C1 Procurement Blog
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All business processes and actions that engage with a supplier's entire lifecycle for an organisation are referred to as supplier management
The scope for development is massive when it comes to building an effective cognitive procurement system but there are various obstacles which can hinder the development and it is crucial to successfully overcome obstacles in order to achieve desired results.
Every business has different requirements. No two businesses can leverage the potential of cognitive procurement in a similar way. It’s the technology which empowers businesses to achieve their goals.
In today’s world, disruptive technologies are swiftly reshaping businesses to strategize based-on granular level insights, improve growth prospects by heavy automation of operations, and are improving their value-creation opportunities.
A clear and consistent measurement system that is aligned with the business objectives and measures factors such as effectiveness and efficiency can empower procurement departments to better communicate their contribution to the overall business performance.
Complex procurement function can cover a wide spectrum of requirements, from the simplest purchasing of supplies to the most complex, with varying degrees of risk.
Regardless of Industry category, enterprise size, or the maturity of procurement practice and discipline, evaluating cost savings remains the top priority of the procurement function. As a fact, the percentage of revenue expenditure in recent times for most enterprises has increased to 50-70% on procurement function concerning the type of business.
In our last blog, we explored and learned about Robotic process automation and its applicability in the procurement process. Our today’s topic is Internet-of-things (IoT), lets learn more about this technology which has ushered a second age of the internet and how it will impact procurement.
In our previous blog, we explored blockchain and how it can transform the procurement industry. Today, we will explore about one of the most actively used technology that has helped to scale-up the procurement industry by leaps and bounds - robotic process automation.
In our last blog, we learned about Machine Learning and its integration with the procurement process. To further explore the upcoming advancements in procurement, our today’s topic is Blockchain. Let’s begin with understanding what is blockchain before we dive into how it can revolutionize procurement.
ML and AI’s usage differ from one another when it comes to procurement and both are at different stages of development. Machine learning is a part of artificial intelligence designed to help the computer identify the steps needed to accomplish a specific goal without requiring step-by-step instructions. ML learns and adapts to our usage gradually and starts suggesting and implementing repetitive functions on its own with minimal human intervention.
Earlier we learned about Big-Data Analytics and its usage to detect unpredictable patterns, trends, and perform predictive analysis. Data mining refers to extracting knowledge from a large amount of data i.e. Big Data and is used for strategic decision making. It's generally used in statistics, machine learning, and artificial intelligence.
Enterprises around the globe generate an umpteen amount of data. The raw data when filtered using advanced computing systems to derive meaningful insights is referred to as big data analytics.
Cloud computing is a form of internet-based computing that provides ability and access to store data and programs via device-on-demand with an internet connection. Its ubiquitous nature and on-demand access to shared processing resources and data (devices ranging from a PC to mobile with an internet connection), makes it remotely accessible at all times.
Rapid innovations and technological advancements are reshaping the procurement industry and its functions. These market disruptive developments are gradually becoming the need of the hour in these unprecedented times. Along with rapid developments, there is a steep increase in demand for the digital transformation of procurement functions as business needs are becoming complex day by day.
In the last blog, we discussed the functional overview of e-procurement which includes indent management, inventory management, tender management, auction management, supplier management, contract management, and delivery fulfilment. All these modules have been divided into 4 phases…
Negotiation is an inevitable part of the buying process. C1’s Auction Management & Bidding Software allows procurement professionals to automate the complete vendor interaction over the web for the price negotiation. It streamlines the procurement process, improves accuracy and consistency, saves time, greater collaboration with the suppliers, and assures that you will get the best deal for your requirement.
Managing tenders is a very time-consuming exercise and a lot of paperwork is involved. Many rounds of negotiations and documentation with accurate data in the correct format consume a maximum of resources and profits. Today we will discuss in detail Phase 2 that is e-sourcing which concerns tender management and vendor management. It deals with tender creation, vendor shortlisting, and due diligence related to supplier management.
