World of Procurement blog

MAY 8, 2024

It involves identifying needs, sourcing potential vendors, obtaining quotes and proposals, negotiating contracts, selecting suppliers, managing relationships, and meeting obligations. Sourcing : Procurement uses competitive bidding, e-sourcing, and supplier development. Purchasing is more transactional and tactical.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 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 models are often accompanied by practices such as annual rate contracts, bulk buying, and just-in-time purchasing.

Innovation 52

Innovation Procurement Supply Chain Efficiency Sustainability 52

Procurement Software

MARCH 11, 2022

Even if budgets have been set, there is very little control that a CFO or a procurement team can yield. Direct materials that go into the production process are strategically sourced. Below are 5 ideas of ways to extract real savings from your tail spend while improving your overall purchasing governance.

Spend management 52

Spend management Management Real-time Visibility Competitive bidding 52

Procurement Software

MARCH 11, 2022

Even if budgets have been set, there is very little control that a CFO or a procurement team can yield. Direct materials that go into the production process are strategically sourced. Below are 5 ideas of ways to extract real savings from your tail spend while improving your overall purchasing governance.

Spend management 52

Spend management Management Real-time Visibility Competitive bidding 52