The growing complexity of products, along with the continued globalization of business, has made the supply chain more sophisticated and difficult to manage than ever before. Add to this the threat of unexpected natural disasters - such as the earthquake, tsunami and nuclear crisis in Japan last year - and suddenly manufacturers face challenges that are so complicated they warrant re-thinking the fundamental principles of supply chain management that have guided businesses for years.
Importers who sell to America's major retailers are preparing for a significant uptick in consumer spending this spring and summer, according to a recent survey conducted by Capital Business Credit (CBC), a non-bank lender that services the retail sector.
Although organizations must connect suppliers and customers around the globe, managing worldwide supply chains can cause cost increases and operational challenges, However, Aberdeen Group's latest research, entitled 2012 Best Practices for Closing the Loop on Multinational Transportation Procure to Pay, identifies best-in-class behaviors that enable the top 20 percent of performers to reduce invoice cost, yet process and pay faster than competitors.
Modern spend analysis systems are capable of incorporating a huge variety of types and sources of data - everything from supplier data to contracts, purchasing transactional data, financial data, risk data, and much more. However, the power of these systems is often limited by the availability, completeness, and quality of spend-related data from source systems.