World of Procurement blog

APRIL 23, 2024

Implement Strategic Sourcing Strategic sourcing involves a methodical approach to finding, selecting, and managing suppliers. This process emphasizes not just cost savings but also value creation, supplier performance, and risk management.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement Strategic sourcing 52

World of Procurement blog

APRIL 23, 2024

Implement Strategic Sourcing Strategic sourcing involves a methodical approach to finding, selecting, and managing suppliers. This process emphasizes not just cost savings but also value creation, supplier performance, and risk management.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement Strategic sourcing 52

World of Procurement blog

APRIL 23, 2024

It helps in achieving better cost management and savings, improving supplier relationships, ensuring the quality of goods and services, and mitigating risks associated with supply chain disruptions. This can range from competitive bidding to direct negotiations. Develop Your Approach: Choose your procurement methods based on analysis.

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

World of Procurement blog

APRIL 23, 2024

It helps in achieving better cost management and savings, improving supplier relationships, ensuring the quality of goods and services, and mitigating risks associated with supply chain disruptions. This can range from competitive bidding to direct negotiations. Develop Your Approach: Choose your procurement methods based on analysis.

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

Arkestro

MARCH 13, 2023

They turned to Arkestro strategic sourcing software powered by AI. That is to say that every couple of years, different suppliers are invited into a bidding event, which is then followed by a consensus selection by the different stakeholders to determine the best partner for the specific service or product in question.

Bidding 52

Bidding Procurement Strategic sourcing Strategic sourcing 52

Bonfire

APRIL 3, 2023

Limited supplier reach: ERP systems don’t go far enough when it comes to reaching and managing suppliers. There’s often little visibility into supplier performance and risk, limited supplier collaboration and communication, and little or no ability to manage supplier contracts and agreements.

Eprocurement 52

Eprocurement Bidding Strategic sourcing Strategic sourcing 52

Empowering CPO

FEBRUARY 20, 2023

Negotiation is one of the key steps during any Strategic Sourcing process. Procurement organizations and sourcing companies adopt different methods to negotiate prices with vendors. After receiving the responses (pre-bids) it was realized that most of the vendors did not quote for all the SKUs within one specific lot.

Strategy 52

Strategy Cost of ownership Strategic sourcing Strategic sourcing 52

Empowering CPO

DECEMBER 3, 2020

If the supplier is offering inconsistent prices, suspiciously high prices or there is a huge difference in price of winning bid and other bids, surprisingly similar prices between bids, fewer bids for a particular market or suspicious subcontracting agreements, then it should trigger an alarm for you.

Chief Procurement Officer 52

Chief Procurement Officer Bidding Strategic sourcing Strategic sourcing 52

SCMDOJO

APRIL 3, 2022

Digital bidding, or eAuctions, are a more efficient way of negotiating with vendors in the international market. The highest bid might contribute to greater commerce because most customers will go to their current vendors for ‘non-core’ commodities. Introduction to Strategic Sourcing. . Macfarlane, 2017).

Supply Chain Efficiency 139

Supply Chain Efficiency Bidding Procurement team supply chain software solutions 139

Spend Matters

NOVEMBER 21, 2023

Fairmarkit has pioneered high-volume tail spend sourcing (think ‘mid tail’ rather than just ‘tip of the tail’) in its go-to-market approach towards guided sourcing and autonomous sourcing. no-code/low-code) and process orchestration within/beyond source-to-pay. That’s insane.

Strategy 84

Strategy Bidding Sourcing Stakeholder engagement 84

Planergy

JULY 21, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. In this article, we will discuss services procurement, how it works, and how to manage it best. It involves procuring services from outside sources and managing the relationship with supplier or service provider.

Management 52

Management Procurement supply chain budgeting Budget 52

Pipefy

JANUARY 31, 2023

A Administrator A business professional who oversees the ongoing management of the purchase order (PO) or contract, confirming that both the organization and suppliers adhere to the contract’s terms and conditions. These awards are legally binding source documents containing terms, conditions, and pricing of the goods or services.

Procurement 52

Procurement Bidding Supply Chain Efficiency supply chain software solutions 52

Arkestro

MARCH 13, 2023

“The problem with our former tool was that it wasn’t intuitive or at all easy to use, which made onboarding difficult and prevented collaboration altogether,” explained the Sourcing Manager at this global pharmaceutical organization. Comprehensive data and ease of access are now associated with the entire bid process.

