procurement

The Changing World of Procurement - A Recap of The Changing World of Procurement Webinar presented by Supply & Demand Chain Executive, September 10, 2014

The following is a Puridiom recap of The Changing World of Procurement webinar presented by Supply & Demand Chain Executive. The points covered during the roundtable discussion have been summarized in order of the questions asked.   Although the panelists were from very different backgrounds within the Supply Chain, they all reiterated the importance of procurement automation, visibility, supplier collaboration and communications.

The Changing World of Procurement webinar began with this brief introduction: Over the next decade, the way procurement is executed has to change. Organizations must identify all of their business entities, buying habits, cost information, benchmarking and more to obtain more real-time data in a predictive form. Without it, there will be knowledge loss as experienced supply management professionals leave the business; customer loss; being viewed as a less favorable supplier, less financial investment from shareholders; reduced market share; and a non-sustainable business model.

What Keeps You Up at Night?

Organizations today are seeking control, visibility, automation, optimization, and compliance in their supply chain and procurement processes. What is keeping them up at night is trying to figure out the best way to accomplish these goals with the right tools and processes.

are you satisfied with the efficiency of your procurement operationAre you satisfied with the efficiency of your procurement operation?

Not surprisingly, a large number of those polled were not satisfied with their procurement operation and that may be due to the reasons stated above. Panelists believed that organizations today are being challenged at an even higher level to deliver results to C-level management, so they are constantly seeking more ways to improve the efficiency of their procurement processes.

Where does Big Data fit within Procurement Today and in the Future?

Big data has become a major driver of business strategy and a major driver of performance reviews. The challenge is in capturing the right data and using it well. Best-in-class procurement organizations that have full visibility into their spend now have the ability to use this data better, making it better quality procurement data. With this data they can track spending trends more closely and in real time, helping them to become more responsive and successful.   This data can also be fed to several other critical systems and used as the core to business intelligence.

We are also finding data being enriched by third-party data sources, such as news reports, or financial information that could potentially help with sourcing decisions or avert supply shortages. This type of data is becoming increasingly available from either other integrated networks (payment information, feedback, ratings, etc.) or through third-party solutions. For more information on Big Data, read article.

how do you communicate with suppliersHow do you manage and communicate with suppliers?

Supplier collaboration and how suppliers interact with organizations is of great concern to procurement professionals.  The informal poll during the webinar indicated that the majority of participants communicate with supplier via email and the smallest number is using supplier portals or third parties to communicate with suppliers.

All panelists agreed that better and faster communication with suppliers is a must for procurement today and especially in the future. The benefits of automating the supplier connection and collaborating with your suppliers far outweigh any initial difficulties of onboarding suppliers. Supplier portals increase efficiencies and communications, drive visibility and improve supplier collaboration. Other benefits to automating this process include enhanced decision-making based on having faster, more up-to-date information, as well as more accuracy, better document management, and more time to build real supplier relationships.

Do you use a mobile device at workDo you use a mobile device at work (smartphone, iPhone, tablet)?

With more and more people “on-the-go”, out of the office, traveling, in meetings, commuting… basically not at their desks, the demand to use mobile devices in the workplace and have a convenient way to facilitate one’s procurement activity will naturally increase. The webinar poll seems to reflect this trend. As more companies embrace BYOD policies and IT departments mandate the use of mobile devices for their employees, we will see an increase in usage. Technology in turn is now being required to be available on all types of devices – mobile friendly and adjustable to screen size.   We are also seeing the need for mobile tools that can run off-line and have the capability to sync up with systems when a connection is available. This is becoming a priority for organizations that have remote locations, such as oil fields, or construction sites.

As we see the importance of procurement data grow, the need for the most up-to-date information will become more important reinforcing the need for on-the-go mobility in the workplace. Find out more about Puridiom Mobile

Automation

All panelists were in agreement that the day of the manual spreadsheet to manage procurement is disappearing and those that are still using this method will be left behind. Automation is the answer for procurement departments and there is plenty of data and research to back this up (Gartner, Forrester, etc.) Automated procurement processes and implementing best practices will streamline procurement operations, increase efficiencies, decrease inaccuracies, provide visibility and gain cost control of an organization.

