NPI’s Post

Jon Winsett, CEO of NPI discusses the challenges of IT procurement and how NPI's AI-driven platform, NPI Vantage Pro, is transforming the field. “IT vendor account teams are the world’s most effective revenue extraction machine," he explains, emphasizing the need for robust negotiation data and support. #ITProcurement #TechDeals #AIDriven

Ardent Partners latest report identifies key trends that will significantly impact procurement in 2024. To learn more about effective procurement strategies for the upcoming year, download Ardent Partners' latest report. Do you agree with their assessment? Anything you would like to add or discuss? I am curious to get your PoV, let`s talk #generativeAI #procurement #loveprocurement

Procurement managers don't know how to procure tech Hear me out I dont mean when theres an established category of software and theres 20+ vendors where you need to run a competitive process I mean new tech, solving new problems where you might find 1 vendor Unless you're a large enterprise, it shouldn't take a 3 month RFP For most SME and middle market procurement teams, the top priority when assessing tech should be i) How can i test this fast ii) How can i test this cheap Thats the Y combinator mantra of innovation Testing We've learned a lot about helping procurement teams test Kavida.ai As part of our pilot program we conduct a cross functional flow analysis to build the business case The results dont surprise us anymore. We see the same pattern over and over again 1. Procurement is an upstream function 2. Every other department (finance, warehousing, logistics etc) depend on procurement fulfilling its role 3. Procurement is overwhelmed and there becomes a bottleneck 4. There deep interdepartmental collaboration issues Finance needs invoices and forecasts from procurement Planners need latest ETA of materials from procurement Warehousing needs to plan for inbound from procurement Customer service needs assurance and updates from procurement The cross functional flow analysis shows better procurement visibility and collaboration creates transformative benefits for every other department Being upstream means procurement is often forgotten about. It becomes critical to show management how everyone suffers due to weak procurement capabilities #procurement #supplychainrisk #supplychainmanagement #redsea

Ever considered how technology and process improvement can transform procurement into a value driver for organizations? Despite facing challenges like lengthy processes and makeshift tools, #procurement remains vital. Here's the game-changer: by embracing modern solutions and refining processes, we empower procurement to optimize efficiency and unlock substantial value. Let's harness technology to elevate procurement and pave the way for organizational success. #technology #organizationaldevelopment #innovation #procurementleaders

🌟 We are in the golden-age of procurement technology 🌟 But sadly, many of those handling purchasing are stuck in the stone age, relying on outdated tools and processes. We spoke to hundreds of procurement professionals, and learned that most of them still resort to handling multi-million dollar requests using makeshift processes, and tools not designed for their needs. This leads to lengthy request cycles that are frustrating for everyone. 💡 BOTTOMLINE: You need a combination of process modification, and implementing new technology to assist with manual, outdated methods of processing requests. Not sure where to begin? Our blog on Continuous Improvement in Procurement can help: - Identify and eliminate inefficiencies in procurement workflows - Reduce of exposure to risk within procurement  - Quickly integrate cutting-edge technologies and best practices https://lnkd.in/grt9H2Ke #procurement #procurementleaders #bestpractices #tools #innovation

💡 Master Your Spend, Transform Your Business with Elite Mindz's procurement revolution- EMP EMP isn't just software; it's your strategic procurement partner. Our AI-powered platform automates, optimizes, and transforms your procurement processes, driving significant cost savings and operational efficiency. Key Features: -Vendor Management: Streamline supplier onboarding, evaluation, and performance management. -Spend Analysis: Gain deep insights into spending patterns to identify cost-saving opportunities. -Contract Management: Ensure compliance and optimize contract terms. -RFQ/PO Automation: Accelerate the procurement cycle and reduce errors. -AI-Powered Insights: Leverage predictive analytics for smarter decision-making. Join industry leaders like Tenon FM who have already transformed their procurement operations with EMP. Ready to revolutionize your procurement? Contact us today for a free consultation. - https://lnkd.in/dcwPE-Kv #EMP #procurement #supplychain #procurementsoftware #procurementmanagement #vendormanagement #digitaltransformation #efficiency #costoptimization #business #enterprise #software #solution #elitemindz

Advantage and leverage. These are the two things every IT procurement practitioner fights for. On August 6th at 1pm ET, NPI and SIG will share how IT buyers are using AI-powered insights to make the fight easier. Join us for a discussion that could change the way you approach IT buying. Secure your spot today! https://lnkd.in/gkj8jhad #ITSavings #ITProcurement #ITSourcing #ITProcurementExcellence

As we well know, it's all about leverage. This webinar shows you tips on how to increase it!!

How the Procurement Function Can Save Your Company Money Over the years, procurement has transformed dramatically. From transactional to strategic. Strategic procurement saves money and drives long-term business value. Here's how: Procurement bridges the gap between departments and suppliers. By collaborating with employees, procurement professionals prevent costly mistakes and miscommunications. Establishing a documented purchasing process saves costs and adds value. Automation optimizes procurement processes and provides spending visibility. Using AI that offers advanced analytics to identify opportunities and mitigate risks. Balancing technology with strong relationships to shape spending habits. Always negotiating for the best price and seek multiple pricing iterations. Procurement is essential for cost savings and strategic value. TLDR: Strategic procurement is crucial. Be intentional with your procurement processes. Save money. Drive value. Optimize processes. #finance #CFO #strategy #procurement #costsavings #businessvalue

As procurement professionals, we have a huge opportunity to impact a company's bottom line. But doing it right takes strategy and skill. Here are 3 tips to maximize savings and get the most value from your procurement spend: ⚡ Take a data-driven approach. Analyze past spending and supplier performance to inform future decisions. Identify savings opportunities. ⚡ Build strategic supplier relationships. Move from transactional to collaborative interactions. Work together to innovate and create value. ⚡ Continuously improve processes. Streamline communication. Automate where possible. Renegotiate contracts as needed. With the right procurement practices, you can significantly cut costs and improve profit margins. But it requires being proactive, not reactive. Use data, technology and collaboration with suppliers to unlock savings. #procurement #innovation #procuretech #ai #data #technology #bestpractices