8 Procurement Challenges Faced by Global Enterprises

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

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

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

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

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

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Manual reconciliation and matching for payment processing to suppliers.

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

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Limited ability to perform analysis by vendors and categories.

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