What Lies Ahead for Procurement Innovation?
The unprecedented challenges of 2020 appear likely to carry over well into the future. Not only do companies need to be focused on health and safety concerns, but they also will continue to face challenges like managing remote work, building supply chain resiliency and handling budget pressures. Yet in tackling these types of issues, organizations still have opportunities to spur innovat...
How to Improve Procurement With Stronger Budget Controls
Even in non-pandemic times, many businesses struggle to maintain budgets. Too often, that means procurement departments face strict spending limits that hamper their ability to obtain the products and services they’d ideally like. Yet implementing stronger budget controls does not necessarily mean companies have to cut costs. Instead, they can be used to avoid unnecessary expenses that p...
How to Incorporate Supplier Diversity Into Your Hiring
As companies look to build out their supplier diversity programs and increase diversity spend, it’s important to consider how these efforts may be interconnected with other areas of your business. In particular, supplier diversity can be linked to your hiring/staffing activities. In general, building a more robust supplier diversity program can lead to better talent acquisition. That’s b...
Using Automation to Find Cost Savings Around the Holidays
The holiday season can be hectic for many companies, even amidst a pandemic. In addition to trying to close out projects before the end of the calendar year, scheduling challenges can be prevalent with many employees taking time off. Yet it’s important to finish off the year strong and not let momentary lapses ruin end-of-year budgets or start you off on the wrong foot in the new year. U...
5 Ways to Get Employees Engaged in Supplier Diversity Efforts
Implementing a supplier diversity program can be a great way to improve procurement. Doing so can help expand your access to innovative products and services, while also gaining benefits like improved employee experience and the ability to recruit top talent. “Most job seekers (70%) value a commitment to diversity in potential employers,” notes business news website The Manifest. To get ...
Evaluating Your Remote Telecom Spend
With more companies leveraging remote workforces, both during and likely after the pandemic, it’s important to analyze how spending shifts may correspond with less in-office work. In particular, companies should evaluate how remote work affects telecom spend. Before the pandemic, your company may have been using a telecom plan that allowed each employee to have their own extension and de...
How to Make It to the Billion Dollar Roundtable
Establishing a supplier diversity program can be a great way to enhance procurement, encourage innovation, support your company's mission and more. But just spending a few dollars with diverse suppliers here and there might not cut it. If you want to reach the pinnacle of supplier diversity programs, consider aiming to make it to the Billion Dollar Roundtable. Established in 2001, the Bi...
Find Cost Savings by Moving From a Single Source to a Multisource Procurement Strategy
As we enter the final calendar quarter of what has been a tumultuous year, many companies need to cut costs to get budgets back on track. Ideally, finance and procurement teams can start with cost savings that do not affect the quality of operations. One way to find that balance, and perhaps even improve operations, is to move from a single source to a multisource procurement strategy. A...
How to Ensure Your Diversity Spend Helps Improve Communities in Need
Increasing supplier diversity can benefit companies in multiple ways, such as by improving innovation, recruitment and customer experience. With diversity can come new viewpoints and access to new talent pools, while providing opportunities to marginalized groups. However, simply choosing a supplier with diverse leadership/ownership doesn’t go far enough. To get the most out of supplier ...
5 Ways to Tame Your Indirect Spend and Save Money
While many companies have clarity on direct spend — costs like labor and materials that directly allow you to create products and services — not everyone has a handle on indirect spend. Indirect costs may not be a line item when calculating the ROI for a new product launch, for instance, but this spend can still add up. “Examples include computers, safety goggles, printed forms, office s...
Are Subscriptions Eating Away at Your Budget?
Subscriptions can be both convenient and budget busters. In our personal lives, subscriptions ranging from streaming services to magazines to “of-the-month” clubs can add up more than many realize. Similarly, subscriptions can eat away at corporate budgets. Some of these subscriptions mirror personal ones, like an office subscription to media that no one uses. Yet businesses often also f...
