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- April 07, 2015
- Business Strategy
Procure-to-Pay has its own Gartner report now, a sure sign that the tools and market are maturing. The profession is maturing too, as we've discussed in these pages recently. More signs: Calls for a more strategic and less punitive approach to maverick spenders, for procurement professionals with the situational abilities of an athlete and more forward-thinking approaches to working with suppliers.
Gartner’s release last week of the Magic Quadrant for Procure-to-Pay Suites marks an evolution of these tools, says PYMNTS. Whereas previously procurement and finance teams would select individual tactical tools to assist with e-procurement and e-invoicing tasks, nowadays a single solution can fulfill both needs. Gartner has developed a set of criteria to help customers understand this growing market.
Wanted For Procurement: Athletes! – Procurement Leaders
March Madness got to Paul Teague over at Procurement Leaders last week. We’ve been hearing a lot lately about what it takes to be good at procurement. Teague says it’s the ultimate team activity, and the best procurement pros share traits with the best athletes. Specialized knowledge in some category may be important, but the ability to see and react to all the pressures and opportunities in your markets and in your supply chains is even more so. Not a word on whether he picked Duke though.
How to Use Mavericks to Solve the Maverick Spending Problem – Spend Matters CPO
The conventional procurement wisdom is that maverick spending is bad, and mavericks must be shut down. Not so, says Pierre Mitchell. Maverick spending provides a gold mine of information for understanding the failures of your procurement system. If you can look at it that way, you can put them to work for you by following them straight to the places where you need to improve.
3 Reasons To Invest In Enabling Your Suppliers - Procurement Leaders
If you’re in procurement, suppliers often sit across a table from your team. They’re not the ‘enemy’ but without proper attention a relationship marked by distance and antagonistic behavior can evolve. Steve Hall shows what’s in in for you to invest in nurturing these relationships.
The macro economic impact of prompt payment – Purchasing Insights
One thing that always makes for a good supplier relationship is prompt payments. This is a hot issue right now. Pete Loughlin takes a look at the impact of slow payments on suppliers – it’s not good. He contends that if buyers paid in 10 days, they could actually make more money on capturing dynamic discounts than they currently do on holding payables for 60 days. Suppliers would clearly benefit, and the economy as a whole would benefit – to the tune of about $17 trillion by his reckoning.