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New Transparency Act of Fundamental Human Rights: Are You Compliant?

New Transparency Act of Fundamental Human Rights: Are You Compliant?

The Norwegian Parliament has passed the Transparency Act, which will come into effect in July 2022. If you are an enterprise operating within Norway or elsewhere in Europe, this article helps you know what this act means for your company and how it affects your business operations.

Knowing your indirect and direct spend procurement and why it matters?

Knowing Your Indirect and Direct Spend Procurement and Why it Matters?

Did you know that every time you make a purchase for your business, it falls into one of two categories? Direct spend and indirect spend are different ways to categorize the purchases you make for your business. Read on ahead to learn how each affects your business.

War in Ukraine: Commodity Market Chaos and Procurement Risk Management

War in Ukraine: Commodity Market Chaos and Procurement Risk Management

The world has been turned upside down since the pandemic laid waste to global supply chains, and now the situation has gotten worse. The unfolding of the war in Ukraine has created a dire situation for global supply chains. This tempest will cause ripple effects that will eventually spill over into supply chains around the world. The same goes for your business, especially if you  ignore procurement risk management.

The Spend Cube: Explained and Answered if It's Still Useful in 2022

There's one thing procurement professionals are always in search of, it's clarity. They certainly want lots and lots of it. And what better way to get clarity than from a good old-fashioned cube? That's right—we're talking about a spend cube, which is a powerful tool that provides insight into the total value of spend per category, the number of suppliers each category has, and more.

Encyclopedia of Common Procurement and Supply Chain Terms

Encyclopedia of Common Procurement and Supply Chain Terms

Procurement is a complex field, full of jargon, but we're here for you. That's why we have created this encyclopedia which can be your quick reference tool. This glossary is handy for people who want to learn more about procurement and what it means to work in this area.

What is spend visibility and why you should care

What is Spend Visibility and Why You Should Care

Seeing all your spend data in one place can inspire a dramatic change in how you manage your business. It's even more useful if you also organize that data by supplier, categories, items buyer, then view it in real-time. You'll want to refer back to this information again and again! Yet, only a few organizations are able to get a detailed view of their spending. And this lack of spend visibility comes with a hefty price tag.

Sustainable Procurement: It's Not as Difficult as You Think

Sustainable Procurement: It's Not as Difficult as You Think

Where do the products you use come from? How are they made and transported? Who supplies your products? Do they use sustainable methods and materials? Are their carbon emissions high? Do you have a baseline with a heat map of scope 3 emissions in your company? If you’re looking to go net-zero, finding answers to these questions is crucial but not as hard as you might think.

The 20 Most Important Procurement KPIs to Drive Value

The 20 Most Important Procurement KPIs to Drive Value

Not sure how to choose and set the right KPIs for your procurement organization? Here we are with some guidance as well as 20 most important procurement KPI examples that you can use in your company.

5 Major Procurement Trends to Watch for in 2022

5 Major Procurement Trends to Watch for in 2022

2021 is soon going to be over. Though there's still enough time left for surprises to unfold, most of us would agree that this year has been more stable and less erratic than 2020.  Does that mean there's nothing new for procurement? No new challenges, changes, or trends? Well, if you ask us, we would say it's only a matter of perspective. 

Mavrick Spend: 5 Ways to Tackle It and Drive Savings

Maverick Spend: 5 Ways to Tackle It and Drive Savings

As maverick spending, or rogue buying, can account for up to 80% of a company's total spend, the inherent savings potential is often substantial. We have shared five steps to help you to get control of your maverick spend.

All About Strategic Sourcing in Procurement & How to Unlock Its Value

All About Strategic Sourcing in Procurement & How to Unlock its Value

Strategic Sourcing is a systemic process that continuously re-evaluates a company's purchasing activities to acquire goods or services that are of strategic importance to a company.

Six Tips For a Successful Negotiation

Six Tips for a Successful Renegotiation Process

Through multiple procurement projects, we've participated in hundreds of negotiation meetings with suppliers, that's provided us with valuable insight into how to ensure a successful renegotiation process. In this article, we share six practical tips on how to secure sustainable, long-term results from a renegotiation.

6 Reasons You Need a Spend Management Solution

6 Reasons You Need a Spend Management Solution

This blog will walk you through all you need to know about spend management and why managing spend is important for companies of all sizes.

