Purchasing News Hubb
Advertisement
  • Home
  • Procurement
  • Supply Chain
  • Contact us
No Result
View All Result
  • Home
  • Procurement
  • Supply Chain
  • Contact us
No Result
View All Result
Purchasing News Hubb
No Result
View All Result
Home Supply Chain

Jaggaer shares procurement technology insights for 2023

admin by admin
January 8, 2023
in Supply Chain


For several years now, Spend Matters has been collecting and publishing a series of  articles about predictions and insights on procurement, supply and services trends for the year ahead from expert tech and service providers in the market.

This year is no different and we’ve framed the subject around “insights,” highlighting providers’ observations from the year they’ve left behind and how they see them shaping the year ahead.

This series will run from mid-December to mid-January, then our analyst Bertrand Maltaverne will wrap up with his own take on the key themes that emerge.

In no order of preference, other than by the date they dropped into our digital letterbox, today let’s hear from Kristian O’Meara, SVP of Strategic Initiatives at Jaggaer.

Pressures on Procurement

The outlook on the likelihood and timing of a potential economic downturn in 2022 seemed to change daily. Most companies have a strategy for handling polarities, whether a downturn occurs or not, but they don’t always have a strategy for handling a prolonged ‘limbo’ period. The uncertainty, combined with other macro-level forces — Russia’s war on Ukraine, inflation, talent shortage and continued supply disruptions — has put tremendous pressure on procurement.

When enough pressure is applied to any system, that system must adapt. The more pressure, the more significant those adaptations become. If economic uncertainty continues through 2023, it will significantly intensify pressure on procurement teams. Procurement leaders will need to rethink how they conduct commerce at a fundamental level to drive the type of resilience, risk mitigation, cost optimizations and efficiencies to help their companies survive, let alone thrive.

We expect more organizations will lean into AI and automation’s power across the B2B commerce experience to weather a likely economic storm. These tools enable teams to run more efficiently in a resource-strained environment and drastically reduce the time buyers and suppliers spend on routine and repetitive processes, like invoicing, purchase orders, responding to RFPs and contract management. Companies can have up to tens of thousands of active contracts at a time. Managing contracts manually is incredibly time-consuming. AI and automation can help teams address contract risk at scale more efficiently.

Enterprises can strip out costs by leveraging AI to get matched with suppliers that offer equivalent goods and services for lower prices. AI can help teams identify optimal areas within the business to reduce costs overall and ensure everything purchased across the organization is at the lowest possible cost based on industry benchmarks.

The pressure on procurement will sustain throughout the year, but remember that diamonds are created under pressure. Most companies strip down as much as they can to weather an economic downturn, then slowly ramp back up when the economy strengthens. Well-led and run companies will invest in automation and optimization solutions throughout any downturn. Imagine if you could optimize your business so that you can successfully operate with a downturn cost structure when the economy bounces back? This would have a profound bottom line impact and is the type of value that the right mix of technology can deliver. The organizations that take steps now to revolutionize their commerce experience will have a significant competitive advantage.

Thanks to JAGGAER for being a part of the series, and look out for more insights for the year ahead.

 

If you need to find the right procurement technology and provider for your business needs next year, Spend Matters “Procurement Technology Buyer’s Guide” and TechMatch can help.

For granular analysis and comparisons of procurement technology solutions, subscribe to Spend Matters PRO.

And if you are looking for procurement services providers to help you with your 2023 decisions, look no further than our Procurement Services Market Landscape Directory.



Source link

Previous Post

More EVs to be used for mail carriers’ routes

Next Post

Vendor Analysis — Design for Supply solution overview

Next Post

Vendor Analysis — Design for Supply solution overview

Recommended

LevaData’s Keith Hartley on the “decision abyss” podcast

April 15, 2023

Financial Services Talent Woes Continue

February 24, 2023

Don't miss it

Procurement

Buy Queensland 2023 to support decarbonising supply chains and Brisbane’s Olympic runway

May 31, 2023
Supply Chain

Framespan – Making frameworks work

May 31, 2023
Supply Chain

Strategies for Optimal Tail Spend Management

May 31, 2023
Procurement

Serco and Wirrigan Business Services Empower First Nations Women through Social Procurement

May 30, 2023
Procurement

Calls on Large Businesses to Improve Payment Times for Small Companies

May 29, 2023
Procurement

Concerns Over Modern Slavery in Aus Supply Chains Worth Over $25 Billion

May 28, 2023

© Purchasing News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Procurement
  • Supply Chain
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Procurement
  • Supply Chain
  • Contact us

© 2022 Purchasing News Hubb All rights reserved.

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/