3 Ways to Leverage Labor Arbitrage to Maximize Earnings
With many companies facing budget constraints, hiring employees might not look feasible right now. However, finance and procurement leaders don’t necessarily have to implement a hiring freeze or cut back as much on other spending if you can leverage labor arbitrage. For those unfamiliar with labor arbitrage, it helps to first consider the root of the term. As the Corporate Finance Instit...
How Outsourcing Vendor Management Can Cut Both Cost and Risk
Many companies across sectors are under budget constraints. Hiring has been put on hold. Supply chains are under scrutiny. Overall, resources are being stretched thin. Yet that doesn’t mean businesses can afford to cut back on areas like vendor management. On the contrary, placing more emphasis on vendor management could ultimately help free up some budget while also streamlining risk ma...
Increase Supplier Onboarding Efficiency, Not Risk
Supply chains and logistics have been thoroughly tested in 2020, and for many companies, these areas have not held up. Many companies have faced the challenge of getting the products they need on time. Plus, businesses often have to be more cost-conscious in this environment, while also trying to position themselves for future success. Amidst this backdrop, supplier onboarding takes on h...
How to Manage Cost and Risk for Remote Work Purchases
For many companies, office supply procurement no longer looks the same. Whether your company remains fully remote for the foreseeable future or you’re figuring out a flexible model that combines on-site with remote work, your office supply purchasing requirements and workflows may shift as well. But it’s important to not let procurement changes increase risk or bust budgets. Specifically...
Inc. Magazine Unveils GoProcure as One of America’s Fastest-Growing Private Companies
GoProcure Ranks No. 890 on the 2020 Inc. 5000 With an impressive Three-Year Revenue Growth of 525.36% Duluth, GA, August 19, 2020 – Inc. magazine revealed that GoProcure is No. 890 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s mo...
Don't Let Remote Work Create Hidden Costs or Busted Budgets
The shift to remote work for many businesses has generally gone well, with employees often being more productive and having more flexibility in their schedules. Meanwhile, more remote work means businesses can potentially save on areas ranging from rent to office supplies. However, remote work also has the potential to create hidden costs...until you get invoices that reveal you’ve gone ...
Conduct Due Diligence on Smaller Suppliers to Improve Procurement
While many companies carefully analyze their largest vendors, such as by assessing their ability to fulfill orders and manage risk, smaller suppliers often do not get the same scrutiny. In fact, only 12% of companies conduct due diligence on Tier 4 suppliers, according to a survey by the Business Continuity Institute (BCI) and DHL’s Resilience360, a supply chain risk management platform....
Save Time on Sourcing to Save Money
Time is money, including when it comes to procurement. The more time that needs to be spent on sourcing products and services for your company — including finding and on-boarding suppliers, along with choosing specific offerings — the more costs your business can incur. These costs stretch across areas such as: StaffingIf employees spend significant time on sourcing products and services...
10 Ways to Cut Finance and Procurement Costs Due to COVID-19
Even though many businesses have started to re-open, the continuation of the COVID-19 pandemic means a wide range of companies will continue to face financial challenges for several more months to come, if not longer. Yet if your company is struggling to pull in revenue compared to previous years, then finance and procurement teams can offset some of those losses by cutting expenses thro...
Don't Let Cost-Cutting Hurt Your Long-Term Growth
Given the difficult economic conditions surround the COVID-19 pandemic, many finance and procurement teams are looking to cut back on costs. In doing so, however, it’s important to be strategic about which expenses you reduce and how you go about doing so. If you cut too much too quickly, you could end up jeopardizing your company’s long-term success. Some of the ways cost-cutting can hu...
A Guide to Reduce Supply Chain Costs and Save Money
The summer months combined with the continued challenges brought by COVID-19 could mean that your business is running a little slower than usual. Yet this downtime might not come as much of a respite as you face the stress of trying to contain costs to offset some of the impact of this difficult economic environment. However, finance and procurement teams can use this time to dive deeper...
How Automating Spend Management Saves You Money
Business leaders may not always think they have the resources to track and dive into all areas of spend, as they may be focused on other goals such as increasing revenue. However, the advent of automated spend management — where e-procurement and spend management software are used to automatically collect and analyze spend data, along with other functions like supplier sourcing — makes p...
