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How AI is shaping the future of indirect procurement
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It’s no mystery why indirect spend is often ignored. By its sheer nature, optimization has proven to be incredibly challenging. Unlike direct materials which are often highly engineered, associated with a specific set of approved suppliers, and controlled precisely through ERP and MRP technologies, indirect spend is comprised of a highly fragmented group of suppliers that vary by business unit (BU) and plant. These suppliers represent 1000s of sub-categories of goods and services and are...
According to research from The Hackett Group, accounts payable best performers operate with 62% lower costs per invoice than their peers. This indicates a significant opportunity for companies not considered best performers to make significant improvements to their operations. "AP best performers operate with 62% lower costs per invoice than their peers." Key Metrics to Determine Procure-to-Pay Process Efficiency Price per financial transaction basis Transactions per full time equivalent (FTE) Purchasing’s span of control The...
It’s important for users to make the right software decisions that meet their buyer needs. In this report, SoftwareReviews collected and analyzed detailed surveys from real end users of various strategic sourcing software to provide an in-depth view into products and vendors that help companies assess the right vendor for them. The SoftwareReviews Strategic Sourcing Data Quadrant report recognizes top sourcing technology vendors that stand out for their capabilities, product features, likeliness to recommend, and...