Written by: Procurify Deciding on any strategic technology investment can be a daunting task. Procure-to-pay (P2P) software solutions are often a multiyear commitment, so finding and implementing the best-fit P2P software for your organization can consume a considerable amount of money, time and resources. Organizations that don’t involve the right stakeholders in the evaluation process often find their projects end up lengthy and over budget. Similarly, if they don’t consider their broader IT and procurement strategy before choosing a procure-to-pay solution, they risk prioritizing features t ..read more

Written by: Alex Cohen We spend a lot of time talking about optimizing procurement processes, and for good reason. Supply chains have become incredibly volatile, but standards have remained high. As the Harvard Business Review put it:  “Many things will not change. Consumers will continue to want low prices (especially in a recession)…the pressure to operate efficiently and use capital and manufacturing capacity frugally will remain unrelenting.”  The ability to navigate unstable supply chains and high consumer expectations is vital, but how do you actually start making improvements ..read more

Written by: Alex Cohen For companies who desire optimum productivity, conventional supply chain methods may not fit the bill. Typical supply chains are often less efficient as lean supply chains, and as a result, numerous organizations around the world are implementing lean strategies. Lean supply chains focus on eliminating waste and strengthening processes that work. In other words, when using lean supply chains, companies eliminate activities that are unnecessary or ineffective. These lean supply chains have gained popularity all over the world and are prevalent in a variety of sectors, inc ..read more

Written by: Procurify Startups are rapidly laying off people, and as the 2022 recession seems inevitable, more businesses will follow suit. Ideally, cutting costs by laying off staff should be a last resort, but it is a common solution businesses use when they aren’t adequately prepared for a recession. Experts predict that in 2022, the recession will be different than those we’ve seen before. There are various factors apart from economic uncertainty at play that require businesses to be prepared.  While dealing with the ongoing inflation, companies must navigate supply chain disruptions ..read more

Written by: Aman Mann Why companies should invest in spend management during a recession Benjamin Franklin once said, “Beware of little expenses. A small leak will sink a great ship.” The world has changed a lot in the past two years and businesses in the U.S. have not been left unscathed. In fact, in the past few years almost 2 percent of small businesses in America have shut down permanently, according to a survey by researchers from leading universities. Change is inevitable, so if you want to stay afloat, you need to be prepared. Change must not be viewed as a threat, but rather as an op ..read more

Written by: Procurify If you are a purchasing manager struggling to meet your saving targets, you’re not alone.  According to a report by Ardent Partners, 2022 savings targets for procurement teams is almost 19% lower than the last year. Although cost-saving has been a top priority for a long time, new requirements in procurement are surfacing and bringing challenges with them. Technological advancements are also rapidly changing the responsibilities of purchasing managers.  Now is a crucial time to re-evaluate the importance of purchasing in the overall organization strategy. So, wh ..read more

Written by: Alex Cohen Like so many business workflows, the procure-to-pay (P2P) process is a minefield of potential errors, avoidable costs and delays. However, less than 50% of procurement workflows are currently being automated.  Enter procurement process automation.  It’s not an exaggeration to say that automation in the workplace is transformative. For some businesses, it’s meant the difference between success and failure. A recent Zapier report found that 66% of small businesses now view automated processes as “essential” post-pandemic.  Even more of them say that it has a ..read more

Written by: Stella Inabo Purchasing and procurement problems can be costly. Unregulated purchasing activities cost businesses 10-30 percent of targeted savings. These numbers are the stuff of nightmares so most businesses try to avoid these purchasing problems.  However, mistakes happen. An employee might make a duplicate order, inventory might arrive damaged, and suppliers might miss deadlines. The best way to reduce and mitigate purchasing issues is to know how to identify them and what to do about them before they balloon into a full-blown crisis. In this guide, we’ll walk you through ..read more

Written by: Ruya Yonak The global supply chain took a massive hit during the Covid-19 pandemic, and its effects on organizations continue to this day. From increasing consumer demand, to labor shortages and surging shipping costs, companies all around the world have to deal with multifaceted challenges. In fact, 75 percent of companies claim the supply chain disruptions have had negative or strongly negative impacts on their businesses. Companies have the huge task of building resilience across their supply chain, and suppliers will need to show they can deliver orders.  In order to float ..read more

Written by: Delaney Rombough As businesses grow and scale, oftentimes, so does their supply base and the number of suppliers they work with. As you grow, you want to optimize your supply base. According to Industry Star, most businesses spend 80 percent of their cost of goods sold (COGS) with just 20 percent of their suppliers.  Supply base optimization ensures that you are focusing on working with suppliers that are the most productive and beneficial to your business.  Here’s everything you need to know. First thing’s first: what is supply base optimization? Supply base optimization ..read more