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 in 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.
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Explore some useful articles published on the leading websites in the past few weeks.
A new report from McKinsey outlines the five steps that all procurement departments should be taking to prepare for the post-pandemic business world.
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…
These 5 dispute-resolution and dispute-prevention clauses for contract negotiations can help ensure a harmonious partnership.
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
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.
Explore some useful articles published on leading websites in the past few weeks.
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