Riding the AI Wave: Generative AI and Its Impact on Procurement Excellence
Introduction Artificial intelligence will soon replace those who don’t know how to use it effectively. In procurement, this transformation is led today by Generative Artificial Intelligence (GenAI). This advanced technology will be reshaping how procurement operations are conducted, turning routine tasks into strategic decisions. This leap forward in technology is doing more than just simplifying […]
Strategic Sourcing for a Competitive Advantage in the Restaurant Industry
The restaurant industry is a gigantic field constantly growing with innovations in food, service, design, and other elements that make up the dining experience. However, most players in the restaurant industry face a major challenge. Despite the significant inflation in other industries, food and beverage prices have increased so little, and customers are not crazy […]
Optimizing Sourcing Decisions for Your Business
Whether you’re a small business or a major corporation, optimizing sourcing decisions is likely to hit the top of your priority list in the near future. Procurement optimization maintains the momentum, keeps your people on the same page, and ultimately saves your business time and money. But, if you’re completely new to this, it may […]
Things to Look for in eSourcing Software
Every competitive business in 2022 will need to cut costs. But, with the growing complexity of supply chains and procurement processes, businesses in the digital age struggle to maintain enough control over their sourcing strategy that can help them drive down costs. The arrival of esourcing software has changed the game. By finding and using […]
How Procure-To-Pay Process Flow Works
All businesses require a reliable process for purchase management, spend analysis, cash flow control, and income maximization. To do so, the company needs to go through a series of steps collectively called the procure-to-pay process. It is a multi-step process that includes procurement, order management, and accounts payable. However, many are unsure what a procure-to-process […]
E-Commerce & E-Procurement: What Are They And How They Differ
As technology in all its forms, including e-procurement, is helping us streamline many back-office operations, we’re witnessing new concepts and models emerge in the digital era. They take root so quickly that we don’t get the chance to fully understand what they mean, even though we’ve heard about them repeatedly. E-commerce and e-procurement are the […]
Procurement Management in the Age of E-Commerce
The growing role of technology in our world has dramatically expanded global connectivity and day-to-day commerce. In recent years, E-commerce has become such an established part of any business. Nowadays, a company can take advantage of cloud-based procurement management systems to easily communicate, place bids and fulfil purchase orders. However, the growing prevalence of cloud-based […]
A Recipe for Sourcing Success
The best recipes are those that are easy to follow and quick to make. Why? Because for most people, cooking isn’t worth it if they have to spend half the day in the kitchen with their heads stuck in complex recipe books. The same can be said of the digital sourcing process. Nobody likes a […]
