Insights by Nitor

Procurement Assessment - Where are you on your Procurement Maturity Journey?

Posted by James Fiore on Jan 9, 2019 9:59:09 AM

Just like people, Procurement organizations are at different points on their continuous improvement journey. People rely on friends, classes, self-help books, mentors, and family to help them identify opportunities for growth and improvement. Where would a Procurement organization go to help them identify opportunities and actions required to continue on their journey? 

Some companies use industry benchmarks and roundtables, or work with peers at other companies to see how they compare. But what does that really provide? A couple of data points that tell them they could be better. That probably isn’t breaking news if the questions are already being asked and it certainly doesn’t provide an actionable roadmap to sustainability.

Read More

Topics: procurement transformation, procurement technology, eprocurement, Spend Analytics, supply chain management, strategic sourcing

Bridging the Gap: Committing to Contract Compliance

Posted by Molly Wilson on Sep 11, 2018 8:58:35 AM

Imagine this common scenario:

The Strategic Sourcing group has spent hundreds of hours creating savings for the organization. All year you have heard about the forecasted savings, but when those negotiated dollars do not reach the P&L, questions arise over why the savings were not realized. What happened? 

Organizations can equip their sourcing professionals with several tools, such as creating standard terms and clauses to expedite the process and establishing an accessible contract repository (see previous blog "Retaining Value Through Contract Management for more information on these topics). While the team can utilize these tools in the negotiation and drafting of the contract, they are not present in everyday purchasing transactions to enforce the purchasing terms. 

Read More

Topics: contract compliance, eprocurement, procurement technology

Closing the Loop with Invoice and Payment

Posted by Molly Wilson on Nov 9, 2016 12:48:13 PM

How many times have you worked in a setting where you were the end of the line of a long, multi-department initiative? All of the workflows and processes linked together and each employee along the way had time to fully complete tasks. This well-oiled business machine created an easy, almost automatic, response from you to quickly close the loop. 

This is a nice story and every employee’s dream. But realistically, when the initiative reached your desk, the well-oiled machine had probably already broken down somewhere along the way and lost a gear or two. Within Nitor Partners’ 8-Element Procurement Transformation Process, the seventh element, Invoice and Payment, helpsclosethe loop.

Read More

Topics: eprocurement

The Hidden Side of eProcurement

Posted by Molly Wilson on Oct 13, 2016 2:52:10 PM

That huge tree in your backyard has caught a disease and is infecting the surrounding trees.  It needs to come down. While it seems like a straightforward task, (all you have to do is grab an axe and a plaid shirt) in reality, there are so many details you have to consider - dust, falling branches, whether or not the tree is already leaning in one direction, how far the tree will fall - and this is all before you even pick up your axe to start chopping.

Read More

Topics: eprocurement

Subscribe To Our Blog

Recent Posts