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E-invoice Sending is Accelerating — Are You Ready?

Companies gain tremendous benefits from sending e-invoices to their customers — from streamlining processes to increasing efficiency, decreasing costs, speeding up payments, and gaining visibility and control. Plus, your customers can receive their invoices via their preferred channel and in any digital format. Wherever your organization is in its automation journey, read on to learn the benefits of going electronic and understand what the upcoming regulatory implementations mean for you.

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Learn the Best Practices for Integrating Your E-procurement System with Amazon Business

BuyerQuest

To automate your procure-to-pay processes, your business will need to integrate your e-procurement systems with the online catalogs of your contracted suppliers.

Amazon Business launched in 2015 with a vision to give businesses a simple, personalized and transparent online B2B experience. An extension of this vision was to simplify the integration for businesses connecting their e-procurement systems to Amazon Business, while giving them access to a broader selection of products and sellers.

This article will highlight the best practices for integrating your e-procurement system with Amazon Business.

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L’Oreal Finds the Beauty of Bonfire’s Solution: Stakeholder Buy-in and Better Supplier Relations

Every growing company reaches a point when transaction volumes overwhelm misapplied IT systems and manual business processes. When that happens and the risks rise, businesses have to begin the necessary task of identifying a better way forward. For many organizations, that means automating and optimizing the sourcing process with dedicated e-sourcing software — ideally a setup that’s easy to use and gives your company a competitive edge.

As a division of the beauty products maker L’Oreal found out, the strategic sourcing platform from Bonfire could resolve many of these issues.

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Using Technology to Create a More User-Friendly Procurement Experience

Close-up Of Businessman Stopping The Effect Of Domino With Hand At Desk

Procurement departments often cite a lack of engagement from the wider business as a key reason for why they can’t add more value to their organizations. Stakeholders progress workstreams and discussions with suppliers without involving procurement, goes the argument. This is certainly true in many cases, but why do non-procurement colleagues choose to take this approach? Evidence from a recent study conducted by Efficio shows that procurement is not only contemplating this question but believes it has a role to play in addressing the problem.

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Rethinking the RFP Process for Public Procurement Systems

When procuring an e-procurement system for public spend, one could argue that the complexities and differentiated requirements always call for a competitive RFP process. The problem is that some state and local governments are tight on resources or unclear on which requirements to include in the solicitation, so they outsource the market research and RFP development processes for e-procurement buys to consultants who, in turn, do one of two things. But both outcomes put agencies at an automatic disadvantage.

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Long-term ROI from Spend Analytics: 3 Places to Think Outside the Box

Spend analytics solutions often get passed over when it comes to claims of ROI. But spend analysis can provide just as much value as better-explored options like e-procurement or sourcing systems, sometimes providing ROI immediately after being turned on. Yet quick wins and short-term value are only the starting point.

To help procurement pull its head out of the past and begin to see (and plan for) the future, here are three outside-the-box areas where spend analysis can unlock new sources of long-term value.

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Shop as if a Procurement Professional is Sitting Next to You

digital

In 2016, Amazon Business began building a beta feature to allow individual organizations to augment the entire buying experience based on their specific procurement and spend compliance needs. During our development process, procurement managers told us that they needed a solution that would make an employee shop as if “a procurement professional was sitting right next to them,” whereby both the employee and pro would learn from each other during that buying journey. This was at the heart of the beta’s purpose — to leverage technology to give both roles a continuous feedback loop to enable purchasing convenience with scalable guidance. The new feature needed to be customizable and powered by the procurement intelligence of their organization. In October 2018, the beta ended and “Guided Buying” was publicly launched as an Amazon Business Prime benefit.

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Uncovering the ROI of E-Procurement

We understand that to justify the spend of an e-procurement system, every organization must first show the expected return on investment. To help uncover potential ROI for your organization, check out this e-procurement ROI calculator here, and read the City of Philadelphia case study.

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Achieving a Personalized Buying Experience for Businesses

Today’s technology enables fine-grained customization and personalization. When applied correctly, personalization can lead to a better customer experience and higher sales or engagement. If applied poorly, it can detract from the user experience, causing frustration and possibly missed sales. In this article, we’ll walk through some of the personalization that can be enabled when using Amazon Business, helping to make it easier to find the right products and better control rogue spending.

If you’re not familiar with it, Amazon Business makes it easy for business customers to find and buy from hundreds of thousands of sellers and helps sellers reach millions of registered business customers around the world. Similar to Amazon.com, buyers search for products from millions of available items. For businesses, personalization helps make the buying experience fast and efficient. From relevant search results to customized messaging, buyers can find the items they need, and know upfront if they are approved for company purchase.

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The Past, Present and Future of the MSP Industry: A Visual Guide for Procurement

procurement consulting

As the world of work changes rapidly, so too must managed services providers (MSPs). The “same old” execution of a traditional contingent workforce program that includes VMS technology is no longer cutting it, and MSPs that fail to realize this risk being replaced by new entrants intent on disrupting the old industry model.

In a world of accelerating change, enterprises expect their service providers to be right there with them, successfully navigating those changes. Enterprises cannot compete with an eye on the past — they need value-added solutions that help them to succeed now and into the future. What does this look like? Check out the infographic below to learn how the MSP industry is evolving today and tomorrow.

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For Hospitals Only (Part 3): How Prodigo Helps Pave Procurement’s Path to Clinical Integration

data

The hospital market in the U.S. is undergoing a significant transformation at all levels. Rapidly consolidating markets, declining revenues and a fundamentally new reimbursement paradigm that links provider payments to improved performance are the current headliners. The latter is a value-based form of reimbursement that holds healthcare providers accountable for both the cost and quality of the care they provide. It’s a data-driven payment system that will reward the best-performing providers and penalize those that don’t measure up. Almost by definition, it’s a system where data accuracy and transparency have become the essential currency for improved decision making.

Traditional silos are giving way to cross functional collaborations, as the clinically integrated supply chain compels it.

In this final installment of our three-part series on Prodigo Solutions, we not only address how the company is helping to solve healthcare’s data standards challenge, but how it has successfully positioned itself to directly support the industry’s drive to clinically integrate its supply chains.

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What Exactly Is in the Tail Spend?

BuyerQuest

At a headline level, I think most procurement folks are now familiar with the concept of tail spend: the low-value spend items that are non-core but still essential to the smooth operation of an organization. And of course, as the segment matures, even the tail itself comes under greater scrutiny or micro-segmentation with expressions such as tip of the tail, tail of the tail, mid-tail, tactical spends, spot buys, catalog buys, guided buying, “precision buying” (Simfoni’s own attempt to join the party!) and so on.

So what exactly are we talking about in terms of the items that fall under all these different expressions? In this article I’d like to offer a simple model that describes the types of spend that reside within the tail spend category, and propose the optimum technique for how best to address each one.