Mastering Procurement in a Volatile World: 8 Strategies for Success
Procurement leaders today face an array of unprecedented challenges. Economic volatility, supply chain disruptions, and geopolitical tensions are reshaping the procurement landscape, demanding more than just survival tactics. To thrive amidst these complexities, chief procurement officers and procurement leaders must adopt agile, resilient strategies. Here’s how to navigate this challenging environment and turn market volatility […]
Hyperautomation: Turbocharging Procurement for the Modern Age
A Call to Action for Procurement Leaders The procurement landscape is undergoing a seismic shift, driven by transformative technologies like hyperautomation. This isn’t just a trend; it’s a must-have capability for any organization looking to compete and thrive. Penny Software, a leader in cloud-based Source-To-Pay solutions, is at the forefront of this revolution. This article […]
Saving Big in The Freight Business with Digital Procurement.
Established in 1940 with a single shop selling everyday items, YK Almoayyed has grown into one of the most successful and fully diversified commercial organizations in the GCC, with operations across the region. Employing over 8,000 people, the company delivers products and services in key industry sectors, including automotive, construction, heavy equipment, electronics, home appliances, […]
Take Control of your Spending
Spending, spending, spending. That is all many businesses seem to do and their commercial success will depend heavily on how they manage their operational spending and procurement process. Subsequently, it is essential to take control of spending and to have visibility. Otherwise, you’ll lose track of what you have spent money on, who you have […]
Making your Cost Efficiencies Effective
We all work hard to give our businesses the best chance of achieving commercial success by generating as much revenue as we can to increase our company’s bottom line. But it’s not just growing revenues that can give your bottom line an uplift. Driving cost efficiencies through your business by decreasing procurement costs, changing products, […]
The Pros and Cons of Centralized Purchasing
For many companies, centralized purchasing can save time, money, and manpower. But, for others, it risks becoming a bottleneck and a hindrance to productivity. So, what’s the solution? There are many reasons why companies choose to build a centralized purchasing system. For some firms, it helps to reduce tail spend and streamline procurement, but for […]
It’s Time to Embrace The Purchase Order
It may not be the sexiest subject on earth but there are very good reasons why businesses should embrace purchase order to get paid on time, make savings and build efficiencies across the board. Data from UK official public records show that 13% of invoices go completely unpaid every year. Meanwhile, research from American Express […]
Procurement Terminology – Unpacked and Explained (and how to survive in the digital economy)
When you’re grappling with the nitty-gritty of growing a business, the seemingly endless emergence of new procurement terminologies and buzzwords, collectively referred to as Procurement Terminology, can easily pass us by. The problem is that every business needs to adapt to the realities of digital transformation if they wish to realize the vast benefits of […]
Hospital Procurement: Essentials You Need to Know
Following the rising unpredictability of healthcare and hospital procurement and the value of effective supply chain solutions, experts are urging hospitals to implement modern technology to successfully administer healthcare procurement and supply chain activities. E-procurement solutions, for example, are already increasing the efficacy of procurement in industrial and retail sectors by improving the quality of […]
