Is your procurement team ready for Blockchain? Michael Shaw, Chairperson of the American Council of Sourcing and Procurement Executives, explains in this month’s SmartProcurement, that Blockchain – more commonly referred to as the Internet of Value, or Internet of Trust – will mature in five to seven years.
13 July 2017
A ‘cognitive procurement’ solution is set to redefine the source-to-settle process. The solution delivers intelligence from procurement data – together with predictive insights from unstructured information – to help make decisions in supplier management, contracts and sourcing activities.
A transformation initiative for small businesses in engineering and manufacturing, the Empowered Engineering and Manufacturing Initiative (EEMI), will be launched in September. The initiative is a collaboration between Smart Procurement World, the Absa Enterprise and Supplier Development Expo and the Steel and Engineering Industries Federation of Southern Africa (SEIFSA). The initiative is positioned as
More South African organisations are starting to recognise the value that procurement transformation initiatives bring to the bottom line. Successful procurement transformation projects reposition the source-to-pay process for success, across the entire organisation. The entire source-to-pay process is made efficient and highly collaborative, providing organisations with a competitive advantage. Procurement transformation can be defined
The fourth Industrial Revolution, characterised by a fusion of technologies that is blurring the Iines between the physical, digital and biological spheres, builds on the digital revolution (known as the Third Industrial Revolution) that has been occurring since the 1950’s, said the World Economic Forum. ‘4IR’ has seen the emergence of technologies in procurement,
According to 1st Executive, the human element, rather than technology, is still the critical factor in the procurement process. The specialised procurement and supply chain consultancy argues that the human factor is increasingly overlooked in the procurement process, in favour of automation. 1st Executive has urged firms to review their existing e-systems, to ensure
Mistakes in business come with the territory, but those made in procurement ought to be considered among the most detrimental to the success of an operation. Common procurement related risks include supplier issues such as delivery delays, increases in demand, quality problems and fraud. These issues are often the result of mistakes made in
A survey conducted by the Ayming Consulting Group, found that more than half of the procurement executives (51%) interviewed do not think their current procurement model is effective. The survey involved a number of executives from different size businesses, across a range of sectors. The survey of 200 executives – including CEOs, CFOs and
The seasonally adjusted Absa’s Purchasing Managers’ Index (PMI) declined from 51.5 index points in May 2017, to 46.6 index points in June 2017. The Bureau of Economic Research (BER) said that “the deterioration was broad-based, with four of the five main subcomponents moving lower, compared with May.” The BER added that “the recent volatility is