8 Procurement Challenges  Faced by Global Enterprises

Poor collaboration between internal business functions (Purchasing, Manufacturing, Finance) of an organization.

Manual and lack of standardized  sourcing processes involving data/document exchanges (Purchase Order,  Sales Invoice, Good Receipt Note, Shipping Instructions etc.).

Poor collaboration and coordination with suppliers and their business functions and related  ecosystem (Custom House Agent (CHA), Transporter, Inspection agency  etc.).

Lack of supply chain visibility, leading to high safety stock levels and inventory carrying costs.

Manual paper-based invoice processing and long invoice processing cycle times.

Manual reconciliation and matching for payment processing to suppliers.

Little to no exposure on  third-party risk management or extended supply chains and  non-compliances to multi-geographic jurisdictional requirements.

Limited ability to perform analysis by vendors and categories.

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