To successfully navigate through this economic downturn, each department must transform how they operate and collaborate with internal and external stakeholders. Adopting a digital workflow-based operating model could allow business functions to route tasks quickly and efficiently among the remote departments while responding to sudden supply challenges. The challenge, of course, is that newer technologies for implementing digital workflow pose immediate costs in these ambiguous times. With uncertainty in financial positions, organizations are increasingly hesitant to spend scarce cash on untested solutions. This month’s ProcurePulse explores the latest articles, which you may refer to identify resilient source-to-pay workflow solutions for the future.
Explore some useful articles published on leading websites in the past few weeks.
COVID-19 has caused significant disruption on global supply chains, with manufacturing halts and airports and seaports shut down throughout the pandemic. But how has procurement been redefined? Here are McKinsey’s five ways to reimagine procurement.
Unlocking collaborative supplier innovation requires clearly defined strategies and operations by a sourcing, procurement and/or purchasing team to ensure that suppliers’ competencies are being leveraged to their fullest potential. This article should serve as a starting point for creating and/or enhancing collaborative supplier innovation.
By financing or monetizing affirmative litigation and arbitration, companies can unlock the value of their legal assets— without adding risk to the balance sheet. In so doing, GCs and in-house leaders can free up (or generate) capital to reinvest in the transformative technologies, both for the legal department and for the business at large.
Digital innovation through intelligent automation can support law firms in building a competitive advantage through efficiency and excellent client service. Beyond boosting efficiency and optimising costs, automating tedious work allows people to focus on what’s truly valuable to the firm in future. Learn more about Why now & how intelligent automation can help
Behind every transaction, on each side of the equation, whether buyer or seller — lie actual people. And perhaps that is as it should be. Trust is not so easily built with robots. Moving digitization efforts further up the process is where value can be added, friction can be removed, and perhaps, even decisions can be accelerated.
This article’s deep dive examines how the pandemic is changing AP practices and encouraging corporate buyers to adopt cloud-based systems and artificial intelligence (AI)-powered AP automation.
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