Karim Ben-Jaafar Senior Vice President Quadient Accounts Payable
Ian Nethercot
2024 PREVIEW
Karim Ben-Jaafar Senior Vice President Quadient Accounts Payable
Ian Nethercot
Supply Chain Director Probrand
As supply chains stabilise , 2024 will be the year that businesses accelerate their digitalisation strategies . For procurement teams , the focus will be on tools that can provide information about product , stock and price in real time . This removes the need to manually search and compare products which is a huge drain on resources . In fact , research we carried out a little over a year ago revealed that a quarter of buyers were spending the equivalent of one day each week researching purchases . When processes like these are digitalised , teams can identify opportunities more quickly , manage their budgets more efficiently and make decisions more confidently .
With economic uncertainty set to continue in 2024 , organisations will realise the need to deepen their relationship with their suppliers . Ongoing issues with supply chain resilience mean suppliers have significant bargaining power , as buyers can ’ t risk losing them . But with the prospect of economic turbulence threatening everyone , suppliers and buyers need to develop a symbiotic relationship . This will ensure a more productive partnership for the long term – if both sides can collaborate effectively . Accounts Payable ( AP ) teams have a crucial role to play in improving this relationship . Recent research of AP professionals illustrates that supplier management skills are critical to businesses ’ success . To deepen the relationship with suppliers , AP teams must improve their collaboration and communication .
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