Optimizing Spend Management With a Remote Workforce
Having a remote workforce or providing more workplace flexibility can help companies reduce costs long-term, such as on office space and utilities. However, without careful planning, remote work can create additional expenses and opportunity costs, particularly for those new to this setup. These expenses can range from clear costs, such as for purchasing work-from-home technology to the ...
Leveraging Procure-to-Pay Technology to Optimize Resources
Too many businesses struggle with disconnects between procurement and accounts payable functions within their organization. When someone in procurement places an order or an employee makes a maverick purchase, your finance or accounts payable (AP) team might not know about this spend until they receive an invoice, which can lead to issues such as: Going over budget: If finance and AP tea...
How Outsourcing Procurement Can Optimize Costs
In an environment where many businesses are struggling to pull in pre-pandemic revenue, optimizing costs takes on even greater importance. While in many cases that means cutting costs, sometimes optimizing expenses means shifting budgets from one area to another, or perhaps investing in higher-quality talent, services, technology, etc., which can ultimately lead to a stronger bottom line...
How to Improve Budget Management Using Remote Work Tools
The shift to remote work due to COVID-19 has caused many companies to rethink their workforce management strategies, with many organizations now more open to remote work on a long-term basis. Amidst this shift, companies have turned to tools that help enable remote work, such as communication and collaboration platforms that make it easier for employees to stay on the same page with each...
How Companies Can Thrive With a “Less Is More” Strategy
While COVID-19 has undoubtedly caused significant hardships, one of the silver linings has been that many people and businesses have learned to operate with less than they’re accustomed to. From companies having less in-person oversight of employees as they work remotely to consumers getting by with less purchasing, having “more” isn’t always necessary. On the contrary, many businesses a...
Companies Need More Supply Chain Transparency Amidst COVID-19
Although more companies have begun to re-open stores, offices and other facilities, business is anything but usual. No one knows how quickly economic activity will rebound and many businesses need to adjust their operations to meet current health and safety protocols. Yet repositioning your own operations is only part of the challenge. Your suppliers likely face significant obstacles of ...
How Procurement Teams Can Prepare for Business Re-Openings
Across many parts of the U.S. and other areas of the world, government officials are cautiously beginning to lift stay-at-home orders. For a wide range of businesses, that means their stores, offices and factories are starting to or preparing to re-open, and some of their suppliers might resume operations too. Still, this new environment will likely look quite different than it did in th...
How Procurement Teams Can Minimize Supply Chain Disruptions
In these difficult times during the Covid-19 pandemic, businesses are trying their best to carry on, often with a remote workforce. In doing so, many companies not only face lower revenue but also supply chain disruptions that can affect their ability to operate successfully and adapt to changing conditions. These disruptions can include preferred suppliers running out of stock, delayed ...
Finance Teams Need Spend Visibility Now More Than Ever
With unemployment soaring and the economy facing a great deal of uncertainty due to the COVID-19 pandemic, many finance teams are struggling to navigate this difficult period. Revenue might have already fallen for your company or projections might look bleaker over the rest of this year, meaning finance teams are scrambling to cut costs where possible. Plus, to get through this period of...
Maintaining Procurement Control Remotely
Over the past few weeks, many companies have transitioned from having to suddenly shift to remote work due to the COVID-19 pandemic to now settling into this new dynamic as the new normal...or at least as normal as things can be right now. While the outbreak hopefully gets under control sooner than later, many companies that have had to operate with a more remote workforce won’t necessar...
Reach Larger Corporate Objectives with Supplier Diversity
As companies increasingly start to implement supplier diversity goals, such as setting an annual percentage of spend with women-owned, minority-owned and veteran-owned businesses, it’s important to remember that there isn’t necessarily a magic number that automatically defines success. Not every company moves at the same pace, and many will differ in their commitment to supplier diversit...
