Leading company procurement organizations reap double the measurable cost reduction versus other companies, while also driving competitive advantage through supplier-driven innovation and risk management. While procurement organizations for leading companies have continued their upward trajectory, most companies only sustained the gains they made between 2008 and 2011.

Increasingly, the supply chain and procurement departments are turning to digital solutions, rather than traditional manual systems, to maximize results. Recent research points to a substantial potential upside.

Inefficient procurement tools are costing businesses in the United States and Canada more than $1.5 billion per year and wasting more than 32 million man hours, according to a survey conducted by The Topline Strategy Group.

The issue of ethical sourcing is a point of contention among procurement and supply chain professionals. The general sentiment is that the balancing act of being globally competitive and remaining a genuine corporate citizen is getting harder and harder. This is especially true for the rag trade. Apparel companies are consistently faced with the challenge of reducing costs while upholding ethical labour practices within their supply chain. How procurement and supply chain professionals in the sector manage this plays an increasingly important role in protecting company margins, brand reputation and growth. So what are the issues and factors at play and how can the risks involved be managed?

Is it wise to take advantage of early-payment discounts offered by suppliers? Or should you make other use of your cash until payment is due? There are lots of things to consider.

The introduction of Apple's smart watch hardly surprised the journalist and analyst community by revealing anything truly "revolutionary" or unexpected. However, the wearable tech device launch next year is still expected to shake up the nascent sector's supply chain.

If a retailer is out of stock of an item just twice, 40 percent of parents looking for back-to-school items say they will avoid shopping at that retailer again.