Tech News, Magazine & Review WordPress Theme 2017
  • Home
  • Supply Chain Updates
  • Global News
  • Contact Us
  • Home
  • Supply Chain Updates
  • Global News
  • Contact Us
No Result
View All Result
No Result
View All Result
Home Supply Chain Updates

2020 Procurement and Supply Chain Predictions from the Market – Basware

usscmc by usscmc
December 23, 2019
2020 Procurement and Supply Chain Predictions from the Market – Basware
Share on FacebookShare on Twitter

As we approach the end of 2019 we will see the usual flurry of procurement and supply chain related predictions for next year appear all over websites – and of course we are no exception! We have gathered a series of predictions from leading vendors in the procurement and supply chain space and will add our own sprinkling of endorsement from analyst Magnus Bergfors in our own roundup piece to follow.

So let’s start with our first vendor predictions, and see what global leader in networked purchase-to-pay solutions, e-invoicing and innovative financing services, Basware, has to say.

Data and Analytics

It’s been a hot topic for a while, but we don’t foresee this important theme going away anytime soon. Data and analytics were originally used with the intention to drill down into your operations. In that way, they only worked “reactively.” And though this was (and still is) tremendously helpful, it’s nothing compared to the benefits that come from using data and analytics “proactively.”

We anticipate using data in a more advanced, predictive way, going forward – not only to drill-down, but to alert-up. Using your data to establish actionable insights empowers your organisation not just to look at your current state of operations but make a proactive and informed plan for the future. In particular, predictive analytics and committed spend analysis can help you forecast your spend and track budgets. You can even avoid supply chain risk with advanced analytics and information gathered from your system as well as external data sources.

Ecosystem Approach to P2P

The concept of the “end-to-end” P2P suite is coming to an end. In its place we see the “ecosystem” approach rising. As businesses become more modern and emerging tech businesses and startups continue popping up left and right, it’s unrealistic to think a one-size-fits-all approach is feasible for growing organisations. It’s an idea that we, at Basware, have seen coming for a while. One vendor that provides total, end-to-end P2P might provide the breadth of functionality but not necessarily the depth of functionality needed for each stage of P2P process.

It’s time to adopt an integrated approach, a P2P ecosystem that provides a central location for all the unique plug-ins and applications that best fit your organisation. Because according to analyst houses, over the next 3-5 years the products that will win in this new market will be open, dynamic, and built with AI.

Supplier Risk Management

Admittedly, this trend is nothing new, per se. What is new, is the amount of emphasis that should be placed on mitigating your supplier risk. It’s not about just getting the cheapest suppliers anymore. There’s too much risk associated with thinking merely in terms of dollar signs when it comes to suppliers. There should be open dialogues and increased communication between both parties. The conversation shouldn’t just circulate around “how much?” It should entail in-depth dialogues and continuous research into how sustainable, diverse, and ethically upstanding a supplier is as well as what reputational and business risk a supplier can potentially cause.

Your suppliers are an extension of your brand and in that way a direct reflection of your business’ own beliefs. Additionally, customers are demanding visibility into how sustainable and ethical organisations’ processes are. In their 2018 Purpose Study, Cone and Porter Novelli reported that 78% of consumers say organisations must positively affect society, not just make money—and nearly the same amount (77%) say they feel more emotionally connected to organisations driven by a purpose and values. So, to keep risk at bay and adhere to the desires of consumers, it’s vital your organisation monitor and act proactively using comprehensive resources like Dunn & Bradstreet and Mastercard Track.

Global compliance

This is another trend that isn’t going away anytime soon. And like our third trend, SRM, it’s likely that it will only continue to become more important over the years. Why? Because global commerce, especially, has seen significant growth. And though global trade offers many benefits to organisations, it also introduces the complex issues of tax laws and regulations regarding e-invoicing.

