World of Procurement blog

APRIL 23, 2024

Budget Management: Overseeing and managing the procurement budget and aiming to reduce expenses. Additionally, they regularly review contracts, manage budgets, and ensure compliance with laws and regulations. Quality Control: Ensuring the products purchased meet specific standards and compliance requirements.

supply chain budgeting 52

supply chain budgeting Management Procurement Chief Procurement Officer 52

Procurement Tactics

MARCH 16, 2023

Strategic procurement is a term used to encompass different procurement processes that support the long-term development of an organization. It aims to ensure that the goods and services that the business needs are delivered on time and purchased within the budget.

Procurement 238

Procurement Procurement strategies supply chain budgeting Contract management 238

Spend Matters

DECEMBER 22, 2023

You don’t want to be prompted to input a budget or confirm a customer sub-category. All the end user sees are the relevant guided questions about the repair before receiving full visibility into and the ability to interact with into the sourcing process for that request. For example, imagine you’re looking for a fence repair.

Procurement solutions 82

Procurement solutions supply chain budgeting Procurement Budget 82

Procurement Tactics

JUNE 7, 2023

Bonus PDF: 51 ChatGPT Prompts to 10X Your Productivity in Procurement Download 51 Prompts →  Or receive our famous weekly newsletter Purchase Price Variance — Everything You Should Know Purchase price variance is an important factor for budget preparation, but why?

Price 130

Price Purchasing Raw materials Negotiation 130

Procurement Software

APRIL 23, 2024

Launched to make high-end spend analysis tools accessible and budget-friendly, Spendata’s platform empowers users to directly manipulate spend data without the need for IT assistance, facilitating quick and effective decision-making. Spendata caters to both mid-market and enterprise customers.

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supply chain software solutions Real-time Visibility Supply Chain Efficiency supply chain budgeting 52

Procurement Tactics

JUNE 28, 2023

Budget and Cost Control Procurement expenditures, monitoring variations in the cost and identifying opportunities for savings, and avoiding unnecessary costs shall be monitored in accordance with the approved budget. It also has a great budgeting toolkit that simplifies the planning and management of expenses.

Supply Chain Efficiency 178

Supply Chain Efficiency Procurement supply chain software solutions supply chain budgeting 178

Bonfire

MARCH 17, 2023

Our panelists included: Hend Salem , Manager of Strategic Sourcing – Non Clinical at The Ottawa Hospital Carol Izzio , Director of Procurement at Sheridan College Christine McParland , Director of Residence and Ancillary Services at St. It’s not a procurement policy, it’s a corporate policy. Everyone has to buy in.”

Risk management 52

Risk management Risk Management Procurement 52

ivalua

JANUARY 31, 2022

As operating budgets tighten, restrictive spending will pressure businesses to focus on savings and creative alternatives. . Last year, 62% of enterprises that made an investment in supply management technology over the past two years took the suite-based approach (strategic sourcing suite or full Source-to Settle suites.

Procurement 130

Procurement supply chain budgeting Agile and Lean Supply Chain supply chain software solutions 130

Supply Chain Game Changer

OCTOBER 28, 2021

Leadership acceptance, technology budget, and enhanced procurement resources are the first steps towards addressing this not-so-secret secret. Poor Data Quality, Scattered Tech Landscapes, Lacking Leadership Approval/Budgets. All along, we wonder why it’s difficult to receive a technology budget. Budget is Foundational.

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supply chain budgeting Procurement Supply Chain Efficiency e2e 89

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. Budgeted Price. What is Baseline? Why is it important? Not New / Repeat Categories.

Data 52

Data Cost of ownership Strategic sourcing Strategic sourcing 52

Strategic Sourceror

NOVEMBER 23, 2022

Supply chains abhor unpredictability, and throughout much of the past year, inflation has made unpredictability a regular occurrence, a reality that has affected how product-based businesses respond to demand from their customers as their budgets get stretched to the limit. Some families with the financial means are simply paying more.

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supply chain budgeting Supply chain Supply Budget 62

Strategic Sourceror

NOVEMBER 23, 2022

With inflation raging, millions of budget-minded buyers will be sure to take advantage of the price reductions while they last. As for how much they'll be spending, customers aren't tightening their budgets all that drastically, even with inflation pushing prices higher. Brought to you by the StrategicSourceror.

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supply chain budgeting Buyers Budget Strategic sourcing 62

Strategic Sourceror

NOVEMBER 16, 2022

Wage growth can help with recruitment and retention, but with rising food costs taking up even more of their budgets — nearly 90% say they're paying more for ingredients the National Restaurant Association poll found — doing so can compromise their profitability. Brought to you by the StrategicSourceror.

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supply chain budgeting Supply chain Supply Strategic sourcing 102

Strategic Sourceror

OCTOBER 27, 2022

Many budget-minded shoppers are struggling to find discounts on grocery items. A retiree living in Kingsport, Frey told the Journal he's spending more time focusing on how prepare lunches and dinners on a budget. The same goes for many other grocery items, from soup ingredients to traditional sandwich condiments.

supply chain budgeting 62

supply chain budgeting Supply chain Supply Budget 62

Strategic Sourceror

AUGUST 3, 2022

Inflation eating into household budgets The uptick in inventory is largely due to the surge in prices charged by businesses in just about every industry. It's just painful on the path from here to there." Retailers aim to reduce their inventory that is piling up due to slower sales. Brought to you by the StrategicSourceror.

Inventory 104

Inventory supply chain budgeting Supply Chain Optimization Consumer demands 104

Una

JANUARY 17, 2024

It’s about fortifying your budget against future uncertainties, giving you the confidence to plan for the long term. That’s value that extends far beyond immediate cost-cutting measures, offering a sense of financial security that is, in itself, a strategic advantage. Consider the value this expertise brings.

