5 Tech Trends in Procurement & Supply Chain, Capacity Pressure on Supply Chains, Benefits of Expanding Catalog Management and More

The GEP RoundUp brings you the latest and greatest from GEP, and the world of supply chain and procurement.

Featuring the top stories, insights and events curated by our experts, partners and clients, we cover everything from the newest innovations and technologies to the biggest challenges and opportunities facing the industry – so you can stay up to date and in the know.

1. The 5 Biggest Technology Trends in Procurement & Supply Chain

If you're a leader in procurement and supply chain, you know that staying on top of the latest technological advancements is crucial to overcoming challenges and achieving your goals. But how can you succeed in an economy where AI is a top priority?

Check out GEP's new white paper , which takes a deep dive into the most significant technology trends in the field, including generative AI, low-code development tools, and data analytics.

2.?Supply Chains are Nearing Full Capacity Again, Shows GEP Global Supply Chain Volatility Index

Pressure on supply chains is back.

The GEP Global Supply Chain Volatility Index rose to -0.08 in February from -0.12 in January. While global supplier capacity is still underutilized, there are signs that capacity pressures are building again after nearly a year of declining supplier activity. In North America, manufacturers are building inventories and preparing for near-term production growth. This has led to supplier capacity being stretched for the first time since March 2023, causing backlogs to increase.

This GEP index tracks various factors, including demand conditions, shortages, transportation costs, inventories, and backlogs. It's based on a survey of 27,000 businesses.

3.?Procurement Organizations Are Fast-Tracking AI Adoption: SIG Survey

Have you noticed how quickly AI is advancing?

Enterprises are taking notice and ramping up efforts to transform procurement and supply chain operations using advanced technology. In a recent study conducted by SIG, 46% of respondents said they have fast-tracked AI adoption compared to other IT investments. Additionally, 24% of respondents reported taking steps to integrate AI into specific areas of the procurement process, while only 12% reported a full-scale AI transformation of their procurement function.

If you're interested in learning more about how AI is changing the game for procurement and supply chain operations, check out this white paper .

4. How Catalog Management can Transform Your Procurement Function

Catalog management is an often overlooked yet powerful tool to streamline procurement processes and optimize costs. If done right, catalog management ensures that your purchases are based on pre-negotiated contracts with preferred suppliers, at the best available pricing. This leads to better compliance and minimizes inefficient spending.

In a new GEP bulletin , you'll learn about the challenges that effective catalog management can address and five benefits of adopting and expanding catalog management.

5.?GEP Software Again Secures the Highest Scores in Spend Matters’ Spring 2024 Evaluation

GEP Software has earned the highest rankings in Spend Matters’ Spring 2024 SolutionMap, the industry’s most detailed evaluation of procurement technologies and solution providers. GEP was evaluated against 78 other procurement software vendors and achieved the highest scores by analyst and customer standards across 12 product categories.

The leading provider of AI-driven procurement and supply chain software and services achieved the highest ranking in the Source-to-Pay (S2P), Procure-to-Pay (P2P) and Source-to-Contract (S2C) suites. Read More.

6. How Enterprises Can Fast-Track Scope 3 Reporting Capabilities

Are you feeling the pressure to develop a strategy for accurately measuring and reducing your supply chain emissions, also known as scope 3 emissions? You're not alone. Many enterprises are facing this challenge, especially those at the lower end of the maturity curve. Fortunately, a phased approach can help you expedite your scope 3 reporting capabilities. A recent GEP blog presents show you how to leverage the power of procurement technology to measure and reduce your supply chain emissions. Read it now.

?7. Seven Ways AI is Changing the Face of Retail

AI is rapidly transforming the retail industry. Retailers are leveraging the technology to forecast demand, identify buying preferences, create personalized offers, and provide a seamless shopping experience across all buying channels.

A new GEP blog explores seven ways that AI is revolutionizing the retail landscape. From improving supply chain efficiency to enhancing customer experiences, AI is helping retailers stay competitive in today’s rapidly changing environment.

8. Case Study: Real Estate Leader Saves 20% on Addressable Spend

A major U.S. real estate company was facing challenges with fragmented procurement practices, siloed operations, and data inaccuracy. This hindered cost control and limited growth potential. That's where GEP came in. GEP helped the company streamline direct and indirect procurement operations and enable data-driven decision-making, driving significant savings on addressable spend within the first 10 months.

Get the case study to learn how GEP's expertise helped the company centralize procurement practices and control costs through strategic sourcing.

Always Stay in the Know – Never Miss an Update

Subscribe to the GEP RoundUp newsletter and find all editions right here on LinkedIn.