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5 benefits of multi-tier supply chain transparency

Consumers expect brands and retailers to know much more about their products than in the past, such as where it was sourced, how it was manufactured, who was involved or what countries it passed through on its journey to the store. All this requires a deeper understanding of the supply chain.

While multi-tier supply chain transparency is challenging to achieve, it can reap serious benefits for businesses that invest the time and resources. Taking progressive steps to achieve visibility at multiple tiers can benefit businesses in five ways.

7 Simple Ways to Control, Automate Your Accounts Payable

Spend Matters welcomes this guest post from Finly, a provider of business spend solutions.

Accounts payable involves a lot of challenges, like providing payment approvals on time, budgetary restrictions, ensuring policy compliance and keeping the accounting systems up to date. Organizations reach a saturation level where manually processing all these becomes increasingly tedious and difficult to maintain.

An automated accounts payable system is a great way to overcome these issues and increase effective communication as well as employee productivity. To control your accounts payable, let’s understand the bottlenecks involved in the manual process of accounts payable.

How risk, technology reshape the CFO role

Traditionally, chief financial officers have spent their time poring over budgets, auditing seemingly everything and ensuring compliance. In today’s fast-paced, technology-driven world, their role is shifting, incorporating strategic planning, risk management and predictive analytics.

To find out what CFOs are facing and how they’re making changes, the survey “The Strategic CFO: Thriving with Risk” compiles the answers from 500 CFOs and global financial executives about their evolving experiences. The survey was prepared by The Wall Street Journal Custom Content group in association with Coupa, a business spend management technology solutions provider. In a webinar, Coupa CFO Todd Ford and Wall Street Journal contributor Rosa Harris discuss finance’s role as it tries to take on risk and other findings from the survey.

SRM and tariffs: Supplier relationship management provides dream ticket to control purchasing in a complex international landscape

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Purchasing is a core part of any business. That means software that can address the whole purchasing value chain and integrate closely with key areas of an organization is a real bonus for companies looking to expand their operational flexibility with suppliers. Applications such as supplier relationship management (SRM) provide the answer, limiting non-value-added work, offering real-time insight and playing a key role in helping companies come to grips with purchasing in a complicated, unstable global market.

CPOs can get the top procurement technology but not make material gains

The mantra of tech companies is that modern businesses must have high-powered procurement technology to reduce costs, automate manual tasks, save time, generate insight and allow for more strategic work. While true, the benefits are not the whole story. Chief procurement officers need to know what they are “digitally transforming” and why. The digital CPO must have a vision for how technology is going to improve procurement, why it will be good for customers and what to do next with all the data, insights and “time saved” by intelligent process automation.

Icertis’ customer reviews are in the new SolutionMap Customer Insights report

This week’s SolutionMap Customer Insights report focuses on customer reviews for Icertis, a top provider of cloud-based, enterprise contract lifecycle management (CLM) software. The applicable SolutionMap category for this report is in CLM. 

SolutionMap Insider members can read about Icertis in our latest report. In each Customer Insights report, we provide a one-page summary of information gleaned from the SolutionMap peer review process. The summary includes ratings on how well the vendor meets user expectations, three key differentiators for the vendor and a list of quotes about the vendor’s greatest strengths.

Friday Rant: Honda of Downtown Chicago and the Great Urban Dealer Maintenance / Service Ripoff

This week, we couldn't resist bringing back a classic, pseudo-retired Spend Matters column — the Friday Rant — to proffer some crucial personal spend management lessons learned recently in the dark world of urban Honda vehicle maintenance and service.

EcoVadis, NYU report on the state of sustainable procurement

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Sustainability efforts paired with technological growth continuously affect the way business leaders plan for their companies’ futures. As budgetary and operational plans are considered, thought leaders in the supply chain and procurement space are evaluating sustainability as an asset that can stifle risk and bring about further economic growth.

EcoVadis, a firm that works to provide sustainability risk and performance ratings for global supply chains, recently launched its 2019 Sustainable Procurement Barometer in partnership with the NYU Stern Center for Sustainable Business.

Sievo’s customer reviews are in the new SolutionMap Customer Insights report

This week’s SolutionMap Customer Insights report focuses on customer reviews for Sievo, a top provider that analyzes business spend data. The applicable SolutionMap category for this report is in Spend and Procurement Analytics. SolutionMap Insider members can click the link in this article to read about Sievo in our latest report. In each Customer Insights report, we provide a one-page summary of data from the SolutionMap peer review process. It includes ratings on how well the vendor meets user expectations, three key differentiators for the vendor and a list of quotes about the vendor’s greatest strengths.

When is the right time for mid-market digital transformation?

Procurement software providers that target large enterprises get a lot of attention, but the increased use of artificial intelligence and machine learning is raising the profile of vendors who serve a vast group of businesses that also are doing some heavy lifting — the mid-market companies seeking to digitally transform.

One of those providers is Paramount WorkPlace, which focuses on the procure-to-pay areas of e-procurement and e-invoicing for the middle market practitioner. And it also has a sliver of the enterprise market. We talked to Paramount for a Q&A to gauge how it’s helping to deploy technology and aid digital transformation across a range of businesses.

Recovery Audits Keep Your Business Churning and Money Leakage in Check

The complexity of today’s business environment — from siloed processes and disparate technology to constant changes like mergers, staff reductions, new software implementations and vendor turnover — can leave organizations susceptible to millions of dollars in leakage, even with tightly controlled accounts payable processes in place.

Perfecting the accounts payable process for every transaction can be a costly, time-consuming exercise, one that can reduce employee productivity and slow down daily business operations.

For finance leaders, establishing a streamlined AP process doesn’t have to mean leaving money on the table. In this article we’ll explore how a recovery audit can help companies gain greater insights into their losses and discover strategies for delivering substantial sums back to their bottom line.

Blockchain, AI offer big savings in transportation and logistics, PwC survey finds

Blockchain and artificial intelligence are bringing rapid change to the normally slow moving transportation and logistics industry, according to PwC in its recently released Transportation and Logistics Trends 2019 report, which is part of its annual CEO survey. The pressure to offer new and better service is on for transportation and logistics (T&L) executives, who reported confidence in revenue growth for their organization over the next 12 months at a five-year low — with just 29% saying they were confident that revenue would grow during that time, said the report, which included 143 CEO respondents in the T&L industry. PwC sees blockchain technology as a potential source of relief from logistics bottlenecks. Read to find out more.