Procure to pay (P2P) process has always been hard. The cross-departmental alliance of getting right vendor, negotiating deals, reducing expenditure, and looking schemes to automate the goods buying cycle doesn’t come good without its own glitches. Although Procurement challenges vary business to business and based on an organization’s size. Here are few common procurement challenges that visit businesses of all sizes. [...]

Procurement excellence help businesses improve cost efficiency and drive better business values. Every organization aims to ensure the timely supply of goods and services in line with business goals at reduced risk involved within the supply chain. Co-operation from all departments is needed throughout the organization to source and regulate external resources such as identifying the need for goods or services, evaluating and choosing strong suppliers, negotiating prices and creating buying contracts to get the best. [...]

Digital level has emerged as the primary facet for consumers due to the onset of COVID-19 and the resulting enforcement of lockdowns across countries gave way to the emergence of online shopping in many industries. Digital revolution continues to reshape consumer lives, industries, and economies every day. Buying and selling of goods and services using the Internet, smartphones networks, and commerce infrastructure.[...]

To make the Supply Chain transparent, usually online-verification codes are given to consumers but the effort required can inhibit widespread adoption. We all know that Supply chain transparency is a process in which companies get to know about the correct happening upstream in the supply chain and to communicate this useful knowledge both internally and externally. This process has become increasingly precious due to the more demands of consumers for the sake of safety. [...]

In the MRO sourcing world, various kinds of activities are pursued by the procurement services but since the present global scenario is compelling the companies to shift towards MRO outsourcing and only do the very essential within the company on their part. The primary aim has been improving the quality of the critical operations and significant cost reduction. This shift was due to the impact of the global financial crisis witnessed in 2009. Since then companies have prioritized cost savings over connecting with new suppliers. Though the modern-day distributors are the best in terms of providing service and competitive pricing, they do no justice in providing assured total cost savings from the angle of MRO procurement and that's what differentiates them from MRO integrators. [...]

Coronavirus has smashed the world at an unparalleled stage. Companies have to adapt to the next normal today in order to bounce back successfully in a post-covid marketplace. It has become challenging for most businesses to keep their financial wheels turning during the lockdown period due to less revenue levels and the general uncertainty happening everywhere.[...]

Online B2B marketplaces offer multiple benefits to business like huge transparency in product, service, and supplier availability along with the pricing and purchasing terms. Trend of new Pressures and Offerings, Inspite of Complex, indirect spend categories are reshaping the future of Indirect Procurement [...]

Amid Pandemic, high demandable Oxygen Concentrators are proving a boon for the people with breathing disorders. Not only it’s a light weight and cost-effective device but also good for hospital & home use. Oxygen concentrators are devices which work like an air conditioning unit helps to concentrate the room air into pure, medical grade oxygen. It should be of good quality to reap the best benefits of O2 therapy, Else a patient has to struggle for required oxygen to live. [...]

Every organization dreams to pay the best prices for goods or services, saves time by choosing the most reputable vendors, and seeks minimize order delays and faults. Moreover, Supplier, Manufacturer, and the Customer have to be in a single Digital Ecosystem where all relevant data and information can be accessed immediately in the cloud.[...]

The challenge of MRO procurement is growing and putting every organization in a need for smarter MRO Procurement. Digital Solutions are adapting gradually for capturing and sustaining more values in MRO Procurement and Supplier Selection Automation system. They are helping procurement functions better understand, analyze, and improve their MRO spend which leads to better contract compliance, inventory reductions of up to 30 percent, and cost savings of 15 to 20 percent. More broadly, these technological solutions can help procurement functions build critical digital infrastructure and analytics capabilities, turning MRO into a value driven category that sets a new edge for alliance between procurement and operations. [...]