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Benefits of Strategic Sourcing

Una

Benefits of Strategic Sourcing and Best Practices. In doing so, procurement professionals are ascending the corporate stairs to have a more visible seat in their business’s strategic sourcing. Strategic sourcing best practices. Here are four best practices for strategic sourcing: 1.

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11 Things You Can Do While a GPO Works Behind the Scenes

Una

This can include implementing a formal Supplier Relationship Management (SRM) program, sharing your strategy with key suppliers, collaborating on cost-saving initiatives, and ensuring a reliable and efficient supply chain. Upgrade your skillset Invest time in upgrading your own skillset and that of your procurement team.

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6 Essential Procurement Training Courses for Professionals: How To Begin and Advance Your Career in Procurement

SCMDOJO

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. Take into account things like your current skill level, desired improvement areas, and professional objectives.

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The Future of Procurement

Una

Then, in the 1960s, the practice of competitive bidding became commonplace giving rise to trained procurement professionals. Some companies and organizations thought about the end-customer experience and strategic sourcing , but these concepts were more outliers than standard practice. But then came COVID-19. (

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RFI, RFP, RFQ, ROI, RFT: What’s the Difference?

Planergy

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.

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Innovative Procurement Models: Exploring Different Approaches

Empowering CPO

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. The value of using technology to track sales and inventory in real time for better supply chain management.

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CFO Beating You Up Over Rising Freight Costs? Hit Back with a TMS

Supply Chain Collaborator

Supply chain management leaders, especially in transportation, are under heavy fire from CFOs for the dramatic increases in freight spend that are eroding the profitability of shippers in every industry. “Freight spend is up 15% year over year and it is eating into the bottom line!