{"id":47755,"date":"2022-12-22T05:34:46","date_gmt":"2022-12-22T10:34:46","guid":{"rendered":"https:\/\/simfoni.com\/?p=47755"},"modified":"2022-12-22T09:00:49","modified_gmt":"2022-12-22T14:00:49","slug":"5-things-procurement-should-lose-in-2023","status":"publish","type":"post","link":"https:\/\/simfoni.com\/procurement-strategy\/5-things-procurement-should-lose-in-2023\/","title":{"rendered":"5 Things Procurement Should Lose in 2023"},"content":{"rendered":"
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Simfoni’s COO shares his thoughts on what needs to change in procurement in the new year<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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As an essential part of conducting business, it is critical that procurement<\/a> continues to evolve to meet the needs of today. However, as things evolve, it’s equally important to let go of processes and tools that are outdated or no longer serve the business well. Let’s <\/span>look<\/span> at a few things in the procurement industry that should be retired in 2023.<\/span><\/span> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The Top Five Things Procurement Should Lose in 2023<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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1. Free Text Requisitioning:<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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For needs that are not covered by catalogs, free text requisitioning is when the client articulates what they want to purchase within individually configured forms. Because it is not standardized, it is error prone, can be misleading, requires back and forth Q&A, and skews the spend data set. In case of a need for a new item or service, users should go through an item master process prior to requisition, meaning the request will be catalog based. This will help improve the requestor experience while ensuring more accurate and streamlined data capture from the organization, reducing the need for many manual steps in the process and eliminating errors.<\/span><\/span> <\/span>
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2. Post-facto classification of spend:<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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Classification<\/strong> of purchase and invoice data is a common problem for many companies. The industry offers a wide berth of solutions, <\/span>from manual<\/span> to AI-based classification. But this problem should not exist in the first place. If purchases and invoices are based on catalog data, the data comes clean and classified out of the box. So, instead of having to retroactively classify the data, the focus should be on generating clean data from the start.<\/span><\/span> <\/span>
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AI in Procurement [Podcast & Best Practices]<\/a> – by Sreeram Venkitakrishnan<\/a> from Simfoni<\/strong><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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