The bigger problem for organizations today is not deciding to automate, it is deciding how to automate and with what tools. Panelists agree that a well-thought out plan and good communication with all involved in the procurement process and any branches of that process is mandatory.

Corporate Buying Experience

Another aspect of procurement that is changing is the actual buying experience. As we, as consumers, buy more and more online, we have become accustomed to the user-friendly “amazon-like” experience. This experience is translating directly into the business environment. Buyers in the corporate world are demanding easy interactions with the buying tools and a new “consumerism” is emerging. Technology is adapting by bringing shopping cart experiences to the corporate buyer and allowing social media input and other third-party data feeds to influence the buying decision.

Another way buying behavior is changing is the emergence of “project-based” procurements, in which buyers are collaborating with suppliers, and sourcing to buy for a particular project, rather than buying “one-offs.” The type of purchasing is leading to better controlling of costs and better supplier relationships.

Conclusion

As all panelists have agreed, and we hope you have also, the need for automation of procurement to gain visibility and control of cost for an organization is today and in the future, a necessity. But for many organizations it is difficult to get the C-level buy-in necessary to get the tools needed for this type of transformation project. Panelists agreed that corporate management must be presented a cost-savings plan that includes the viewpoints of all offices of the C-level and how they and the organization as a whole can benefit. Communication to all involved in the process is vital to the success of this type of project. Choose a technology that will meet the needs of your organization today and in the future, and that can help implement best practices, as well.

The Changing World of Procurement webinar was broadcast on September 10, 2014.  View now on-demand.

 

Changing World of Procurement

Over the past several decades, we have seen the role of procurement change tremendously, moving from a back room function to a strategic role at the corporate decision-making level.  There are many factors to account for this change – technology, internet, communication, and recognition of the importance of the role of the procurement function. Today, procurement’s role and how it is viewed within an organization is constantly and continually evolving.

What will it look like in 10 years?  How will the use of mobile devices within the workplace affect how we buy, or how we manage suppliers?  How will social media affect the decision-making processes, and how is/will technology change to accommodate the way procurement departments function?  The amount of data being gathered and generated by ERP, accounting, and procurement systems is huge.  How will the availability and analyzation of data affect procurement?

These and many other questions are just some of the possible topics of the September 10 webinar, The Changing World of Procurement.  Join Al Jacobs, Puridiom VP & COO and 3 others as they discuss their perspective on procurement today and in the future.

 

 

next level purchasing conference banner

What is a MVP?  MVP is an abbreviation for Most Valuable Player: the man or woman judged to be the outstanding player in a sport during a particular season or championship, according to dictionary.com.  So it follows that a procurement MVP is the man/woman judged to be the outstanding procurement professional, and to simplify, we’ll take the season and championship out of the equation and substitute department.  In other words: A Procurement MVP is the man/woman judged to be the outstanding procurement professional within their department.  

How do you become an MVP? Efficiency? Competency? Experience? Education?  Well, we’ll leave that up to you to decide.  The point of this article is to share with you an upcoming conference that can help you become the MVP of your office.  And in a way that we think is fun and educational.  The Next Level Purchasing Association is conducting its second annual conference, 2014 NLPA Conference, Where Procurement MVPs Are Made, focusing on helping you become a better procurement professional.  Complete with relevant workshops, topical general sessions, and interesting keynote speakers, the conference promises to educate, as well as entertain.

Set to a baseball theme, complete with a backdrop of the beautiful Three Rivers Stadium (sorry, born a Pittsburgher, I’m partial), the conference sets you up for the first pitch and takes you through all the bases.   Attendees can earn up to 16.5 CEHs towards certifications.

Why are we promoting this conference?  We believe in education and are proud to sponsor this event.  If you register as our guest, using our promo code, you can save 10% on the registration cost.    We look forward to seeing you in Pittsburgh and seeing you transform into a Procurement MVP!

