Procurement Sciences’ Post

"Advances in contracts management technology can help your department drive through value, enhance reporting, and save time". Read more about how Artificial Intelligence is changing the Procurement Contracting Process! #deloittelegal #legaloperate #artificialintelligencetechnology

𝗣𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 𝗟𝗲𝗮𝗱𝗲𝗿𝘀: Are you maximizing your procurement ROI? The industry benchmark for ROI sits around 350%, but best-in-class organizations are achieving up to 850%. How close are you to unlocking these savings? Limelight Intelligence helps procurement teams drive higher ROI with our generative AI solution by offering: • 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗢𝗽𝘁𝗶𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻: Identify untapped savings, including early payment discounts and opportunities to renegotiate terms. • 𝗥𝗲𝗮𝗹-𝗧𝗶𝗺𝗲 𝗦𝗽𝗲𝗻𝗱 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀: Assess savings opportunities in real-time and make data-driven renegotiation decisions. • 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗼𝗻: Shorten purchase order cycles and streamline workflows to accelerate time-to-value. • 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗧𝗿𝗮𝗰𝗸𝗶𝗻𝗴: Leverage AI insights to ensure suppliers are meeting expectations and delivering value. Ready to boost your procurement ROI? Visit our website or schedule a demo to see how Limelight can help you achieve best-in-class results: LimelightIntelligence.com. #Procurement #ProcurementROI #ContractManagement #AI #CostSavings 

👉 Ep. 56/2024 - 𝗪𝗵𝗶𝗰𝗵 𝘀𝗵𝗮𝗽𝗲 𝗼𝗳 𝗸𝗻𝗼𝘄𝗹𝗲𝗱𝗴𝗲 𝗶𝘀 𝗯𝗲𝘁𝘁𝗲𝗿? - While an "I-shaped" knowledge could be a flexibility/relationship problem for several reasons, the answer to this question depends on the point of view: 🔹our internal resources 🔹our supplier's resources 📌 𝐓𝐡𝐞 "𝐨𝐮𝐫 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐥 𝐫𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬" 𝐩𝐨𝐢𝐧𝐭 𝐨𝐟 𝐯𝐢𝐞𝐰 Fostering a "V-shaped" knowledge may be the best choice. We should let our people go deeper in one main area of knowledge, and we should also invest/manage to nurture other areas of knowledge in them. This is important because: 🔷 1 - A company is an ecosystem of functions and I need a certain knowledge of my colleagues work to create an effective teamwork with them. How deep my knowledge of their work should be depends on the type of activity we do together and on the level of interface between us, e.g. do we just need an input-output model or we should we work together as a team for a common goal? 🔷 2 - We should take care of our people and foster their growth, also about their knowledge. People are the "treasure" of a company (even with the advent of AI), it's in a company's interest to invest in the growth of its people with a medium-long term perspective. 📌 𝐓𝐡𝐞 "𝐨𝐮𝐫 𝐬𝐮𝐩𝐩𝐥𝐢𝐞𝐫'𝐬 𝐫𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬" 𝐩𝐨𝐢𝐧𝐭 𝐨𝐟 𝐯𝐢𝐞𝐰 What do we need from a supplier's resources? We need: 🔷 𝙆𝙣𝙤𝙬𝙡𝙚𝙙𝙜𝙚 𝙖𝙣𝙙 𝙚𝙭𝙥𝙚𝙧𝙩𝙞𝙨𝙚 - The knowledge and expertise in their role and in the products, methodologies and best practices they will be working with 🔷 𝙍𝙚𝙡𝙖𝙩𝙞𝙤𝙣𝙖𝙡 𝙖𝙗𝙞𝙡𝙞𝙩𝙮 - The ability to effectively integrate and interface with other resources, roles and with others' activities, both of the supplier itself and/or of the customer 🔷 𝙈𝙖𝙣𝙖𝙜𝙚𝙢𝙚𝙣𝙩 𝙨𝙠𝙞𝙡𝙡𝙨 - The ability to manage activities, time and costs, both their own and, for coordination roles, those of the people they manage. This aspect goes beyond the mere execution of a task and directly affects the quality of work and the achievement of goals & expected results. In order to ensure all the above characteristics and the quality/results of the activities/services of the contract (e.g. a project), the supplier must involve resources with (at least) a T-shaped or M-shaped knowledge... and as a customer, we should pretend that from our supplier. 🔎 In terms of internal (our own) or external (supplier's) resources, we should consider that we have a long-term relationship with our people and any investment in our people is an investment in our company. On the other hand, the duration of our relationship with a supplier is the duration of its contract, the investment on its people and their involvement within the contract is its own entrepreneurial responsibility. Credit for the image to Jeroen Kraaijenbrink Credit for I, T, M and V, to Mike Dyne What do you think? Add your thoughts and comments ✍ Share it, spread information and ideas 💫 ----- #micheleromano

Excited to share that Conductiv has launched Contract Explorer, an AI-powered tool aimed at enhancing healthcare supply chain contract management! This tool automatically captures and summarizes information from contracts so that supply chain leaders can save time and stay organized. Contract Explorer allows healthcare organizations to conduct a free text search of all contracts, similar to a Google search, providing visibility into key contract terms and summarized SOW details! #HealthcareTech #Conductiv #SupplyChainManagement #ContractExplorer #AI

Did you know poorly optimized processes can waste 5-20% of your spending? 😱 Imagine the impact! The solution? Process improvement! Streamlining approvals with automation can slash processing time by 50%, saving you thousands annually. This is just the first of 7 situations where process improvement can revolutionize your procurement team and skyrocket your bottom line. Ready to dive deeper? Read more in this blog from NLPA: https://zurl.co/T21m #NLPA #ProcessImprovement #Automation #CostSavings #EfficiencyBoost #StreamlineProcesses #ProcurementTips

A quick read that speaks volumes. Let us show you in action how we are impacting outcomes.

Manufacturers are realizing solid 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 (IM) is the key to data maturity. We simplify the process of building scalable IM foundations.

🇬🇧 🇺🇲 🚀 How The Chemours Company Transformed Contract Management with Sirion By partnering with Sirion.ai, Chemours gained full visibility into contracts, reducing risk and improving compliance through AI-powered solutions. This success story shows how technology can drive efficiency and collaboration in contract management. Curious about how we can help your business? Check out the case study below 👇 : 📑 #ContractManagement #AI #Compliance #Efficiency

⚙️ Automation in Negotiations: The Ultimate Contract Management Hack! 🤖📜 Automating negotiations and contract management is revolutionizing procurement, driving efficiency and reducing human error. With AI-powered tools, teams can streamline contract workflows, from drafting to signing, all while ensuring compliance and minimizing risk. This automation allows procurement professionals to focus on strategic goals rather than administrative tasks. By analyzing contract terms and supplier performance data, AI identifies opportunities for improvement and potential red flags. However, a successful transition to automated contract management demands careful planning and clear integration strategies. Embracing automation in negotiations is key to building agile, resilient procurement functions. #contractmanagement #automationinprocurement #aiinnegotiations #digitaltransformation #smartprocurement #efficiency Full read here: https://lnkd.in/da7HhgAh

Unlocking the Future of Cost Management: Explore the transformative strategies of Cost 2.0 in our latest report! From AI adoption to strategic ITFM, outsourcing, and resource management, discover how leading organizations are reshaping their cost-saving approach for long-term success. 🚀💡 #Cost2.0 #Innovation #BusinessTransformation