Procurement plays an extremely important role in ensuring that you have the right raw materials at the right place at the right time. They are also responsible for the S&OP planning, which is the hardest to master, and misaligned S&OP functions could significantly impact the top and bottom line. And they are often left behind when it comes to their technology needs. They are also an afterthought in the organization in creating sophisticated procurement processes that will have tangible financial results. But what do procurement professionals need to perform their duties? Is ERP enough? Or do they need more? Where do systems such as P2P, CLM, Spend Analysis, Supplier Discovery, Supplier Information Management, eSourcing, Contract Management, eProcurement, eInvoicing, Supplier Management fit in the architecture? And how to design an architecture that allows companies to create process boundaries between these systems and share information while maintaining a single source of truth.
In today's episode, we invited a panel of cross-functional experts for a live interview on LinkedIn who brings significant expertise to discuss procurement information architecture. We covered many grounds, including stories related to the different systems that procurement function needs and the role of MDM and CLM in the architecture. Finally, we discussed the vendor collaboration required at the various stages of the order lifecycle, starting from the design, procurement, finance, and production.
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