 

 

 

Puridiom Man

Puridiom Procure-to-Pay Solution is Solid where it counts according to to Next Level Purchasing Association in a recent vendor review.  The system was viewed as a “source-to-pay” system with a strong eProcurement component and basic sourcing capabilities.

July 24, 2014 - Puridiom Procure-to-Pay Solution is solid where it counts according to Next Level Purchasing Association in a recent vendor review. The system was viewed as a “source-to-pay” system with a strong eProcurement component and basic sourcing capabilities.

Next Level Purchasing Association, a resource for procurement professionals, from entry-level buyers to executive-level practitioners, has been conducting vendor reviews over the past few months for its members. Puridiom is one of several vendor reviews posted on The Purchasing Certification Blog.

“Puridiom is an out-of-the box workhorse, designed to help procurement departments get the job done,” says Dennis Toohey, Director of Solutions. “Our step-by-step workflow ensures compliance to procurement policies and our integration expertise and the use of a real-time single data source offers seamless integration to any ERP or HR system.”

Puridiom has been in the procurement business for over 30 years and has transformed many procurement departments. The breadth of the Puridiom solution supports any spend category, ensuring that every good or service that is being requested and acquired in the system is track-able, traceable and reportable in a variety of different ways for everyone within the organization (with the appropriate permissions) from the requester, to the buyer, to AP and to management. These high levels of visibility, intervention and control based on these analytics, according to Toohey, are a major difference between Puridiom and other spend management systems.

To find out more about Puridiom, Puridiom solutions and services, go the Puridiom website.

About Puridiom
Puridiom, a recognized Procure-to-Pay leader in the Supply Chain, offers innovative procurement solutions, industry-specific strategies, and best practice expertise to achieve best-in-class results. For over 30 years, Puridiom has successfully transformed procurement and accounts payable operations and delivered real savings, control, compliance, and accountability to spend activity. Puridiom serves global organizations within diverse industries, including energy, insurance, financial, entertainment, government, healthcare, and non-profit. Solutions and services include stand-alone modules, a comprehensive procure-to-pay suite, cloud / SaaS and on-premise deployment platforms, and business process outsourcing options. Discover real savings and learn more at http://www.puridiom.com.

About Next Level Purchasing Association
Next Level Purchasing Association is the most sought out resource for procurement professionals; from entry-level buyers to executive-level practitioners. As a global organization founded in 2000, Next Level Purchasing has helped clients in over 150 countries throughout the world to establish and utilize procurement best practices leading to the achievement of better results than ever before.

SupplierPay Initiative

Today the White House announced a new initiative to assist small business owners – one that essentially depends on participation of big business. The initiative, available here, is asking that big businesses pay small suppliers earlier so that they do not have to extend their credit to stay in business. Many of the big names are signing on – Apple, Coca-Cola, AT&T, IBM, Fedex, Johnson & Johnson are on the list so far. It is a win-win for them – they have the capital and the PR doesn’t hurt.

The intentions of this act are great – faster payment is good for suppliers. But what is really needed is for the banking system to allow small businesses access to financial capital in the form of credit lines so they can do business and become self-reliant, rather than depending on big businesses for assistance.

To its credit, the initiative does advocate big businesses enabling a financing solution to help small suppliers access working capital at a lower cost, but it will be interesting to see how and if this type of assistance will be administered.

What do you think?

Key

Puridiom, a leading Procure-to-Pay provider, has once again been recognized as a Top 100 company contributing to the “100 Great Supply Chain Projects,” by Supply & Demand Chain Executive Magazine.  Inclusion in this year’s “100″ list recognizes Puridiom leadership as a solution and service provider in assisting the Supply Chain function and supply chain executives move toward supply chain excellence.

May 21, 2014 – Puridiom, a leading Procure-to-Pay solutions provider, has once again been recognized as a Top 100 company contributing to the “100 Great Supply Chain Projects,” by Supply & Demand Chain Executive Magazine. Inclusion in this year’s “100″ list recognizes Puridiom leadership as a solution and service provider in assisting the Supply Chain function and supply chain executives move toward supply chain excellence.