Webinar on A Practical Roadmap to Procurement Savigns: FAQs

Webinar on A Practical Roadmap to Procurement Savings: FAQs

During our webinar on “A Practical Roadmap to Procurement Savings of 14 October 2021, we were very happy to receive your questions! In this blog, we answer them.

Supplier Evaluation and Assessment: The What, How, and Why

Supplier Evaluation and Assessment: The What, How, and Why

Organizations conduct supplier evaluations both to qualify the potential suppliers and to assess relationships with the existing ones. Supplier evaluation represents one of the most important decisions in a company to remain competitive, especially in times like now when markets are changing very fast.

Spend through contracts by categories and business units

How to Identify Savings Opportunities: Bundling

There are several procurement levers you can utilize to drive cost reductions. Bundling, or consolidating spend, is one of them. But how do you use procurement analytics to identify bundling opportunities?

All You Need to Know About Spend Management

All You Need to Know About Spend Management

When running a business, you need to think about thousands of factors that can contribute to or add value to it. Among these factors, one of the most important is how you monitor and control your spending. Irrespective of the industry you are in, spend management is a process that makes sure money leaving your company is appropriately tracked and accounted for regularly.

The Most Common Sources of Spend and Procurement Data

The Most Common Sources of Spend and Procurement Data

You can gain more insight from your data than you think! In this article, we take a closer look at the most common sources of spend and procurement data.

How to Identify Savings Opportunities: Transaction Cost

How to Identify Savings Opportunities: Transaction Costs

Procurement teams continuously focus on minimizing transaction costs and costs related to the purchase-to-pay (P2P) process. Although the trend is moving towards automated and self-guided P2P processes, there still might be some opportunities to explore.

Five Most Common Procurement Risks and How to Manage Them

Five Most Common Procurement Risks and How to Manage Them

Every procurement professional wants to mitigate as many procurement risks as possible, but before taking the risks head-on, you need to understand what you are up against. We have identified and put together a list of the top 5 procurement risks that all procurement professionals should be aware of.

4 Ways Procurement Analytics Identifies Savings Opportunities

4 Ways Procurement Analytics Identifies Savings Opportunities

Understanding and analyzing your company’s spend structure is often the first step towards laying the foundation of a data-driven procurement organization. But for many companies who've jumped into the analytics bandwagon, translating analytics to fact-based actions that enable realizing procurement savings is a tough nut to crack. This article will discuss some promising cost-reduction strategies enabled by analytics that can grow your procurement savings exponentially.

Six Ironclad Tips to Organize Your Company's Procurement

Six Ironclad Tips to Organize Your Company’s Procurement

Businesses nowadays are emphasizing upon the importance of organizing procurement functions. Why? Because effective and efficient procurement can be the difference between a company’s astounding success or downfall. Most of you must be convinced or are already looking out for ways to organize procurement functions for your business. Here are our six expert tips to help you start building a modern procurement function.

The Journey From Transactional to Strategic Procurement

The Journey From Transactional to Strategic Procurement

When a procurement organization's vision doesn't look beyond savings, the chances of getting stuck in a tactical shell increase. Sometimes, transactional issues might appear critical for operations, but in reality, they are short-term and with limited impact. To realize its full value potential, procurement must overcome its evolutionary tactical barrier and become a more strategic function.

Procurement Analytics: A Powerful Step Every Leader Should Take

Procurement Analytics: A Powerful Step Every Leader Should Take

You've all heard about procurement analytics and the enormous gains it can bring to your company. You also know how important it's to acquire data analytics skills and bring them into your decision-making for being an efficient leader. Still, there's something that blocks you from taking that first step towards your procurement analytics journey. If it's so, then you're in good company. This article will share procurement expert Kjetil Istad's views on what straightforward steps leaders can take to substantially outperform their industry and competitors.

How to Tame the Tail Spend Beast

How to Tame the Tail Spend Beast

The concept of tail spend analytics is widely acknowledged but seldom optimized by the procurement departments. As for most organizations, tail spend management is an uphill battle. This article will spotlight tail spend and how the right mix of advanced analytics and technology can help you tame the beast.

The New Darwinism of Procurement: Turn Strategic or Disappear

The New Darwinism of Procurement: Turn Strategic or Disappear

2020 has been a year that's made companies across the world completely rethink the way they do procurement. As opposed to the common belief that the pandemic has made the environment more challenging, in reality it's made the need for procurement transformation all the more critical.