Bidding 52

Bidding Raw materials Procurement team Strategic sourcing 52

Empowering CPO

JULY 5, 2023

Procurement, which refers to the process of finding, acquiring, and buying goods, services, or works from an external source, often via a tendering or competitive bidding process, plays a critical role in determining a company’s efficiency and profitability. This is where managed procurement services come into the picture.

Management 52

Management Procurement Real-time Visibility Ethics 52

Empowering CPO

DECEMBER 9, 2020

Baseline preparation is one of the most important phase during any Strategic Sourcing process. Preparation of Baseline is important because it allows to understand the savings achieved from the Strategic Sourcing process. Using initials bids of vendors currently interacting with client group or first time concept sellers.

Data 52

Data Cost of ownership Strategic sourcing Strategic sourcing 52

Planergy

AUGUST 8, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Open Tendering Open tendering is a procurement method that allows companies to bid on goods in an open competition or solicitation. It also requires objective evaluation measures to ensure accurate bids.

Sourcing 52

Sourcing Suppliers Procurement Bidding 52

Una

NOVEMBER 29, 2023

Utilizing a GPO to manage some of the more time-consuming activities can help save you more money, time, and effort. Supplier relationship management Dedicate time to nurturing and strengthening relationships with your key suppliers. Day-to-day procurement tasks can bog you down.

Supply Chain Efficiency 52

Supply Chain Efficiency Supply Chain Optimization Supplier relationship management Strategic sourcing 52

Arkestro

SEPTEMBER 29, 2023

Ultimately, autonomous procurement enhances operations by giving organizations a better way to manage risk, build strong supplier relationships, and effectively allocate resources. These insights guide procurement decisions and help identify trends, patterns, and opportunities for cost reduction and strategic sourcing.

Supply Chain Efficiency 52

Supply Chain Efficiency Innovation Procurement Supply Chain Optimization 52

Procurement Software

MARCH 11, 2022

Instead of looking at direct materials and purchased parts, the hidden opportunity is often found in effective tail spend management. The best opportunities now lie in tail spend management. Automating or simplifying this process can capture a lot of purchases in their net that were previously not being actively managed by Procurement.

Spend management 52

Spend management Management Real-time Visibility Competitive bidding 52

Procurement Software

MARCH 11, 2022

Instead of looking at direct materials and purchased parts, the hidden opportunity is often found in effective tail spend management. The best opportunities now lie in tail spend management. Automating or simplifying this process can capture a lot of purchases in their net that were previously not being actively managed by Procurement.

Spend management 52

Spend management Management Real-time Visibility Competitive bidding 52

Procurement Software

SEPTEMBER 26, 2023

Source-to-Contract is the end-to-end process which starts with performing due diligence on a supplier, and culminates in a contract being approved, signed and implemented. It is predominantly used for the strategic sourcing of critical goods and services from strategic suppliers. What is Source-to-Pay?

Sourcing 59

Sourcing Contract Competitive bidding Bidding 59

Pipefy

FEBRUARY 13, 2023

Build better workflows with the Definitive Guide to Workflow Management Download now What is the source-to-pay process? Source-to-pay (also known as S2P) is a process within procurement that encompasses activities associated with business and supplier interactions.

Sourcing 52

Sourcing e2e Purchase orders Bidding 52

Procurement Software

MAY 28, 2024

If you want to calculate your or your team members’ effective hourly rate, follow these simple steps: Let’s take an average Category Manager salary of $100,000. Your Category Managers are lavishly paid admin assistants for around half their working day, if you look at it in purely EHR terms. – their human capital.

Procurement 52

Procurement Category management Procurement team Real-time Visibility 52

Una

JUNE 15, 2023

The CPO is supported by strategic sourcing managers, category managers, buyers, analysts, contract managers, a compliance officer, an SRM manager, and others as new roles emerge. For example, one organization may choose to outsource all the tactical, low-level tasks and keep strategic procurement in-house.

Procurement 52

Procurement Supplier relationship management Procurement team Contract 52

SCMDOJO

NOVEMBER 2, 2023

Effective supply chain management is essential for success in the dynamism and connectivity of modern companies. To accomplish this, you require the skills of supply chain experts who can manage the complexity and difficulties of today’s global supply chains. They come from a variety of backgrounds. With a Ph.D. Connect Now!

