Imagine if an enterprise in the United States was able to access vital product line information of a subsidiary plant in India or a crank shaft supplier being able to locate its component in an automobile across the globe or a machine being to self-assemble at the end destination. Technology advancements over the last decade have paved the way for all of the above situations to be executed in repeatable fashion.

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.

Import cargo volume at the nation's major retail container ports is expected to see a final surge and set a new monthly record in October as the holiday season approaches, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.

Very few companies - a mere five percent - believe they are "advanced" when it comes to omnichannel capabilities, and between 35 percent and 40 percent believe they're lagging, according to the third annual Retail Insight report from SPS Commerce.

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.

Amazon reportedly will open a brick-and-mortar shop in Midtown Manhattan in time for the holiday shopping season and that it will be a place for customers to return products, make exchanges or pick up their online orders.