Role of artificial intelligence or AI in procurement

How Artificial Intelligence Can Clean and Enrich Your Spend Data

The procurement industry is undergoing a rapid transformation. Once considered a laggard in the race to digital, the industry is evolving into a strategic function that's driven entirely by data and insights. While data is crucial to driving these transformations, bad, unorganized, or dirty data is considered no lesser than a bane for the procurement industry.

Massive Procurement Potential Within the Aquaculture Industry

Massive Procurement Potential Within the Aquaculture Industry

In a recent bachelor thesis, Ingeborg Bakke and Kristina Ulla highlight an untapped potential within strategic procurement across Norway's aquaculture sector.

Six Practical Steps to Realize Savings Through Bundling

Six Practical Steps to Realize Savings Through Bundling

Bundling is a vital procurement lever to help drive cost reductions across your organization. Follow these six steps to succeed and maximize savings during the process.

How to Identify Savings Opportunities: Maverick Spending

How to Identify Savings Opportunities: Maverick Spending

Maverick spending is probably a well-known problem for most organizations and procurement professionals. Let's look at how you can utilize procurement analytics to identify such challenges.

4 Procurement Challenges That Torment Construction Companies

4 Procurement Challenges That Torment Construction Companies

Many construction companies are still in the stone age when it comes to strategic procurement – despite its massive influence on the business.

Manufacturing: Solving 4 Major Challenges for Procurement

Manufacturing: Solving 4 Major Challenges for Procurement

Manufacturing companies of all types face several unique procurement challenges. With a dated spend management solution (or no solution in place at all!), managing these challenges can be very difficult.

Bi Tools vs Procurement Analytics Solutions: Pros & Cons

BI Tools vs. Procurement Analytics Solutions: Pros & Cons

As a spend management solution provider, we often meet procurement teams that are already using or thinking about investing in business intelligence (BI) solutions. But how well do BI tools support their procurement efforts?

How to Identify Savings Opportunities: Renegotiation

How to Identify Savings Opportunities: Renegotiation

Procurement analytics comes in many shapes and forms. Let us take a look at some analyzes that you can use for identifying renegotiation opportunities.

How Can Procurement Professionals Succeed With Cost Savings

How Can Procurement Professionals Succeed With Cost Savings

In this article, we look at five steps to identify and prioritize cost-saving measures that increase the likelihood of success.

How to Solve Challenges for Data Consolidation and Harmonization

How to Solve Challenges for Data Consolidation and Harmonization

One of the challenges in procurement is consolidating and harmonizing available data to make more fact-based decisions.

What's spend analysis?

What's Spend Analysis? And Why it Matters

Spend analysis is all about gaining the necessary insights to drive fact-based, smarter, and sustainable procurement decisions.

8 Benefits of Procurement and Spend Analytics

8 Benefits of Procurement and Spend Analytics

Working data-driven and fact-based with your procurement costs is crucial to identifying and realizing savings.

8 Strategic Levers to Reduce Procurement Costs

8 Strategic Levers to Reduce Procurement Costs

Selecting and implementing procurement measures is a vital part of a holistic approach to strategic procurement.

Categorizing and Classifying Spend - Five Practical Tips

Categorizing and Classifying Spend - Five Practical Tips

Categorizing your spend is the starting point for category management and a more data-driven approach to procurement. In this article, we'll share some practical tips on how to get started.

Contract management

Contract Follow-up Is Vital for Realizing Savings

Managing your contracts and improving compliance is essential to ensure that savings are realized. It also drives supplier collaboration and helps avert conflicts during the contract period.

Renegotiations - an Underestimated Strategic Lever?

Renegotiations - an Underestimated Strategic Lever?

You can use multiple levers to reduce your procurement costs. One commercial lever, often referred to as a "quick win", is to renegotiate your existing contracts.

How to Address Strategic Categories

How to Address Strategic Categories

The Kraljic Matrix is a useful tool ​​when defining relevant procurement levers for the different categories. Let's take a closer look on how to address strategic categories.

A Practical Guide to Category Management

A Practical Guide to Category Management

Many organizations talk about category management, yet relatively few have implemented this strategic approach to procurement. Implementing category management may seem challenging, but our experience suggests that a few, basic principles can take you a long way.

A category structure example

How to Create a Category Structure For Your Business

Classifying, or categorizing, spend provides you with more control, better overview and detailed insights. In addition, it's a vital part of category management and strategic procurement.

& Steps for Creating an Action-Based Category Strategy

6 Steps For Creating an Action-Based Category Strategy

Are you developing a category strategy, but not sure where to start? Follow these six steps to create an action-based category strategy for your company.

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