In the last blog, we discussed the functional overview of e-procurement which includes indent management, inventory management, tender management, auction management, supplier management, contract management, and delivery fulfillment. All these modules have been divided into 4 phases…
Electronic procurement is a business to business (B2B) process of purchasing and selling goods or services over the internet. It offers a highly customizable digital platform that is way more transparent, secure, standardized and efficient when compared to traditional methods of procurement…
In any crisis, leaders have equal important responsibilities: solve the immediate problem and keep it from happening again. The Covid-19 pandemic is a case in point. We need to save lives now while also improving the way we respond to outbreaks in general…
As the world’s economy transitions into one where economic value is created by bringing about disruption, and consequently behavioral change, governments…
In simple words, Electronic procurement is a business to business (B2B) process of purchasing and selling goods or services over the internet. It offers a highly customizable digital platform that is way more transparent, secure, standardized and efficient when compared to traditional methods of procurement…
In recent times cloud has been an integral part of turning big data into meaningful insights. Cloud-based data management has made it easier for businesses of all sizes to flawlessly integrate software and hardware to create a unified data environment…
The digitalization of procurement is ripe for growth. Embracing new technologies creates a supplier network, optimizes the framework, helps in minimizing the associated risks, and offers more transparency to improve the efficiency and effectiveness in terms of saving time and costs. Adoption of 'e-Procurement' systems not only helps business but also helps the management in strategy building and, delivering improved and meaningful insights.
Ubiquitous, mobile supercomputing, self-driving car, genetic mutation, intelligent robots, and whatnot. The evidence of the evolution of automation technology is all around us. And businesses are no exception…
The manufacturing sector is among the largest and most crucial, complex, and competitive industries in the world. In India, the industry is expected to play a vital role in transforming the economy into a five trillion-dollar market…
It is common practice for small, mid-sized, and large organisations to purchase goods, materials, and services from vendors through e-procurement systems. The advantages of using e-procurement systems are increased transparency, efficiency, and transparent oversight of processes…
Technology for MSMEs: For a business of any kind, if it wants to survive and stay competitive in the market, it is vital to reduce the costs of its materials and services by procuring from lowcost sources…
By bringing vendors online and automating processes, e-procurement is making business easier than ever. For businesses using e-procurement, erstwhile opaque processes have become transparent and easy to manage…
Companies have been transformed by e-procurement. E-procurement has made it much easier for them to procure products from vendors. Before e-procurement was introduced, companies had to interact with vendors over the phone or in person…
P2P suites are sets of integrated solutions with processes that may be called “transactional” or “operational” procurement. They have automated workflows to request, procure, receive and pay for goods and services across an enterprise. P2P suites are marketed as suitable solutions for processing, at a basic level, all the various types of spend — for indirect goods, direct goods and services. P2P suites optimize the purchasing process, resulting in improved financial controls, process compliance, cost savings/avoidance and reduced/mitigated risk.
The procure-to-pay suite market is growing rapidly as organizations seek automation and innovation to control spend and improve supplier collaboration. Gartner estimates that the overall market for P2P software (including both on-premises and cloud/SaaS solutions) will grow to $3.2 billion by year-end 2020, with a CAGR of 10%.
In procurement, technologies’ true purpose is to augment human capabilities by driving workforce capable and enable to interact and work with machines flawlessly and allowing them to grow professionally and focus on more valuable work who were driving their energy in time-consuming tasks – like data classification and cleansing – Digitization has given them opportunity to shift the focus and output from tactical to strategic.
New technologies in procurement are changing the equation by offering innovative prospects for businesses to forecast and respond more efficiently to consumer demands. Companies that adopt new digital tools and technologies not only save money and time on procurement but also simplify their operations.
Many decision-makers regard ROI as the only most important factor in an e-Commerce platform purchasing decision. It’s important to understand that the impact of B2B e-Commerce is multi-fold — impacting both the costs (reduction) and revenue (growth) elements of the businesses’ profit equation.
Comprehensive solution for sellers and professional buyers to connect and grow their business globally
An online B2B marketplace is where both buyers and sellers can engage in digital commerce. Like popular B2C marketplaces – Amazon, eBay, and Etsy, a B2B marketplace connects multiple buyers with different manufacturers, suppliers, wholesalers, and retailers via a single portal.
Supplier Relationship Management forms a key part of the procurement cycle. It is an integrated approach, addressing both the buyer and seller sides, which can provide mutual benefits for both organizations. True Supplier Relationship Management cannot be achieved through the Procurement Function acting alone.
