Nearly 80 percent of international businesses are unable to take advantage of early payment discounts from their suppliers, mostly due to internal payment process bottlenecks, according to global research report by Basware and MasterCard.
The overwhelming majority of employees believe telecommuting is good for both themselves and their company, but most organizations are not budgeting appropriately for telecommuters, according to a recent survey of procurement officers by Staples Advantage, the business-to-business division of Staples Inc.
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.
Despite ongoing economic and business environment challenges, world-class procurement organizations continue to outperform the peer group by a wide margin, up to $6m in cost savings for the typical large company. They deliver services at 19 percent lower cost with greater effectiveness and require 27 percent fewer full-time-equivalents (FTEs) per $1bn in spend. For many, efficiency gains have reached their practical limits. What's next?
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.