The Human Element of Procurement: Building Strong Teams in a Digital Age
The role of procurement has transformed significantly over time. In an era where artificial intelligence, machine learning, and automation are reshaping the business landscape by enhancing efficiency in processes, improving accuracy in findings and helping teams make better decisions for the business, it’s easy to fall into the trap of believing that technology alone can […]
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 […]
Benchmarking in IT Procurement: Challenges and Best Practices for a Competitive Edge in Negotiating with Suppliers
Navigating the procurement landscape in the IT sector presents unique challenges, mostly due to the opaque and highly variable pricing structures that dominate the field. External benchmarking, while valuable, often falls short in IT procurement because many suppliers do not provide standard pricing lists publicly, and even when they do, these lists rarely reflect the […]
Mastering Procurement Data: How to Implement Effective Workflows that Bring Value to Your Business
As our journey through the Mastering Procurement Data series progresses, we’ve explored the indispensable role of unifying your procurement data into one source of record and the transformative power of equipping your team with analytics and taxonomies that help drill the most relevant insights from the data you collect. These steps set the stage for […]
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 […]
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 […]
What’s Involved in Deploying Spend Optimization Platforms
Are you exploring a spend optimization solution for your IT services and wondering how they are deployed? Want to make sure they are not an absolute headache for you and your business? Know the right questions to guide your selection criteria? You’re in the right place. In this Article, we will go over the key parts […]
Comparing TEM and IT spend optimization platforms
Technology Expense Management (TEM) and IT spend optimization platforms are both solutions that companies can use to manage and reduce their expenses. TEM platforms are a well-established solution category that for many years was the only solution capable of handling enterprise requirements, including invoice processing, contract management, and usage reporting. This reporting has helped companies […]
