The boom of technology implementation and its effectiveness were quickly tested by the challenges of the pandemic. While some challenges were solved successfully – collaboration via video conferences – the pandemic has stressed the structure and effectiveness of other areas.
Nothing in business is risk-free. Every department in a company needs to deal with risk daily.
Risk management appears to be a simple concept, yet it is a highly complicated aspect of organizational and procurement strategy.
We all know that procurement must be dependable and secure. Hence, it's crucial to control and mitigate the variety of risks connected with business operations to achieve success.
LogicSource and Sourcing Industry Group recently conducted a joint procurement technology survey. The results revealed some consistent, yet alarming, trends in procurement spend analytics. In short, responses made it apparent that procurement organizations at-large have yet to solve their spend data quality challenges.
Three key findings from the survey indicate the market’s need for more expertise and ongoing data services as it relates to procurement spend analytics: