Laggards are individuals or organizations in a market or industry that are slow to adopt new technologies, innovations, or changes. They typically adopt changes only after the majority of others have already embraced them. Laggards often exhibit skepticism towards new advancements and may continue using outdated systems or methods until it becomes untenable to do otherwise.
Key Benefits
– Reduced maverick spend: By enhancing Price Compliance and automatizing Category Management, organizations can significantly cut down on unauthorized spending outside of established contracts.
– Strategic Cost Savings: through Improved spend visibility and AI-driven negotiations, organizations can achieve substantial Cost Savings By optimizing supplier selection and payment terms.
– Increased Efficiency: automation of routine procurement tasks leads to a significant Reduction in manual processing time, enabling procurement teams to focus on more strategic activities.
– Enhanced risk Management: AI-driven Predictive analytics allow organizations to anticipate and mitigate supply chain disruptions, enhancing overall risk Management processes.
– Supplier collaboration and innovation: By fostering closer relationships with suppliers through collaborative AI tools, organizations can drive mutual innovation and derive additional value from supplier engagements.
Related Terms
– Reduced maverick spend: By enhancing Price Compliance and automatizing Category Management, organizations can significantly cut down on unauthorized spending outside of established contracts.
– Strategic Cost Savings: through Improved spend visibility and AI-driven negotiations, organizations can achieve substantial Cost Savings By optimizing supplier selection and payment terms.
– Increased Efficiency: automation of routine procurement tasks leads to a significant Reduction in manual processing time, enabling procurement teams to focus on more strategic activities.
– Enhanced risk Management: AI-driven Predictive analytics allow organizations to anticipate and mitigate supply chain disruptions, enhancing overall risk Management processes.
– Supplier collaboration and innovation: By fostering closer relationships with suppliers through collaborative AI tools, organizations can drive mutual innovation and derive additional value from supplier engagements.
References
For further insights into these processes, explore Zycus’ dedicated resources related to Laggards:
- This Thanksgiving, Thank Automation
- The Land of Six Flags Beckons You to Horizon 2013!!
- Advanced Features of Generative AI in Procurement: Boost Efficiency and Reduce Costs
- Take Control of Your Procurement Process: Unleash Efficiency and Savings with Catalog Management Systems
- Optimizing the Supplier Onboarding Process with Zycus Support
Filter by
Maverick Spending
Maverick spending—also referred to as maverick buying, occurs when employees make purchases outside approved procurement processes, policies, or supplier contracts.
Supplier Lifecycle Management (SLM)
Supplier Lifecycle Management (SLM) — also known as Vendor Lifecycle Management — is the end-to-end, strategic management of a supplier
Purchase Requisition Software
Purchase Requisition Software is a digital solution that standardizes, automates, and governs the process of requesting goods and services before
eSourcing Software
eSourcing software is a digital platform that automates, standardizes, and governs the strategic sourcing process — from supplier discovery and
Invoice Approval Software
Invoice Approval Software automates the review, validation, and authorization of supplier invoices before payment. It ensures that every invoice is
Supplier Management System (SMS)
A Supplier Management System (SMS) is an integrated digital platform that centralizes, governs, and optimizes all activities related to suppliers
