Procurement

The Fractional CPO

Aug 31, 2023
“Fractional employment will only increase in the future. Rather than fight it, embrace it.” A relevant quote from Phil Simon, in his...
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Recent Posts

Mastering Supplier Risk Management: How to Build More Reliable Suppliers

Mar 12, 2024 |

In the intricate business world, managing supplier risk is critical to ensuring smooth operations and protecting the bottom line. A robust Supplier Risk Management (SRM) program can help businesses mitigate potential risks and build stronger, more reliable relationships with suppliers. This article will delve into the three main components of an effective SRM program: Supplier Segmentation, Supplier Qualification, and Ongoing Compliance Monitoring.

 

The Promise and Practical Potential of Intake Orchestration

Feb 14, 2024 |

“If you work in procurement, it’s likely you’ve been hearing a lot about the promise and potential of intake orchestration software. But what exactly is intake orchestration, what does it look like in practice, and what makes it so exciting?
 
Let’s start with how most procurement teams facilitate intake today. Most use P2P/ERP platforms. These are powerful tools, but even so, they’re not perfect. For example, some don’t easily integrate with other tools (some intentionally so). Intake and approval processes that rely solely on them remain complex and arduous, with long cycle times. 
 
Much of this stems from the fact that, for all they’re great at, big P2P and ERP platforms are typically designed for the procurement team, not for the requester or approver.
 
There’s some logic in that, of course, but at the end of the day, what matters most—in terms of how effectively procurement is able to do its job and create business value—is the experience that procurement provides. When your processes require that employees use platforms that aren’t designed with their aptitudes and preferences in mind, you risk making your processes too hard to follow, which often results in low process adoption, rogue spend, even longer cycle times, and more manual work for the procurement team.
 
Intake orchestration offers a way to solve this problem. We’ll walk through how.”

 

Synertrade positioned as the Leader in the SPARK Matrix for Strategic Sourcing Applications (S2C), Q3, 2023 by Quadrant Knowledge Solutions

Nov 11, 2023 |

  • The Quadrant Knowledge Solutions SPARK Matrix™ provides competitive analysis & ranking of the leading Strategic Sourcing Application (S2C) vendors. 
  • Synertrade with its comprehensive technology for Strategic Sourcing Application (S2C), receives strong ratings across the parameters of technology excellence and customer impact.