Taking note of the fact that we are in the age of Facebook, You Tube and Twitter, digital technology should be adopted by various authorities and entities. The process of online property sale followed by the respondent banks shows how modern technologies have been widely accepted by different sectors.
Imagine you are throwing a party and negotiate a 20 percent discount on the food, but spend the money saved on extra four crates of beer. You can certainly argue that you got more for your money, but from a purely financial point of view you did not reduce the total cost of the party. This is a very real concern at a great deal of organizations and there are a number of different ways to address the problem and ensure that savings hit the bottom line.
Business managers are under constant pressure to reduce costs and increase productivity. If the idea of a budget report fills your department heads with fear, it’s a sign your company needs to streamline its processes. A spend analysis allows you to do just that. When you have your total spend information in one place, you can make informed decisions, and lay out better budgeting plans. Centralized procurement stops the little leaks and blocks the maverick spend.
Over the year procurement has transferred from a calculated purchasing function to a high significant strategic partners to its organizations and this is due to wide contribution of spend visibility rendered by accurate and comprehensive spend data. Business needs to do more with less. One range that is tasked with delivering improved value with no substantial additional investment is Strategic Spending. As always, the task here is to deliver savings while still providing the clients same quality of services.
Small and mid-sized companies are generally late to the procurement technologies as they cart a multitude of demands like staffing, financing, inventory management, marketing and customer service which consume maximum of their time and focus and impact their daily operations. As a result, procurement tends to be an additional obligation - when it should be approached strategically.
All organizations make purchases and all suppliers need paying. So it is logical and essential that the data received from procurement and accounts payables which comes in multiple formats and compliance requirements has to be digitized.
Digital procurement gives decision makers better discernibility, reduces risk, and boosts compliance—ultimately increases spend under management and drives more value for the business. But adopting digital procurement is a big order. It requires “integrated system of knowledge” which focuses on five key elements that most procurement organizations should consider to fully implement.
Digital transformation is a buzz word on everyone’s lips these days, and it is closely associated with words like block chain, internet of things, artificial intelligence, machine learning, big data. But digital transformation is about having a clear vision. It is designing new ways of doing things that will generate new sources of value. It is for all the company and not just for a specific process or function.
e-Procurement software is a strategic and beneficial choice for almost any organization, one that is sure to increase efficiency in procurement processes and improve control over spending. The first step for an organization automating procurement is to evaluate its current processes and identify areas for improvement. Once an organization has decided that it is ready to invest in automation, it then has to learn how to purchase the software.
If the thought of moving to an e-Procurement process gives you chills, you’re not alone. Everyone that is in the industry will tell you that it is a hard thing to handle as well as master. However, as the times have changed, the way procurement managers work with the procurement of services have also evolved alongside technology. e-Procurement has been around for years now and it can help your business immensely if you figure out the right way to get it done!
Artificial Intelligence (AI) in procurement is transforming industries and becoming the most disruptive business trend. It has provided a more contemporary, effective and intellectual technique of restructuring business processes.
Digital procurement transformation is an indispensable approach to procurement process engineering that seeks to harness the full transformative power of digital technologies to drive true step changes in outcomes. In other words, Digital procurement helps to accelerate the pace of procurement transformation and significantly reduces the friction of change management.
Procurement is no more a personality-centric function. The changing expectations and the advent of digitization has given birth to a growing vision of 'end-to-end' procurement.
When we think about procurement, we all follow traditional methods. But the era of e-procurement is here and gaining importance these days, question arise that does shifting to e-Procurement makes sense??
e-Procurement is a way to manage purchasing in an organization electronically. This opportunity offered by digital technologies to make deep rationalization in purchase of supplies is becoming essential in competition between enterprises.
Here at C1 India, it has been our commitment to deliver safe, secure and reliable tendering and auction solutions. Every portal developed by us complies with the highest standards of security and adheres to all the government guidelines like STQC and CVC among others. We understand the relevance of a secure tendering or auction portal, as the transactions carried out on these portals are enormous and the data is highly confidential.
Public Sector Banks (PSBs) have been reeling under the pressure of ever increasing burden of Non-Performing Assets (NPAs). Non-Performing Assets (NPAs) result from what are called Bad Loans. The inability to recover loans is the major factor leading to accumulation of bad loans. Also, indiscriminate lending is leading to money being lent to individuals and organizations which are incapable of paying back the loan, thus defaulting on the payments.
