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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.

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.

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.

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.

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.

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

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?

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