Can Procurement Departments Keep Up with AI’s Evolution?

As artificial intelligence (AI) capabilities mature, an increasing number of businesses are investing in AI initiatives and leveraging automation in their daily business operations. This once leading-edge technology is becoming more ubiquitous and is quickly becoming an imperative to long-term success. In fact, analysts project the global AI market to grow from $47.5 billion in…

Counterfeit Risk Rises When Supplies Run Short

The risk of procuring counterfeit electronics rises considerably during periods of component shortages. With semiconductor supplies remaining tight through the end of 2022, the industry faces a prolonged interval of increased risk. Industry sources have used the word “desperate” to describe the current shortage situation. When a high-priced product such as an automobile can’t be…

The Future of Remote Patient Monitoring Technologies

Advancements in remote patient monitoring (RPM) mean physicians can get a clear picture of health outside of face-to-face appointments. That’s a crucial advantage, especially for people who live in rural areas or cannot easily travel to doctors’ offices. Telehealth in general has become common during the Covid-19 pandemic. Remote monitoring could further change the future…

The Importance of Supply Chain Efficiency

The past 18 months has proven that the unthinkable really can happen, and the whole world has had to deal with previously unseen levels of disruption without any real guidelines. The pandemic has demonstrated how seriously production is affected when supplies aren’t available, travel is restricted, and when less (or no) workers are allowed on…

Manufacturing Activity Eases Slightly in July

The pace of U.S. manufacturing growth cooled a bit in July as factories continued to struggle with labor and supply constraints. But some pressures appear to be easing: prices paid by manufacturers declined 6.4 percent between June and July, according to the Institute for Supply Management, and factory employment increased. Overall, the nation’s PMI decreased…

How an AI-Applied Supply Chain Enables Efficiency

Today’s supply chains are laden with inefficiencies, as most companies rely on antiquated practices to oversee and manage how goods get from place to place. The supply chain is delicate — even one disruption among suppliers, buyers, and logistics providers can have a trickle-down effect that causes waste, time loss, and increased carbon emissions. With…

Factory Activity Rises Despite Supply & Labor Constraints

The U.S. manufacturing sector continued its expansion in May, but shortages of components, raw materials and labor are constraining factories’ ability to meet skyrocketing demand. “Supplier performance — deliveries, quality, it’s all suffering,” a tech executive told the Institute for Supply Management. “Demand is high, and we are struggling to find employees to help us…

procurement, Covid-19, boardroom

Covid-19 Gave Procurement a Seat in the Boardroom. Capitalize on it

Business stakeholders often overlook sourcing and procurement departments, viewing them as tactical purchasing and contract administrators or even as barriers to the buying process. The pandemic gave procurement an opportunity to prove its value, as businesses relied on cost savings and critical supplies such as PPE-related goods and services to stay afloat and keep employees…

Manufacturing Optimism Grows for Remainder of 2021

Purchasing and supply executives expect manufacturing growth will continue for the rest of 2021 with several metrics – capacity, capital expenditures and revenue – exceeding forecasts of late 2020. There is hope that the corner has been turned on the coronavirus pandemic, according to the Institute for Supply Management, and both the U.S. manufacturing and…

Supply Chain Visibility is Critical to Post-Pandemic Growth

When the Covid-19 pandemic hit, it disrupted global supply chains which forced organizations around the world to scramble to react. While there are many lessons learned from the pandemic, especially as we are starting to see the light at the end of the tunnel, it was clear early on that some organizations were better equipped…