Scanning the world of procurement thus far into 2019, our verdict is that digital technology continues to dominate change — but that at the same time many businesses are hustling to keep up with it. One frequently cited survey reports that only about one-third of executives have implemented digital technology in procurement and related services.…
The use of big data analytics in various business environments continues to have a positive impact on the decision-making process, as a result of the insight it provides. Individuals who utilize e-procurement software are part of those who are reaping the benefits of big data. An analysis of the importance of big data in e-procurement,…
At Value Innovation Technologies we understand the importance of effective communication. That’s why we’ve taken some major steps to help improve the way we communicate with you, with the launch of our new website. We want anyone coming across our message online to have an experience as seamless and easy as the ones we offer…
Autonomy is one of the approaches that can help mid-sized companies and large businesses to grow because it eliminates unnecessary delays. It is also worth noting that empowering your branch employees to make purchases directs your attention on those engagements that will promote the growth of your firm as a whole. The challenge is that…
Peter Drucker once said: “Only three things happen naturally in organizations: friction, confusion, and underperformance. Everything else requires leadership.” That sounds like a man who’s been around the block a time or two! Really, what Mr. Drucker said is true of any business, and it holds true for your company’s procurement department as well. Especially…
Businesses use procurement technology solutions to manage procurement of supplies, parts, inventory, and equipment. Although businesses of every size should strive to run a lean operation, large organizations face unique challenges and opportunities in their procurement processes. Procurement management includes making purchase decisions on price but also on other components of value, such as quality…
The larger a business or organization grows, the more resources it takes to keep the organization supplied. Indirect materials are often difficult to track since they are not accounted for in COGS. Indirect spend is often controlled by multiple people within an organization. Janitorial supplies, facilities and maintenance replacement costs, office supplies, and groundskeeping all require…
Large enterprises commonly focus on using their size to drive price reductions when purchasing consumable materials. This practice has been successful but is reaching the point of diminishing returns. Years ago, companies could generate savings by running bids, reverse auctions, and other price reduction techniques designed to generate more competition. The research shows that the…