AI is revolutionizing the way we live and work, and the automotive industry is no exception. It is addressing 'tail spend' within the automotive industry, which accounts for up to 20% of Spend.
The part 3 of our blog series “Spend Under Management” discusses implementing the five basic principles of spend management to achieve your organizational goals.
The Part Two of our blog series “Spend Under Management” discusses these principles and how you can implement the framework within your organization.
Spend Under Management is an enterprise initiative that impacts spend in each business unit, touching every category and supplier who supplies a product or service to achieve 85% managed spend.
Spend management can help businesses thrive during uncertainty. Procurement leaders can mitigate inflation risk by identifying rising costs, utilizing sourcing tools, and identifying alternatives.
With the ever-increasing dependence on global supplier networks to fulfill procurement needs, companies must begin to integrate new technology into their procurement process.
Bottlenecks, demand swings, and unpredictable weather brought challenges for everyone during the 2022 holiday season.Here are some takeaways and a path to better supply chain management in 2023.