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Procurement Best Practices You Should Know

World of Procurement blog

Leverage Technology and Automation Adopting procurement software and technologies can significantly streamline processes, from e-sourcing to electronic payment systems. Implement Strategic Sourcing Strategic sourcing involves a methodical approach to finding, selecting, and managing suppliers.

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Procurement Best Practices You Should Know

World of Procurement blog

Leverage Technology and Automation Adopting procurement software and technologies can significantly streamline processes, from e-sourcing to electronic payment systems. Implement Strategic Sourcing Strategic sourcing involves a methodical approach to finding, selecting, and managing suppliers.

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Elevating Procurement: Autonomous Technology’s Role in Efficiency and Innovation

Arkestro

The software works with real-time and historical data, including user preferences, past buys, supplier performance, and market trends. Systems use this data to automate routine procurement tasks and make informed decisions about sourcing, pricing, and supplier relationships.

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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. This may involve seeking out new suppliers, optimizing supplier portfolios, and conducting competitive bids.

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Are you a Supply Chain Visionary Vick or Laggard Larry?

ivalua

Recently I attended a conference for Strategic Sourcing in the medical device manufacturing sector. The latter is of particular importance since second sourcing can often be very expensive in this sector. The post Are you a Supply Chain Visionary Vick or Laggard Larry? Time is Money. Settle no more!

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How to break a cartel in Reverse Auction process

Empowering CPO

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.

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Digital Twin is an old idea – just new to supply chain

Solvoyo

The supply chain world is just discovering the digital twin concept and we are nowhere close to the level of detail and sophistication of these decades-old examples. However, I also believe that the old-fashioned digital representation of a supply chain with nodes and arcs is like drawing a stick figure.