The 2014 Supply & Demand Chain Executive 100 are supply chain solution and service providers that are helping their customers and clients achieve supply chain excellence. They have produced measurable gains in ROI through cost-cutting and increased efficiency, whether in warehouse, transportation, procurement sourcing or any other category in the end-to-end supply chain.

“Our goal with this year’s “100″ is to put the spotlight on successful and innovative transformation projects that are delivering bottom-line value to small, medium and large enterprises across the different functions that comprise the supply chain,” says Supply & Demand Chain Executive Editor Barry Hochfelder. “The projects featured can serve as a roadmap for supply chain executives looking for new opportunities to drive improvement in their own operations.”

“Each project we take on is a unique opportunity to help an organization recognize ways to achieve savings,” says Jesus Ramos, co-founder and CEO of Puridiom. “By providing the right tools and technology, best procurement practices, and support, an organization can achieve their specific goals, and more often than not, beyond expectations.”

Puridiom will be featured along with other award recipients in the June 2014 issue of Supply & Demand Chain Executive, as well as online. To find out more about how Puridiom enables its clients with powerful savings and spend visibility tools, read more here.

About Puridiom 
Puridiom, a recognized leader in the Supply Chain, offers innovative technology solutions, industry-specific strategies, and best practice expertise to achieve best-in-class results. For over 30 years, Puridiom has successfully transformed procurement and accounts payable operations and delivered real savings, control, compliance, and accountability to spend activity. Puridiom serves many global organizations within diverse industries, including energy, insurance, financial, entertainment, government, healthcare, and non-profit. Solutions and services include stand-alone modules, a comprehensive procure-to-pay suite, cloud/SaaS and on-premise deployment platforms, and business process outsourcing options. Discover real savings and learn more at the Puridiom website.

About Supply & Demand Chain Executive 
Supply & Demand Chain Executive is the executive’s user manual for successful supply and demand chain transformation, utilizing hard-hitting analysis, viewpoints and unbiased case studies to steer executives and supply management professionals through the complicated, yet critical, world of supply and demand chain enablement to gain competitive advantage. On the Web.

Puridiom procure-to-pay at ISM 2014

Last week we returned home from the 99th International Supply Management Conference held in Las Vegas, Nevada.  As always, it was a great opportunity for us to network with our customers, peers, and introduce ourselves to newcomers.  This year, in addition to requests for information about procure-to-pay solutions and best practices, we were asked a lot about integration.  With many organizations having (expensive) ERP systems already in place, is it possible to get a procurement piece, AP, inventory, etc.?  The answer is a resounding yes! Puridiom integrates with almost any system.  With 31 years of working with systems in just about every industry, we have probably seen it all.  But if you would like to challenge us, we would be happy to hear from you!

In addition to activity in the exhibit hall, the conference was full of great sessions and keynote speakers.  Check out the ISM 2014 blog for a recap.

Next year will be the 100th year for ISM and we are anticipating a great event in Phoenix. Our booth is already reserved and we hope to see you there!

 

Power up your Procurement

Puridiom invites you to join us at the 99th Annual International Supply Management Conference in Las Vegas, NV on May 5 – 8, 2014.  We are hosting The Puridiom Power Station on the Exhibit floor at Booth #623.  Some of the many reasons to stop by:

  • Charge up your mobile devices at the Puridiom Power Station
  • Find our more about Puridiom Mobile©
  • Get a sneak peak at Puridiom 5.0
  • Find out more ways to Power up your Procurement
  • Get your Passport stamped – yes we are one of your Passport stops!
  • Enter to win a Mophie® portable powerstation to keep you charged even on the go

Have specific questions for us?  Set up a time to speak with us here.  We’ll be happy to sit down and speak to you.

Not able to join us in at the conference? Follow us on Twitter® @PuridiomPros or type in  #PowerUpPuridiom  or #ISM2014 and we will keep you updated on events as they happen.  We will be recapping the day’s activities on this blog.

