Blog: Spend Management Insights

A recent study from Forrester Consulting, commissioned by Ivalua, found that only 13% of businesses identify as leaders when it comes to supplier management – in other words, having formal programs that are broadly applied across the supply base. This is a big problem.  Why? Because without robust supplier management programs, businesses face increased risks […]

In today’s rapidly changing business landscape, where demand can shift in an instant and disruptions are the new normal, organizations  must anticipate what’s coming next and even peer around corners to gain a competitive edge.Supply chain disruptions pose significant financial challenges, with global organizations losing an average of $184 million annually, according to a 2021 […]

Supply chain disruption has become the norm, thanks to many factors. Infrastructure challenges, geopolitical shifts, natural disasters and extreme weather, raw material shortages — the list of catalysts goes on.  The growing need for resilience and visibility across supply chains has prompted organizations to focus on new initiatives that can help procurement teams overcome inevitable […]

Supplier networks are no longer just a way to manage transactions; in recent years, they’ve transformed into dynamic, strategic ecosystems that fuel business growth, innovation, and resilience.  Unlike traditional supplier networks that were often limited to transactional exchanges and manual processes, modern supplier networks leverage advanced technologies like AI, real-time analytics, and IoT, enabling businesses […]

Managing employee requests efficiently is a critical aspect of maintaining seamless operations within any organization. Yet, without the right tools, this process can quickly become chaotic and disorganized. Enter Ivalua’s latest innovation: Intake Management. Designed to simplify the way you collect, organize, and evaluate requests, this solution ensures every submission aligns with your policies and […]

Implementing procurement technology to automate and enhance your S2P processes is a critical step in driving efficiency and value across your operations, but it’s an exercise fraught with potential challenges. From scope creep and budget overruns to resistance to change, the pitfalls of poor planning can derail even the most strategic plans.  In this article, […]

Despite its seemingly low value, tail spend can be a significant source of inefficiency, leading to hidden costs and missed savings opportunities. Managing tail spend effectively is crucial for procurement managers and finance executives who aim to optimize spend and increase transparency across the organization. According to  Deloitte, tail spend is traditionally considered the weak […]

As the world watches political shifts unfold, potential changes in trade policy loom large for procurement and supply chain professionals. A focus on protectionist trade measures, such as increased tariffs and changes to trade agreements, could significantly alter global supply dynamics, potentially reshaping the landscape for procurement teams worldwide. For professionals managing cost structures, supply […]

A proactive approach to Supplier Risk Management is a critical facet of maintaining continuity and stability in supply chains, ensuring the resiliency of modern, global business operations.  According to PWC, “It’s not just about playing defense — it’s also about playing offense — finding competitive advantage by shaping a supply chain resilience strategy focused on […]

Purchase orders are essential in procurement and business operations, ensuring accuracy and accountability. They act as formal agreements between buyers and suppliers, detailing purchases and preventing disputes or miscommunication. This article will cover the basics of purchase orders, the different types of purchase orders, their operational process and their importance in business.  What Is a […]

What is Spend Management? A Comprehensive Guide Did you know that a staggering 20-30% of the “cost” of procurement stems from inefficient processes like manual invoice handling and approvals? This insight, highlighted by an APQC study, underscores a critical area for improvement. On a brighter note, organizations leveraging automated procurement solutions are reaping substantial benefits. […]

According to The Hackett Group, procurement needs in companies across industries have increased 10.6%, indicating a growing productivity gap of 7.4% and an effectiveness gap of 7.8%. These gaps are expected to widen due to a shortage of procurement experts.  Supplier portals can help bridge these gaps by streamlining procurement processes, enhancing efficiency, and reducing […]

E-invoicing, or electronic invoicing, is the digital exchange of invoice documents between a supplier and a buyer. Unlike traditional paper-based invoicing, e-invoicing involves the generation, sending, and reception of invoices in a structured electronic format.  This allows for automation in invoice processing, which can significantly improve the efficiency of billing operations and reduce costs associated […]

Procurement is essential for acquiring goods and services needed for business operations at the right time, the right price, and the right quality. It significantly impacts an organization’s cost efficiency and supplier relationships. Procurement extends far beyond mere transactions; it is a vital part of business strategy that ensures organizations secure high-quality goods at competitive […]

Best Practices for Securing Your Investment in Your External Workforce  In today’s fast-paced business environment, companies increasingly rely on an external workforce to supplement their regular employees. Temporary surges in demand or the requirement for specific skills may not be available in-house. For most companies, turning to external resources is common practice: Global spending on […]

Over the years, globalization has dramatically increased the reliance of businesses on their suppliers, which presents both challenges and opportunities. This interconnectedness can either amplify supplier-related risks or open doors to substantial value and innovation, transforming how organizations leverage their supply chains. According to The Hackett Group, 44% of services organizations cited a risk avoidance […]

Vendor selection is a crucial component of procurement –serving as the foundation for engaging with dependable suppliers that can fulfill organizational needs efficiently. This blog explores the significance of strategic vendor choice, identifying common pitfalls to avoid and offering actionable insights for implementing an effective vendor evaluation process.  We’ll cover essential steps of the selection […]

Sustainability as a business practice is no longer an optional add-on and sustainable procurement has become a critical component of corporate strategy.  In this blog post, we explore the benefits of sustainable procurement, how companies can reduce their environmental processes, ensure regulatory compliance  and best practices for integrating supply chain sustainability in procurement. We will […]