, professional development and job security rank high on any job applicant’s list of priorities, but there’s a new attribute that is motivating potential candidates — an organization’s sustainability initiatives. Much like the consumer trend of wanting to understand where their products come from and if they are responsibly made, people are questioning their jobs and want to know how their roles and their companies are impacting the world. In fact, the CPO of a Global 500 food company recently mentioned to me that "the No. 1 question I get in interviews with young graduates is: 'Why is your Responsible Sourcing program better than your competitors X & Y in the food sector?’ "

At EcoVadis’ annual Sustain conference last month, experts in procurement and supply chain spoke in depth about the HR issues facing procurement teams.

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Putting the ‘Relationship’ Back in SRM

contingent workforce

At ConnXus, we’ve worked with countless buyers and suppliers — ranging from global fortune 500s to small and diverse businesses. One of the biggest opportunities we consistently see between buyers and suppliers in the B2B space is the ability to boost supplier relationship management (SRM). Successful SRM is a pivotal milestone in maximizing the value of your supply chain. Developing relationships with your suppliers can help foster collaboration, drive innovation and impact your bottom line.

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3 KPIs for Digitally Transforming Your Business Spend: How Do You Measure Up?

It’s important to set measurable goals to assess the maturity of your procurement and expenses processes.

By analyzing the largest accessible source of business spend data (the nearly $1 trillion that flows through the Coupa platform), Coupa Business Spend Management (BSM) experts have identified 12 Key Performance Indicators to help you gain insight into and advance your organization’s maturity across the spectrum of BSM processes, from sourcing to procurement to payments.

Here are three of the most influential KPIs for purchasing, invoicing and expenses — and how companies with digitally mature processes are performing in these areas: