Over the last two decades there has been a new trend of turning to the local micro supplier. Globalization promised and largely delivered cost efficiency and scale in sourcing and the assumption was simple; bigger suppliers that were further away and operating at scale were the key to streamlined supply chains. But cracks in that …
While each stage of the Supplier Lifecycle Management process presents significant opportunities to add value; through cost reduction, time savings, risk mitigation, and supplier quality improvement. The key challenge lies in deciding where to start. This decision is complex due to the need to balance strategic impact, organisational readiness, and interdependencies between stages. Below is …
Supplier Lifecycle Management: The Ultimate Guide to Maximising Procurement Value Read More »
Fixed lists are something that a lot of procurement teams rely on for supplier discovery. It’s becoming apparent through conversations with procurement teams that there’s now an overreliance on static lists. Which means procurement teams might be missing information within a category or on a specific supplier. We’ve already looked at why Google and LLM’s …
Here’s a truth the procurement world doesn’t say out loud often enough: most spend categories lack a defined category strategy and not because the value isn’t clear, but because Category Managers simply don’t have the time. It’s not a question of importance, category strategies are powerful tools. But Category Managers are overwhelmed by constant firefighting, …
Why Most Category Managers Don’t Have a Category Strategy (and What to Do About It) Read More »
Supplier discovery in today’s age on the surface seems easy, however we don’t think LLM’s are providing procurement teams with the accurate knowledge that they need. Artificial intelligence has transformed how businesses interact with information, but not all AI models are designed for every use case. LLM’s are an impressive general-purpose tool capable of answering …
A lot of procurement teams right now are trying to slash hidden costs and streamline their procurement process. As Forestreet is a supplier discovery SaaS solution, it’s no secret that we constantly discuss the benefits of having a diverse supply chain and ensuring that procurement teams have access to high-quality information on all their suppliers …
The Hidden Costs of Sticking with the Wrong Supplier Read More »
For years, businesses have relied on Google as the go-to search engine for everything, including finding suppliers. However, anyone who has seriously attempted supplier discovery through Google knows the frustration it can bring. While Google is excellent for general searches, it falls short when it comes to sourcing manufacturers, wholesalers, or specialised suppliers. Businesses often …
The terms “sourcing” and “supplier discovery” are often used interchangeably in Procurement and Supply Chain Management, but they have distinct meanings and scopes. Here’s a detailed breakdown of each term, their overlaps, and the reasons behind the vagueness in their usage. Sourcing Sourcing refers to the process of identifying, evaluating, and engaging suppliers for acquiring …
We are pleased to announce our new partnership with Positive Purchasing, a company renowned for providing world-leading digital platforms, high-impact training, and consulting for strategic procurement and negotiation. This partnership marks a significant step forward in our mission to transform procurement. Positive Purchasing combines digital platforms, training, assessment tools, and proven methodologies to deliver improvements …
Forestreet partners with Positive Purchasing to revolutionise procurement processes Read More »
Deal builds out Beroe’s leadership in category-level procurement intelligence with addition of supplier insights RALEIGH, N.C & NEW YORK, N.Y – June 27th, 2024 – Beroe, the provider of the SaaS procurement intelligence and analytics platform used by the majority of Fortune 500 companies, today announced a strategic investment in Forestreet, the leading artificial intelligence-driven …
