Corcentric blog

A good deal of thought and energy go into building an SRM program. Which is why too many smaller organizations fail to do so and are left wondering why their bigger competitors seem to have the cream of the crop when it comes to supplier resources. Like all relationships, organizations get out of their suppliers what they put in. Investing time and attention into SRM is the most reliable way to improve the output of your most important suppliers.

Shifting from traditional checks to digital payments like ACH and virtual cards offers businesses more efficiency, security, and cost savings. Checks, though simple, come with high costs and increased fraud risks. However, moving away from them requires proper supplier information management (SIM) to ensure accurate and secure payment processing.

An over-reliance on template-driven RFPs and apples-to-apples comparisons can stifle innovation and creativity in procurement, reinforcing the perception of procurement as mere RFP administrators and savings calculators.

Building a house without a plan is chaotic, and the same goes for a company without a purchasing strategy. This essential approach ensures effective resource management, cost optimization, and strengthened supplier relationships.

Effective expense management is crucial for businesses to navigate rising costs, tight budgets, and supply chain disruptions in a challenging economic environment.

In today's digital and AI era, businesses use solutions like EEM, S2P, and FM to streamline expense management, automate processes, and enhance visibility.

The way a company manages its payments terms can significantly impact its financial health, customer and supplier relationships, and overall competitiveness.

CFOs can drive innovation for growth, reduce burnout, and improve overall business performance by fostering a culture of collaboration...

Discover the 5 major ways artificial intelligence is transforming the Procurement landscape