Agile and Lean Supply Chain 59

Agile and Lean Supply Chain Supply Chain Optimization supply chain software solutions Supply Chain Efficiency 59

Procurement Software

JUNE 13, 2023

Mid-market businesses, on the other hand, could invest in this software and easily see a quick return if they have the right change management and procurement talent in place. Above $1 billion businesses are typically a target of established, enterprise source-to-pay and source-to-contract suites.

supply chain software solutions 52

supply chain software solutions Contract management Contract Sourcing 52

Procurement Software

MARCH 7, 2023

Behind these terms are whole concepts of processes that manage how goods and services in your business are requested, sourced, received and paid. This reflects the increasing digitisation trend in procurement to manage both operational and strategic processes more effectively. What steps are involved in Source-to-Pay?

Sourcing 64

Sourcing supply chain software solutions Procurement Agile and Lean Supply Chain 64

Arkestro

AUGUST 22, 2023

From keeping food on the table during a global pandemic to maintaining adequate inventory during the war in Ukraine, the sector has become well versed in managing risk and working around the unexpected. Without the right data and processes at their fingertips, managing risk becomes much more difficult and involved.

Food and Beverage Supply Chain 52

Food and Beverage Supply Chain supply chain budgeting Supply Chain Optimization Supply Chain Efficiency 52

Procurement Software

FEBRUARY 27, 2024

These systems have little procurement-related functionality beyond day-to-day transactional purchasing and tactical sourcing. This is usually adequate – although not great – for managing direct materials. We cover the major differences between procure-to-pay , source-to-pay and source-to-contract in two separate articles.

Sourcing 52

Sourcing Contract management Price Procurement 52

SCMDOJO

JULY 3, 2023

Choose between a broad overview of procurement and a focused course that focuses on certain topics like strategic sourcing, contract management, or supplier relationship management. The objective of this procurement course is to provide an overview of procurement management and administration procedures.

Cost of ownership 81

Cost of ownership Procurement Category management supply chain software solutions 81

SCMDOJO

FEBRUARY 13, 2023

This department manages the selection, acquisition, and payment of goods and services needed to run a business. To get the most out of any procurement team, all the associated key roles need to be filled with qualified individuals that understand both technology and the principles of supply chain management.

Procurement 87

Procurement Chief Procurement Officer supply chain budgeting Supply Chain Efficiency 87

Planergy

OCTOBER 20, 2022

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Sourcing Supply Chain Management. An ROI, also called an Expression of Interest or EOI, is not a solicitation for bids but a way for organizations to gauge interest from potential suppliers. Written by.

Buyers 52

Buyers Supply Chain Efficiency Suppliers Price 52

Empowering CPO

JUNE 14, 2023

At its core, procurement is the process of finding, agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. These technologies enable better supplier evaluation, improved contract management, predictive analytics, and enhanced transparency.

Innovation 52

Innovation Procurement Supply Chain Efficiency Sustainability 52

Una

JANUARY 8, 2024

We’re seeing the tactical, day-to-day aspects of procurement increasingly automated as artificial intelligence gets smarter, meaning an old-school purchasing manager risks obsolescence. When it's finally time to bid them farewell, they are recyclable, contributing to a greener planet.

supply chain budgeting 52

supply chain budgeting Supply Chain Efficiency Agile and Lean Supply Chain Purchasing 52

Procurement Software

JULY 18, 2023

We also touch on a few more niche solutions for SMEs, for example project management software, supplier intake, accounts payable automation, “build-a-bot”, as well as a negotiation planning guidance tool. eSourcing allows for sourcing planning by facilitating questionnaires and evaluations. Procure-to-Pay (P2P) 3.

Purchasing 52

Purchasing Contract Negotiation Real-time Visibility 52

Procurement Software

DECEMBER 5, 2022

Behind these terms are whole concepts of processes that manage how goods and services in your business are requested, sourced, received and paid. This reflects the increasing digitisation trend in procurement to manage both operational and strategic processes more effectively. Competitive bidding, which optimises cost.

Sourcing 52

Sourcing supply chain software solutions Procurement Agile and Lean Supply Chain 52

ivalua

MARCH 4, 2016

Recently I attended a conference for Strategic Sourcing in the medical device manufacturing sector. About 60 Procurement Managers, Directors, and Executives attended from top medical device manufacturing companies. Avoiding change is a common issue across the manufacturing industry in general. Time is Money.

supply chain software solutions 100

supply chain software solutions Supply Chain Efficiency Supply chain Bill of materials 100