The Rise of Procurement AI: From Data Chaos to Decision Clarity
Procurement Is Drowning in Data and That’s the Opportunity Every procurement team today sits on a mountain of data: supplier profiles, past bids, invoices, performance reports, and cost histories. But most of that data lives in spreadsheets, email attachments, and disconnected systems, impossible to analyze or use for smarter decisions. That’s why Procurement AI is […]
How Construction Companies Are Turning Procurement into Their Secret Profit Center
Procurement in construction used to be a back-office process paperwork, endless RFQs, and slow approvals.But today, it’s quietly becoming the most powerful lever for profit in the entire project lifecycle. Margins in construction are thin. Material prices fluctuate weekly. Subcontractor networks are massive. And yet, many firms still manage procurement with emails and spreadsheets. That’s […]
How Companies Using Penny Save an Average of 6.11% in Direct Costs
Procurement has always been seen as a cost center. Teams are tasked with negotiating better deals, chasing discounts, and making sure suppliers deliver on time. But in 2025, procurement is no longer just about buying, it’s about generating real, measurable savings that impact the bottom line. At Penny, we’ve seen firsthand how companies that digitize […]
Procurement in 2026: 5 Trends Every Company Should Prepare For
Procurement has transformed dramatically over the past decade. What was once seen as a transactional, back-office process is now recognized as a strategic function that drives cost savings, resilience, and even brand reputation. And as we move into 2026, the pace of change is only accelerating. Companies that prepare for these shifts will thrive. Those […]
5 Common Procurement Mistakes And How to Transform Them into Strategic Advantages
Procurement is often seen as a back-office function, but when mismanaged, it drains finances, creates bottlenecks, and leads to missed opportunities. Recognizing common mistakes and knowing how to transform them into strategic levers can turn procurement into a driver of efficiency, savings, and competitive advantage. 1. Treating Procurement as Only a Back Office Function The […]
Proving Procurement Software ROI: A Data-Driven Guide for Finance Leaders
In today’s competitive landscape, procurement isn’t just about cost cutting; it’s a strategic pillar for financial health and operational excellence. Yet many procurement leaders still struggle to demonstrate the tangible return on investment (ROI) of their software initiatives. It’s no longer enough to talk about “efficiency gains” or “streamlined processes.” Finance leaders, particularly CFOs, expect […]
When “we use our ERP” really means “we don’t do procurement (yet)”
In our line of business, you’ll rarely hear anyone say “we don’t have a procurement system.” Instead, You’ll hear “we use our ERP”, and in reality, that often means sourcing and buying live in email threads and spreadsheets, while the ERP records the outcome after the fact. The ERP is your financial backbone and for […]
Why procurement inefficiency quietly kills margins
The invisible tax on your business: If you’re spending $50 million a year through your sourced procurement function, you may be silently leaking between $2.5 and 5 million. Not through fraud. Not through poor suppliers. But through process inefficiency, manual workarounds, and a lack of visibility, the worst part is that you probably can’t even […]
What is Source-to-Pay? Your complete guide for modern procurement
In today’s fast-paced and competitive business environment, organizations are constantly seeking ways to improve efficiency, reduce costs, and enhance supplier relationships. One of the most powerful frameworks enabling this transformation is Source to Pay (S2P). a comprehensive approach to managing the entire procurement lifecycle from identifying needs to making payments. But what exactly is Source […]
