Bring More Spend Under Management. June 18, 2021
Every company faces the same challenge, no matter their industry. The challenge is managing the outflow of company finances to external third-party suppliers – which is exactly why Raindrop was created – to control, manage, and optimize the money leaving your company. What is now clear as we move into the post-COVID economy is, businesses are racing to develop and adopt numerous new ways of going to market and reducing costs.
Selecting the Right Contract Management System. June 10, 2021
Contract Management is an integral and critical component of any effective procurement process. In the past, Contract Management was limited to storage of contracts, mostly focused on the sell-side, essentially creating an underutilized document repository for one side of the business. Given these shortfalls on how CMS systems have traditionally been consumed, the ability to mitigate risk and gain holistic visibility across the enterprise has made the acquisition of a CMS a top priority.
Importance of Accurate and Easily Accessible Spend Analytics. June 03, 2021
As perMordor Intelligence,spend analytics provides in-depth insights through Data Visualization, helps in the deployment of cost-saving processes, and much more. Any effective spend management technology provides analytics and enriched data delivering powerful insights which become a key driver of corporate business strategies and plans, intent on delivering value.
Collaborative, Secure, and Simplified Sourcing for your Business. May 11, 2021
The global COVID-19 pandemic has changed the way the world works in many ways. The practice of working from home is likely here to stay. Virtual meetings replaced in-person meetings. Focus on “must have” items, as opposed to “nice to have” items, has taken on a whole new degree of importance. All of these examples have one thing in common – they drive investments in the need to gain access to company spend visibility.
Overcoming Procurement Challenges Post Pandemic. April 21, 2021
Given the challenges provided over the past year to the global economy, it now appears to be on a recovery path into the second half of 2021, though significant challenges still lie ahead. After a year of tough decisions and uncertainty, Procurement teams are still faced with cost restrictions on new and existing external spend. One of the key challenges is to come up with a corporate level spend model that reflects the current as well as post-pandemic financial realities.
Strategic Sourcing platform. April 14, 2021
Arguably the most important component of effective spend management is Sourcing. You need to select the right suppliers and negotiate the right contracts. Companies continuously invest in newer technologies that deliver additional capabilities to drive revenue growth. However, when it comes to managing the outflow of money, companies have outdated, inadequate, and fragmented systems which typically leads to spend leakage.
Procurement Digitization. April 08, 2021
Procurement leaders understand the urgency and importance of defining and executing their organization's digital transformation. The top goals for digitization projects include process automation, reporting data quality, cost savings, and streamlined compliance. While many corporate functions are reducing their cost of acquiring good and services by implementing new digital solutions, Procurement is generally not one of them.