Saving money is not always about pinching pennies: advanced and data-driven insights enable you to identify real cost-saving opportunities, negotiate favorable contracts, and optimize supplier relationships. By leveraging these tricks, you can achieve substantial cost reductions and drive procurement excellence ..read more

The topic of our recent roundtable discussion with a dozen Procurement Foundry community members—exploring potential flaws in procurement incentive plans—was one that we anticipated would generate a lively debate…and we were not wrong ..read more

Every 30 days or so, I get the same alert on my phone—“Your electricity bill is available for viewing.” I take a quick look, make sure nothing seems too off-kilter, and promptly forget about it for the next 30 days. Because I’ve set my personal electricity bill up for auto-pay, the entire process generally takes less than 60 seconds from the time I open that email to when I’ve gone back about my business. It’ll get paid at some point over the next two to three days. Wash, rinse and repeat. The water bill, the internet bill, the waste bill—they all follow a similar process; they all kind of ju ..read more

Data lies at the centre of AI. But ‘having data’ in itself is not enough to build a resilient supply chain. AI needs massive amounts of data and even bringing data together from different sources poses challenges because of a lack of standardization and governance structures like policies, procedures and protocol ..read more

I graduated from college and embarked on my career thinking I knew what the word savings meant. Mine was the common-sense definition that “John and Jane Q. Public” use every day: Economizing. Spending less money. Keeping more money because you’re spending less ..read more

When you think of the global supply chain, what comes to mind? Perhaps a massive green vessel wedged in the Suez Canal, or shipping containers piled up in port cities during the pandemic. It's unlikely that pharma companies enter the picture at first. But for pharma company executives, supply chain resiliency is top of mind.  ..read more

Sustainability and ESG reporting are being adopted at rapid speeds. Diversity and Inclusion is on everyone’s mind. And organizations are waking up to what procurement professionals have known for years: choosing the right vendors and suppliers opens doors to social and environmental impact ..read more

Our panelists will discuss and evaluate to what extent Generative AI can be deployed for procurement. Their discussion will include the grounds necessary to be covered to utilize generative AI to its full potential, what to look out for, as well as use cases for supply continuity. Note: This webinar has been approved by the Institute for Supply Management® (ISM®) as an eligible educational activity for one (1) continuing education hour (CEH).  ..read more

Introduction In the realm of modern business operations, procurement has evolved from being a mere transactional process to a strategic function that directly influences a company's success. Central to this evolution is the concept of planned work in procurement. This article delves into the crucial aspects of planned work in procurement and why considering procurement orchestration is valuable. We’ll highlight the significance, benefits, and the strategic advantages of automating planned work ..read more

All seasoned procurement professionals know that mastering a diverse set of skills is crucial for success. While technical expertise is often prioritized, emotional intelligence—an equally important skill—is often overlooked. While not always top of mind when considering skills contributing to overall success, acting empathetically and exceeding professional expectations enables procurement professionals to navigate complex relationships with stakeholders, build trust, and accomplish their objectives ..read more