 

press release image

Puridiom, a leading Procure-to-pay solution provider, is showing organizations how to power-up their procurement game at this year’s 99th Annual International Supply Management Conference, held in Las Vegas, May 5 – 7, 2014. As an ISM sponsor, Puridiom supports the mission of the ISM organization lead the supply management profession through its standards of excellence, research, promotional activities, and education.

May 1, 2014 – Puridiom, a leading procure-to-pay solution provider, is showing organizations how to power-up their procurement game at this year’s 99th Annual International Supply Management Conference, held in Las Vegas, May 5 – 7, 2014. As an ISM sponsor, Puridiom supports the mission of the ISM organization lead the supply management profession through its standards of excellence, research, promotional activities, and education.

At the conference, Puridiom will show attendees how to boost efficiencies and energize their procurement processes through technology and best practice policies. The exhibit booth will feature a “power station” where attendees can charge their mobile devices while learning about the power of the Puridiom procurement solution. “Puridiom provides self-service procurement tools designed to enable procurement departments to work more efficiently and effectively,” says Al Jacobs, Puridiom’s VP and COO. “The Puridiom solution sparks new cost savings and transforms the procure-to-pay process for the organization.”

In keeping with the “power-up” theme, Puridiom will be giving away 2 Mophie® powerstations, portable charging devices capable of quickly charging virtually any USB device, including the iPad and other tablets. Stop by Puridiom Booth #623 and enter to win, as well as learn more about powering up the procurement process.

Follow Puridiom on Twitter during the conference at #PowerUpPuridiom or #ISM2014.

About Puridiom 
Puridiom, a recognized leader in the Supply Chain, offers innovative technology solutions, industry-specific strategies, and best practice expertise to achieve best-in-class results. For over 30 years, Puridiom has successfully transformed procurement and accounts payable operations and delivered real savings, control, compliance, and accountability to spend activity. Puridiom serves many global organizations within diverse industries, including energy, insurance, financial, entertainment, government, healthcare, and non-profit. Solutions and services include stand-alone modules, a comprehensive procure-to-pay suite, cloud / SaaS and on-premise deployment platforms, and business process outsourcing options. Discover real savings and learn more at Puridiom.

About ISM 
Institute for Supply ManagementTM (ISM) is the first supply management institute in the world. Founded in 1915, ISM’s mission is to enhance the value and performance of procurement and supply chain management practitioners and their organizations worldwide. By executing and extending its mission through education, research, standards of excellence and information dissemination — including the renowned monthly ISM Report On Business® — ISM maintains a strong global influence among individuals and organizations. ISM is a not-for-profit educational association that serves professionals with an interest in supply management who live and work in more than 80 countries. ISM offers the Certified Professional in Supply Management®

Puridiom Sponors SSON

The 18th Annual North American Shared Services & Outsourcing Week was held in March in Orlando, FL.  Over 500 enterprise shared service and leads connected and had the opportunity to learn how to better enhance customer value, build business partnerships and optimize global business services.  This year was exciting for us because the conference added a stronger focus on function, making sure that the folks attending were getting information relevant to their jobs.

The Procurement track turned out to be a popular focus group, evidenced by the number of people that attended session on Empowering your P2P with AP Services.  Al Jacobs, Puridiom VP and procurement expert spoke on AP challenges within the procure-to-pay process and how to effectively address them.  Specifically, the session focused on organizations that were experiencing any of following or similar challenges:

    • Approving purchases after the fact
    • Manual processing of invoices
    • Drowning in paper
    • Misplaced or lost invoices
    • Missed early payment discount opportunities
    • Not effectively managing cash flow
    • Spending too much time on invoice discrepancies
    • Unnecessary invoice status and inquiry calls
    • Suppliers are predominantly paid by check

A close look at electronic vs paper-base ap processes clearly indicates the difference automation can make in this process.  The session went on to define the benefits, best practices, approaches, and technologies available to organizations looking to take advantage of AP services within the P2P process.  The slides for this session are available here.