Improving Procurement Controls to Increase Savings During Economic Uncertainty
As companies try to navigate the economic uncertainty brought by the COVID-19 pandemic, many businesses will have to reduce their spending to account for lost revenue. While it might not be possible to immediately balance out income and expenditures, implementing stronger procurement controls can at least reduce unnecessary costs and help companies better understand their finances during...
Navigating Economic Decline with Spend Data and Analytics
As businesses try to rapidly adjust to change stemming from the COVID-19 pandemic, including a shift to more employees working from home and potentially a sharp economic decline in many sectors, finance teams need to get a handle on their spending. Doing so, however, isn’t necessarily as simple as just cutting superfluous costs or freezing spending. In many cases, finance teams need to i...
Digitization and Automation Can Help AP Teams Operate Remotely
Times like these, where the COVID-19 pandemic is causing many businesses to shift to remote work, highlight the importance of companies having the right technology and processes in place to keep operations running as close to normal as possible. Increasing the possibilities of remote work is important not just for getting through this crisis, but also for preparing for future events like...
How AI is Improving the Guided Buying Experience of E-Procurement Users
While still in early stages, the exciting category of artificial intelligence (AI), which includes subsets such as machine learning and predictive analytics, is starting to have a profound effect on procurement. In particular, AI is helping buyers improve purchasing efficiency while helping companies overall gain the insights they need to improve in areas such as finance and risk managem...
The Human Element of Improving Tail Spend Management
Procurement as a whole has transformed over the last 20 years from a largely back-office, operational function to become one of the more strategic, value-added activities for businesses. Now, the area of procurement known as tail spend or unmanaged spend — the small purchases in areas like office supplies or ad-hoc services in areas like marketing and maintenance — is also becoming more ...
How to Work With Suppliers to Optimize Tail Spend Management
While many businesses are starting to recognize the value of focusing on operations and technology to optimize tail spend management, doing so does not need to entirely be an internal matter. Instead, companies can optimize tail spend and improve their overall procurement by working more closely with suppliers. That means that instead of simply working with suppliers on a transactional b...
Is Automating Tail Spend Management a Viable Option?
As more companies realize the value that comes from prioritizing tail spend management, they may face resource challenges trying to get a handle on everything. From purchase approvals to supplier sourcing to invoice management, procurement has a lot of moving parts, and the large number of small transactions that comprise tail spend can be difficult to stay on top of. However, the rise o...
Why Should My Company Prioritize Tail Spend Management?
The smaller, non-strategic, typically unmanaged expenses that comprise your tail spend — ranging from office supplies to cleaning services — may seem unimportant in comparison to large expenses like payroll, rent and equipment. However, altering large expenses can be far more difficult and have more adverse effects than tackling tail spend. For example, cutting payroll could decrease emp...
Getting New Year Budgets off to a Strong Start
The turning of the calendar brings new potential for a successful year, and businesses can use this time of year to clarify goals and establish new strategies to stay on track. One area in particular to focus on is getting budgets off to a strong start, which can require a mix of technology and implementing stronger processes that help build a foundation of tracking spend data and adheri...
Don't Get Lax with Procurement Compliance During the Holiday Season
With the holidays approaching, your office environment may be a bit more relaxed, but that doesn’t mean your procurement compliance should ease up. However, it can be hard to ensure all your end-of-the-year purchasing still follows compliance protocols with more employees working remotely and/or having finance and procurement take time off. Fortunately, there are ways to stay on top of c...
How to Avoid Busting End-of-Year Procurement Budgets
As the year comes to an end, it's important to not let a more relaxed work environment around the holidays turn into a recipe for disregarding strong business practices. In particular, you don't want all the hard work you've done throughout the year to manage budgets go out the window through undisciplined spending and a lack of oversight. Instead, finance teams should look to leverage a...
Sandeep Gauba, Announced as Honoree for 2019 Top Entrepreneurs Award
September 27, 2019 (Atlanta, GA) - Sandeep Gauba, CEO and President of GoProcure, an award winning B2B e-commerce platforms, was announced as an honoree for 2019 Top Entrepreneur Awards hosted by TiE Atlanta. The awards recognize Atlanta entrepreneurs who have built and grown their companies to bring in a minimum revenue of $2 million and no more of $100 million, and has been in business...