SaaS stands for Software-as-a-Service. In this model, any particular application is delivered as a service over the internet. It eliminates the need to maintain and install software. It also rids the user of hardware limitations that are there in case of conventional software. The service provider has the power to manage access and security of the application.
E-Sourcing is the foremost component of an e-Procurement solution. Sourcing basically refers to the entire process of finding and subsequently shortlisting suppliers for procuring any good or service. Sourcing used to be a tedious process as it involved a lot of research and there used to be a number of constraints in the process. But the adaptation of information technology for procurement has totally changed the scene.
In this Digital Age, every business is trying to reap the benefits of Information Technology to the fullest. The Internet has enabled businesses to stay connected with suppliers from around the globe. This has helped organizations overcome the dearth of suppliers, especially the industry specific ones.
In April this year, Ministry of Petroleum and Natural Gas mandated e-Tendering for oil PSUs under its ambit, for tenders of value above Rs. 5 Lakhs. Similarly, in the month of September, Noida Authority mandated e-Tendering for purchases above Rs. 5 Lakhs. Also, organizations are lowering the threshold value above which e-Tendering is mandatory. Many State Governments have lowered the slab for mandatory e-Tendering recently.
What happens when procurement managers go rogue? They try to act as mavericks and reach out to suppliers that aren’t a part of the company’s list of pre-approved vendors. Such suppliers are often friends or close business contacts.
India’s Internet users base has reached 354 million, registering 17% growth in first 6 months of 2015. This increase in the number of internet users has resulted in an unprecedented increase in the accountability of the government towards citizens.
E-Sign service has been launched under the Digital India initiative of Government of India. This ingenious service would enable Aadhaar holders to digitally sign any document and thus provide an alternative to Digital Signature Certificate.
Creativity is the most essential component for any business to flourish. There is absolutely no denying to the fact that creativity drives success in any firm, whether big or small. In the world of e-procurement, creativity plays a prominent role too.
Price discovery of natural resources is a complex process altogether and requires stringent methodology. The price of natural resources is, to a large extent, determined by the demand and supply factors of that particular resource. The spot price i.e., the market price of a resource at any particular instant is basically the point where the market demand curves and its supply curve meet.
The Jamaican Government launched its nationwide e-Procurement system on July 31st according to the reports of the Jamaican Observer. Ministry of Finance and Planning has implemented this platform under the theme “Faster, Easier and More Efficient Way of Doing Business”.
With the advancement of technology and computerization, the conventional paper and pen based signatures are being replaced by Digital Signatures as attempts to digitize business processes are rapidly increasing. Today, electronic documents are required to be digitally signed using what we call a Digital Signature Certificate (DSC).
According to a report of Ministry of Agriculture, as much as 3313 farmers in India took their own lives in last three years due to agrarian reasons. These figures are disturbing; given the fact that agriculture sector still supports roughly 70% of country’s population. 2014 alone witnessed 1357 such suicides. Maharashtra, Telangana and Karnataka are the worst hit. Upon analyzing the reason of these suicides, it becomes clear that farmers’ earning is not in tune with their spending and expectations. To make agriculture profitable for farmers, the government needs to ensure that they get fitting price for their crop.
Prime Minister Narendra Modi flagged off the ‘Digital India Week’ on 1st July at Indira Gandhi Stadium, New Delhi to endorse the government’s ambitious Digital India programme which aims to transform India into a digitally empowered economy. The week long celebrations would witness participation of the who’s who of the industry such as Azim Premzi (Wipro Chairman), Sunil Mittal (Bharti Group Chairman), Gautam Adani (Adani Group Chairman), Cyrus Mistry (Tata Group Chairman), Mukesh Ambani (RIL Chairman) among others. Industrialists have showed their support by pledging about Rs. 4.5 lakh crore as investment for various projects related to Digital India programme.
The Digital India programme was launched last year by the Modi Government. The thrust of the programme is on 3 key areas – providing digital infrastructure to every citizen of the country through high speed data internet connection, using e-governance for promoting ease of doing business and digital empowerment of citizens.
