Predictive Analytics and its Impact on the Procurement Function
There is a seismic shift happening in the procurement landscape currently, and that’s largely resulting from the integration of predictive analytics into the function. Companies are adopting more data-driven approaches to increased efficiency and cost savings, so knowing how to interpret data you already own is becoming a key driver of strategic value. Because of […]
The Promise of AI in SaaS: What Has Actually Been Delivered?
Artificial Intelligence (AI) has been a hot topic in the Software as a Service (SaaS) industry for several years now. With promises of revolutionizing everything from customer service to business analytics, AI has been marketed as a game-changer for SaaS solutions. However, while the potential of AI is enormous, the reality of what has been […]
Zero-Based Budgeting in IT: A Tool for Radical Cost Optimization?
Regardless of the changing priorities of businesses throughout the years, cost management remains one of the main challenges for procurement professionals. As technology continues to advance and the demand for IT services grows, finding innovative ways to optimize costs has become critical, but procurement professionals often grapple with budget constraints, the need for rapid technological […]
Cognitive Procurement – Leveraging Machine Learning for Smarter Purchasing
I think it’s safe to say that digital transformation made substantial changes to how we approach procurement. Procurement is no longer just about cost savings and supply chain efficiency; it’s about strategic value and data-driven decision-making. Cognitive procurement, at the intersection of AI and procurement, is reshaping the way businesses approach their purchasing processes, moving […]
Why Vendor Management is Essential for IT Cost Savings
The rapid advancements in the Information Technology (IT) sector have brought forth a myriad of solutions that organizations can leverage. However, managing costs effectively remains a tough challenge to beat. In this environment, effective Vendor Management emerges as an indispensable tool for ensuring significant IT cost savings. This article illuminates the vital role Vendor […]
Predictive Analytics in IT: Forecasting Future Costs & Needs
One of the critical tools empowering organizations to anticipate future challenges and opportunities is predictive analytics. This advanced analytical technique uses historical data, statistical algorithms, and machine learning to identify the likelihood of future outcomes, providing IT departments with a telescopic view into their operational future, particularly concerning costs and resource requirements. And, let’s be […]
Tail Spend in Procurement: What is it and Why Should You Care
In the intricate landscape of procurement, it is common to fall prey to sneaky non-strategic expenses —usually known as ‘tail spend‘—which can quietly nibble away at a company’s finances. These minor yet cumulative costs often evade the attentive gaze of procurement and finance professionals, resulting in unseen financial leakage and missed savings opportunities. Characterized […]
How to Pick Your Perfect Procurement Software: Your Easy-Peasy Guide to Nailing the Best Fit for Your Business
Here’s the deal: procurement software is like your trusty sidekick in business. It can take the headache out of the procurement process, boost efficiency, and save you loads of money. But when you’re spoilt for choice with a buffet of procurement software options, it’s natural to question: how do you choose your perfect match? Don’t […]
The Role of Automation in Procurement: Letting Tech do the Heavy Lifting to Free Up Resources for More Strategic Activities
Procurement is a backbone function for any business. Its main goal is to ensure that the business has all the goods, services, and works it needs to operate effectively and efficiently, while also managing costs and supplier relationships, playing a vital role in a company’s operations, financial performance and risk management strategy. Because of that, […]
7 Tips and Tricks for managing SaaS subscriptions: How to effectively manage SaaS subscriptions, optimize costs, and maximize ROI
Software-as-a-Service (SaaS) subscriptions have become an essential tool for businesses across a range of industries. They offer numerous benefits like helping eliminate the need for businesses to invest in expensive hardware, software licenses, and infrastructure. The subscription-based pricing also allows companies to pay only for the services they need, leading to reduced costs and more […]