How Diverse Businesses Can Grow Their Customer Bases
Becoming a more diverse company helps organizations improve in a myriad of ways. Not only can diverse businesses have more equitable workplaces with broader talent pools, but they also can leverage diverse perspectives to spark innovation. For example, companies that report above-average diversity of their management teams also report more revenue coming from products and services launch...
4 Ways to Build a More Diverse Supplier Base
Incorporating more diversity in your supplier base in terms of working with more women-owned, minority-owned, veteran-owned and other diverse businesses can yield significant benefits for your company, including more innovation and improved procurement quality. But while the benefits are clear, it’s not always obvious to businesses how they can start sourcing from diverse suppliers, espe...
How Minority and Women-Owned Businesses Can Grow as Suppliers
Diverse businesses such as minority and women-owned companies may feel like they lack certain opportunities to gain access to new customers and grow, but the good news is that the tide is starting to shift. Increasingly, companies recognize how diversity can boost innovation and improve areas such as procurement, which is leading to more opportunities for diverse businesses to grow as B2...
What Does Diversity Have to Do With Procurement?
Throughout all levels of a company, diversity can yield a variety of benefits, ranging from boosting innovation to improving recruitment to helping brands live up to their values on inclusion and social responsibility. But while it may be relatively apparent how having more diverse perspectives within boardrooms and throughout an employee base can lead to new ideas and ultimately growth,...
Add Diversity to Your Supply Chain to Boost Innovation
Companies of all sizes are increasingly recognizing that building more diverse organizations not only helps create a more just, equitable world but also yields a variety of business benefits. For example, companies with above-average diversity among their management teams report a higher amount of so-called innovation revenue, i.e., products and services launched within the preceding thr...
Gaining Visibility Into Unmanaged Spend Can Lead to Innovation
Small purchases by employees for products like office supplies or services like office cleaning may not seem like a big deal, as you may think that whatever your company spends in these areas pales in comparison to your largest expenses like payroll and rent. When left unmanaged, this spend can start to add up, create compliance risk, and ultimately lead to poor business decisions. The g...
Tail Spend Management: Hype or Real?
While tail spend management has traditionally been more of an afterthought compared to larger, more strategic spending, these small purchases can still add up to significant amounts and affect organizations’ risk management, employee experience and more. Fortunately, more procurement leaders are paying attention to tail spend now, particularly with the advent of e-procurement platforms l...
How Poor Spend Data Affects Financial Business Decisions
Businesses are increasingly utilizing data to optimize everything from marketing to talent recruitment, and procurement should be no exception. Yet many companies have significant room for improvement in this regard, as they only have visibility into how they’re spending with their largest suppliers, while many smaller ones get overlooked. In fact, only 6% of procurement leaders say they...
GoProcure Named Diversity Supplier of the Year by the Georgia Minority Supplier Development Council (GMSDC)
ATLANTA--(BUSINESS WIRE)--GoProcure, a leading procurement solutions company that provides a B2B e-commerce platform, was announced as the winner of the Georgia Minority Supplier Development Council’s (GMSDC) Supplier of the Year Award. GoProcure was selected for its innovative spend management and e-procurement solution and for its continual commitment to diversity suppliers. The GMSDC ...
5 Ways to Improve Spend Management Without a Procurement Department
For midsize companies without a procurement department, spend management may be somewhat of an afterthought. Understandably, these businesses often feel like they need to direct their limited resources towards other initiatives such as increasing sales, but today’s technology makes it increasingly possible for midsize companies to easily improve spend management. In doing so, midsize bus...
Are Procurement Teams Ready for AI?
Artificial intelligence (AI) offers exciting potential to improve procurement functions, from helping to recommend products to improving fraud detection. However, many companies are still in the early stages of incorporating AI into procurement. Only 2% of procurement leaders have fully deployed AI/cognitive technologies, finds a Deloitte survey. At the same time, AI appears likely to be...