Taking part in a Bank e-Auction is a very simple process. Initially, the properties are listed on our website https://www.bankeauctions.com. All interested bidders are given sufficient time to inspect the property and check its condition. New bidders have to register on our website by filling the relevant details. A bidder must have a valid login ID and password to participate in the auction. Some auctions also make it mandatory for the bidder to possess a valid digital certificate. Once a bidder has registered, he can log in to the portal. The next step is submission of Earnest Money Deposit (EMD). We ask our users to submit the EMD in order to gauge whether the bidder is genuine or not. After successfully depositing the EMD, the bidder now moves to the Participation Stage where he submits the EMD details and uploads the KYC (Know Your Customer) documents.
Choosing when to leverage Reverse e-Auction is critical to e-Procurement Strategy. At a time when Global Heads of Procurement are turning towards top e-Procurement Software Solutions in India, believing that best e-Procurement software solution will solve all the challenges, is far from reality.
As procurement professionals, you must have faced challenges arising out of cartelization, collusive bidding, abuse of dominance and competitive neutrality. It is imperative that in a procurement role, one is sensitive to bid rigging practices as it can have a huge business and economic impact.
Public procurement in India accounts for close to 30% of India’s GDP. This is a whopping figure and hence a major area that went ignored for too long. The government has rightly taken a call to give it a strategic importance rather than considering it as an administrative process. Hence, today we witness non-traditional methods of procurement, focus on e-governance and e-Procurement increasingly being adopted by government.
At C1 India we have been a firm believer in web-auctions for not only running streamlined, efficient and transparent systems for procurement & purchase but also in realizing the true value of resources which do not have a standard market rate. Spectrum, FM radio station and coal block auctions are some such examples. All of these do not have a market rack rate and hence a mechanism, which helps in discovering the right price, is required.
Government of India has announced an interesting policy update. In its endeavor to transform India into a Digital empowered nation, government has taken a major step towards promoting the use of Open Source Software to ensure cost affordability. The policy will push Open Source Software acceptance & implementation in government setups.
The Jamaican Government launched its nationwide e-Procurement system on July 31st according to the reports of the Jamaican Observer. Ministry of Finance and Planning has implemented this platform under the theme “Faster, Easier and More Efficient Way of Doing Business”.
For those working in government enterprises, a comprehensive appreciation of the e-Procurement process is of utmost importance because the government has been pressing on e-Governance initiatives more than ever before. Procurement professionals working at different levels in private companies often find this migration overwhelming to start with. And, with growing participation of private sector employees in public procurement, it is need of the hour to shun all the myths around e-Procurement and champion it to address modern day procurement challenges.
Simple as it may sound, however, it is a very profound question that as head of Procurement one might like to ask – what all can be sourced through e-Procurement? Can you put the benefits of Reverse e-Auctions in action for procurement of services such as maintenance services, human resource services, financial services, employee benefits, real estate services, marketing services and facility management?
Organizations – small or large have shown keen interest in taking up Reverse eAuctions to drive down the cost of procurement and increase the overall effectiveness and efficiency of the purchase process. Procurement Heads, by and large, have had varied degrees of success with Reverse eAuctions much to the fact that it is not as easy as it may seem. However, we at C1 India, do not intend to make it further difficult for you to comprehend. Instead in this interesting blog we will highlight Top 5 Steps to ensuring Successful eProcurement Strategy.
Our esteemed clients often consult us on how to go about auctions. Auction, by the very word, does induce excitement. However, achieving business objectives through eAuction is not very straightforward. It requires thorough analysis and planning. In this interesting blog, we share with you what is often asked to us by clients – how do you decide between when to go for Price eAuction and Rank eAuction.
It is absolutely important to select a right auction variant when going for an e-Auction to achieve business objectives. Understanding which auction type works best and where, is not an easy game. Let’s today look at Dutch e-Auction and how businesses can benefit from it.
e-Governance is the new buzzword. ‘e-Governance in India’ as on today, throws more than 33 million searches. At a time when India is positioning ‘Make in India’ campaign strongly, successful e-Governance execution can help position India on a global arena. It will not only help in smooth governance but will also eradicate maverick costs incurred over channels that don’t add value. It has the power to reduce the time span and raise effectiveness of the projects that the government has undertaken.
At C1 India we are driven by what we do and how it adds value to the entire community. We take immense pride in being the Auctioneer for FM radio station e-Auction because we truly believe it will be a game changer for following three reasons
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