E-invoicing regulations are becoming more stringent and as these laws develop more strict requirements, the risk associated with noncompliance increases substantially. Not to mention, these regulations can vary from country to country. So, if you’re a global organisation, these various laws can be nearly impossible to keep up with. That’s why it helps to team up with a solution that relinquishes some of that pressure and automatically stays up to date on the latest invoicing regulations, so you don’t have to.

Smart Processing and AI

Smarter processes backed by data and powered by automation are the future for S2P operations. When data quality improves, automation becomes all the more effective. It takes the manual tasks and the back-end operations out of the hands of your team and instead empowers them with the ability to make more strategic decisions and contribute to tactical business moves.

Intelligent technologies backed with AI (artificial intelligence) and ML (machine learning) handle as much as possible behind the scenes without human interference. These technologies learn as they go and eventually gather enough data to perform the same job in a completely different but more efficient way. We don’t predict that they’ll become sentient and come for your job anytime soon (or ever, to be honest). In fact, these technologies will actually continue to make all parts of the P2P process easier and quicker, empowering you to become more strategic.

Justin Sadler-Smith, GM at Basware UK&I added:

“In the UK there is definitely increased Board scrutiny over investment and a need for businesses to react quickly to a constantly changing business climate.  The pressure on CPOs to identify software that can co-exist with current investments and provide rapid ROI will most likely continue well through 2020. The stark reality is that a full Source-to-Pay deployment is a huge investment in time and cost so it will be critical to seek out and work with organisations that offer best-in breed solutions – the onus will be on the vendor to be flexible, nimble and open.”

Thanks to Basware – and look out for more solution provider predictions over the next couple of weeks. It will make interesting writing for the end of 2020 to see which were most accurate!

 

Please note that the order of vendor predictions in this series is based entirely on the order in which they dropped onto our digital doorstep, nothing more. 

 

usscmc

usscmc

No Result
View All Result

Recent Posts

  • Volkswagen Announces Pricing of 25% Equity Stake Sale in Porsche
  • Can software simplify the supply chain? Ryan Petersen thinks so
  • A strategic approach to cost reduction for banks and fintechs
  • Study examines supply chain issues and opportunities
  • Instacart acquires hyper local grocery e-commerce platform

Recent Comments

  • Top 5 Supply Chain Certifications that are in high demand | Top 5 Certifications on Top 5 Globally Recognized Supply Chain Certifications
  • 3 Best Procurement Certifications that are most valuable | Procurement Newz on Top 5 Globally Recognized Supply Chain Certifications

Archives

  • September 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • September 2019

Categories

  • Global News
  • Supply Chain Updates

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

slot gacor slot slot gacor 2023 slot 2023 slot gacor terbaru slot gacor terpercaya slot gacor slot gacor slot slot gacor 2023 slot 2023 slot gacor terbaru slot gacor terpercaya slot gacor slot gacor slot slot gacor 2023 slot 2023 slot gacor terbaru slot gacor terpercaya slot gacor

Pages

  • Home
  • Terms of Use
  • Privacy Policy
  • Disclaimer
  • Antispam
  • Contact Us

Categories

  • Global News
  • Supply Chain Updates
slot gacor slot slot gacor 2023 slot 2023 slot gacor terbaru slot gacor terpercaya slot gacor slot gacor slot slot gacor 2023 slot 2023 slot gacor terbaru slot gacor terpercaya slot gacor slot gacor slot slot gacor 2023 slot 2023 slot gacor terbaru slot gacor terpercaya slot gacor

Tags

APICS Globally Recognized Supply Chain Certifications IIPMR Certifications International Institute for Procurement and Market Research (IIPMR) ISM Next Level Purchasing Top 5 Supply Chain Certifications top supply chain certifications

Trending

No Content Available
  • Antispam
  • Contact Us
  • Disclaimer
  • Home
  • Privacy Policy
  • Terms of Use

© 2023 www.usscmc.com

No Result
View All Result
  • Home
  • Supply Chain Updates
  • Global News
  • Contact Us

© 2023 www.usscmc.com

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

SAVE & ACCEPT