Three Ways Predictive Technology Improves Tail Spend Management
When it comes to procurement, the little things count. Small supplier relationships that tend to sit outside the strategic focus of an organization—the tail spend of procurement—may seem insignificant, but altogether, they can comprise an unwieldy group that outnumbers core vendors and cuts into profit margins. Fortunately, procurement teams can utilize predictive technologies that turn ...
Strategic Procurement Casts A Wider Data-Capture Net
In an interview with the Managing editor of pymnts.com, Sandeep Gauba, CEO of GoProcure, shares insights on Tail Spend and the impact of FinTech in the world of procurement B2B FinTech has made leaps and bounds in the world of procurement, enabling large enterprises to automate a significant portion of their purchasing processes. Strategic sourcing, data integrations with ERP and account...
No PunchOut, No Problem...
While many companies are starting to understand that they need to get a better handle on their tail spend — those small transactions that sit outside a company's strategic spend but which can add up and cut into profits —too often businesses run into technology roadblocks in this area. Businesses often find that their procurement systems lack interoperability with certain suppliers and h...
GoProcure, Blazing the Trail to Deliver State-of-the-Art FinTech Capabilities to the World of Procurement
ATLANTA--(BUSINESS WIRE)-- GoProcure, a leading provider of tail spend procurement software, has been selected as a winner of the Technology Association of Georgia (TAG) FinTech ADVANCE Awards for its proven and innovative FinTech solution. The TAG FinTech ADVANCE award recognizes innovative U.S. FinTech companies that have an established customer base, generate revenue and demonstrate s...
4 Ways FinTech Innovations have Transformed B2B Payments and E-Commerce
The growth of financial technology (fintech) has not only changed the way people bank and invest, but fintech innovations are also transforming the way we transact. In the B2B sector, that includes changing and improving the way companies pay for goods and services and use e-commerce. Specifically, fintech innovations have transformed B2B payments and e-commerce in the following ways: 1....
A New Look for GoProcure...
ATLANTA, Ga. -- GoProcure, a leading provider of tail spend procurement software, today announced the launch of its new brand, characterized by the introduction of a new logo and visual identity. This move signifies the company’s growth as a principal partner to organizations seeking to improve tail spend management. “At GoProcure, we believe technology and people together create magic. ...
TAG FinTech Society Names GoProcure as a 2019 ADVANCE Award Winner
ATLANTA, GA-March 20, 2019 - The Technology Association of Georgia (TAG), the state’s foremost organization devoted to the advancement of Georgia’s technology industry, today announced the 2019 TAG FinTech ADVANCE Award winners. The winning companies include Brightwell, Featurespace, GoProcure, Greenlight, GROUNDFLOOR and Safe Systems. This year’s six TAG FinTech ADVANCE Award winners re...
Do You Fit the Profile of the Next Generation Procurement Executive?
In the last decade procurement operations have primarily focused on purchasing effectiveness: improving the skill sets of their staff, developing good negotiators, driving strategic sourcing activity, utilizing e-procurement tools to get deeper penetration and more control of spend (a center-led solution). Moving forward, we need to truly understand and grow with the business. Transactio...
GoProcure Named Top 50 “Rising Star” Technology Company
ATLANTA, GA–October 10, 2017 — Venture Atlanta, the South’s premier technology innovation and investor conference, recently announced the 50 companies selected to present and showcase their wares at its 10th annual event to be held October 11-12 at the College Football Hall of Fame in Atlanta. Through the years, Venture Atlanta has earned a reputation for consistently identifying tomorro...
GoProcure Named One of Georgia’s Top 40 Most Innovative Companies
ATLANTA, GA-February 15, 2017 -- The Technology Association of Georgia (TAG) today announced the Top 40 Most Innovative Technology Companies in Georgia. TAG’S Top 40 Awards recognize Georgia-based technology companies for their innovation, financial impact, and their efforts at spreading awareness of the state’s technology initiatives throughout the U.S. and globally. TAG’s Top 40 is spo...