Companies in the energy sector are wrestling with the inefficiencies in their source-to-pay processes, which compounds pressure to deliver cost savings while maximising returns. The findings highlight a critical need for transformation across procurement strategies in an increasingly capital-intensive industry.
Source:Supply & Demand Chain Executive
Key Points
- Energy companies face demands to reduce supply chain costs by 40-60%, yet lack essential real-time spend data.
- Nearly 40% of mid to large-sized companies admit they don’t possess the data needed for effective spend management.
- Companies often rely on multiple separate tools and manual processes, leading to inefficiencies and silos in data management.
- Collaboration between field operations and headquarters suffers due to the absence of a unified data source for vendor information.
- Investing in improved S2P solutions is seen as a vital opportunity for energy companies to drive productivity and reduce waste.
Why should I read this?
If you’re in the energy sector, or involved in procurement in any capacity, this article reveals some eye-opening insights. It dives into how inefficiencies are holding back potential growth and how businesses can turn these challenges into opportunities for improvement. Trust me, you’ll want to keep this on your radar if you’re looking to stay ahead in a thriving and evolving industry!