“What will the future look like?” has become the question of 2020. At this year’s OESA Automotive Supplier Conference, industry experts and senior automotive executives joined virtually to discuss how the industry will continue as it settles into a new norm and focuses on the future once again. Following the event’s theme of “Journey Back to the Future,” the 3-day conference consisted of a variety of conversations that included the industry impact of the coronavirus,...
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The rise in digital transformation has led to a massive increase in data as the systems used at a company continue to grow. In fact, the 2019 Deloitte Global CPO Survey showed that 59% of CPOs believe analytics in procurement will have the most impact on their businesses over the next two years. As data grows exponentially, procurement leaders today are dealing with: Increasing data complexities Poor master data quality The inability to generate analytics...
Ever wonder why many companies view indirect procurement as a non-strategic back office function? Maybe it’s that indirect practitioners often focus too narrowly on measuring cost savings from indirect spend sourcing initiatives and lose sight of how those initiatives impact core financial metrics such as total cost of ownership (TCO), operating profit, working capital, and cash flow, among others. Therefore, adopting a well-structured indirect spend management framework that establishes that connection can bring real value...