ProcurePulse October 2020

The Monthly Procurement Insights and Trends Roundup

Amid this volatility, organizations that are successfully leading the change have understood the importance of efficient procurement functions for their business strategy and competitive advantage in the next normal. Procurement departments have made immediate shifts to support faster, decentralized decision-making throughout the source-to-pay operations. One of the important shifts is the adoption of AI-enabled process automation software and digital workflow technologies which makes it easier for business stakeholders to execute some sourcing events.

This edition explores the lasting effects of COVID-19 and how organizations can reorient the procurement function as sourcing advisors to avoid roadblocks to progress against mission-critical business objectives.

Wish you lots of treats and success coming your way. Happy Halloween !!

Around the Web

Explore some useful articles published on the leading websites in past few weeks.

 

Procurement

5 procurement shifts for the Post-COVID world

A new report from McKinsey outlines the five steps that all procurement departments should be taking to prepare for the post-pandemic business world.

Sourcing

An innovative way to prevent adversarial supplier relationships

In a tough, uncertain economic environment like the one created by the pandemic, the relationship between companies and their suppliers often deteriorates as each party places its own needs above the others. But a novel approach that a number of companies are employing — a formal…

Legal Contracts Management

5 dispute-resolution & dispute-prevention clauses for contract negotiations

These 5 dispute-resolution and dispute-prevention clauses for contract negotiations can help ensure a harmonious partnership.

Accounts Payable

UK businesses face fines for late payment of suppliers

For the first time large businesses could be fined for failing to pay smaller suppliers on time as part of a robust package of measures launched by small business minister Kelly Tolhurst, but there will be no change to the 60-day payment term set out in the voluntary Prompt Payment Code

Vendor Payments

How the supplier guides the accounts payable evolution

As organizations’ AP departments move to overcome these elevated hurdles, automation technology and payment innovations will emerge as key tools to help them get where they want to go.

Aavenir : Monthly Roundup

Explore some useful articles published on leading websites in past few weeks.

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