What Is Strategic Sourcing? Strategic sourcing is a systematic, data-driven approach used by procurement professionals to optimize an organization’s supplier base. It involves a comprehensive analysis of purchasing activities and the development of long-term sourcing strategies to maximize cost savings, improve supplier relationships, and mitigate supply chain disruptions. What Are the Goals of Strategic Sourcing?…
A key component of gauging a business’s financial health is understanding its spending. But for any organization to conduct a successful spend analysis, its data must be organized and managed effectively. This is where spend data management comes in. Spend data management ensures that the data associated with a company’s spending is organized, accurate, and…
Businesses often fulfill requirements by obtaining goods or services from external suppliers. The procurement process has become increasingly sophisticated as more complex products, services, and technologies are being sought. With this in mind, procurement data management is essential to make informed decisions and ensure efficiency. Managing procurement data requires a comprehensive strategy. Today, we’ll explore…
Cost savings analysis is a critical process for any business to ensure it uses resources efficiently and achieves maximum returns on investment. Companies frequently encounter the dilemma of what decisions to pursue and which ones to forego. If you are unsure about a particular business decision, a cost savings analysis can provide invaluable insight into…
The cost reduction process is a business practice nearly all organizations should plan for in order to keep growing and profiting. Whether you’re dealing with market downturns or anticipating future financial losses, a well-executed cost reduction strategy is what you need to save on the budget and maintain profitability. Two-thirds of all companies worldwide expect…
Automated invoice processing is the use of software to process invoices for a company’s accounts payable department. It provides a nearly error-free way to accelerate invoice approvals and reduce processing costs. From automating data entry and validating information to processing invoices, an automated invoice processing solution is a powerful tool that helps businesses streamline their…
Renewal management is a constant sticking point for financial managers looking to optimize the way they approach contract renewals for the mission-critical software their organization relies on. With the rise of Software as a Serivce (SaaS) — money seems to be trickling out every quarter now that subscription-based software is becoming more commonplace for businesses….
Why Now Is the Time to Modernize Purchasing There’s no value in beating around the bush, so here it is: If you’re a growing, fast-moving business and you haven’t yet improved your procurement process in order to optimize your purchasing operations—you’re behind. You better get on it, and fast! Why? Because purchasing is an operation…
There’s no denying that automation is one of the biggest business trends of this decade. By turning to automated procurement systems, companies are finding new ways to optimize spending and streamline processes without making excessively large investments. A major area in line for automation is procurement and the procure to pay process. By cutting down…
What is Procure-to-Pay Automation? Procure-to-pay (or P2P) automation is the method of accelerating your P2P process in order to eliminate the manual steps and time-consuming tasks that are currently involved. Procure-to-pay is a multi-step process that procurement teams follow in order to request goods or services, and invoice and pay the vendor providing those goods…
Liquidity management has become an essential aspect of cash flow management as businesses increasingly look to optimize their working capital. With more companies operating on tight margins, it is critical to understand what liquidity is and how it can be managed effectively. But what exactly is liquidity? Liquidity refers to the ability of a company…
What is SaaS Spend Management? Finance teams have a million things up in the air at all times. They are continually managing and updating a large budget, trying their best to make accurate and prudent predictions, and keeping employees working smoothly all while supporting business growth. So naturally spend management is going to be high…