Negotiation 52

Negotiation Purchasing Strategic sourcing Strategic sourcing 52

Una

NOVEMBER 9, 2022

At this stage, it’s important to understand your budget constraints, the overall objectives of your business, and the priorities of individual departments. Why Local Sourcing Makes Sense After COVID-19. Benefits of Strategic Sourcing. Get in touch with one of Una's expert Sourcing Advisors. Subscribe to Unaversity.

Procurement 98

Procurement supply chain budgeting Purchase orders Market analysis 98

Procurement Tactics

AUGUST 25, 2022

Trillion budget. . Kearney where he spent 10 years in the consulting firm’s strategic IT and operations practice which drives client business transformation and optimization initiatives. He is a member of the advisory board for the world’s premiere global association for sourcing and procurement professionals.

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Procurement Supply Chain Optimization Agile and Lean Supply Chain supply chain budgeting 231

Strategic Sourceror

JANUARY 20, 2023

Without fast access to cheap capital, businesses have to institute stricter oversight and better management of their cash flows, ensuring budgets are tightened and receivables are properly processed to limit the impact of reduced working capital. If they don't, they might not have the cash reserves to sustain normal business operations.

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supply chain budgeting Raw materials Supply chain Supply 62

The Good Spending

JULY 4, 2023

Harmonious development of procurement systems As suggested in this slide, we search the value by operating the strategic sourcing process (trust me, it's not a given in many companies pretending to pursue SRM.)

Supplier relationship management 52

Supplier relationship management Contract Purchase orders Strategic sourcing 52

Procurement Tactics

MARCH 23, 2023

In this sourcing phase, you will need to gather all the information regarding the budget, lead times, and order quantities. In strategic sourcing , you will have to dedicate time and effort to researching suppliers who can deliver quality products, at the right time and quantity.

Contract 156

Contract Sourcing Purchase orders Bidding 156

Strategic Sourceror

DECEMBER 7, 2022

With crippling inflation taking its toll on Americans' budgets, consumers have been tightening their belts to save where they can. But they haven't let that belt tightening sap their holiday shopping appetite — and on Thanksgiving weekend, no less. Brought to you by the StrategicSourceror.

supply chain budgeting 62

supply chain budgeting Strategic sourcing Strategic sourcing Budget 62

Empowering CPO

NOVEMBER 12, 2020

As per 2008 study by Corporate Executive Board, 12% of total marketing budget goes towards market research. Right kind of data and research along with solid number crunching abilities are very crucial for successful execution of any strategic sourcing process and ongoing category management. 1% for B2B and 0.9%

Category management 52

Category management Cost of ownership Procurement Strategic sourcing 52

Una

DECEMBER 20, 2022

Your procurement team’s sourcing strategy might favor a strategic, project-based, long-term contract, or one-off spot-purchase approach. A strategic sourcing strategy is key to ensuring vendors with the potential to deliver the most value.

Management 98

Management Buyers Procurement team Contract 98

Strategic Sourceror

SEPTEMBER 16, 2022

With prices up for everything from fresh vegetables to desk tables, consumer buying tends to wane as households tighten their budget belts. While some retailers are witnessing that tightening, sales in general remain strong in the latest manifestation of a highly irregular, uneven economy. Brought to you by the StrategicSourceror.

Price 57

Price supply chain budgeting Inventory Strategic sourcing 57

Strategic Sourceror

JULY 12, 2022

From beef and pork products to eggs and chicken breasts, food prices have skyrocketed across the board due to a variety of factors, the combination of which has created a perfect storm for buyers' budgets. Brought to you by the StrategicSourceror.

Price 57

Price supply chain budgeting Export Strategic sourcing 57

Planergy

DECEMBER 25, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. It is the driving force behind financial decision-making, providing essential insights that guide strategic planning and budgeting. How to gain visibility and control of your indirect spend.

Real-time Visibility 52

Real-time Visibility Data Budget Strategic planning 52

Planergy

SEPTEMBER 8, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Budgeting isn’t optional if you want to make the most of your money. Closely monitoring spending and comparing it to your budget can help control expenses. How to gain visibility and control of your indirect spend.

Budget 52

Budget Spend management Management Purchasing 52

Planergy

DECEMBER 29, 2022

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Best Practices for Your Marketing Procurement Process and Strategic Sourcing. It should also provide details on the specific services you’re looking for and any budget or timeline constraints you may have.

Procurement 52

Procurement Raw materials supply chain budgeting supply chain software solutions 52

Una

SEPTEMBER 20, 2022

According to an article in the May 2022 issue of CIO Magazine , companies are earmarking more budget money for IT to beef up cyber security, automate processes, and improve customer service experiences. . Here are typical annual IT budget benchmarks per a company’s size: Small business (less than $50 million in revenue): 6.9%.

Budget 98

Budget Purchasing Collaboration Vendor management 98

Procurement Software

MARCH 11, 2022

Driving value through strategic sourcing and supplier collaboration. This is usually measured against budget standard costs, which are based on last price paid or moving average price. These often rely on procurement professionals’ negotiation skills to avoid costs that otherwise would hit the company’s budget.

Procurement 52

Procurement supply chain budgeting Price Negotiation 52

Procurement Software

MARCH 11, 2022

Driving value through strategic sourcing and supplier collaboration. This is usually measured against budget standard costs, which are based on last price paid or moving average price. These often rely on procurement professionals’ negotiation skills to avoid costs that otherwise would hit the company’s budget.

Procurement 52

Procurement supply chain budgeting Price Negotiation 52

Empowering CPO

JUNE 26, 2023

Spend analysis refers to the process of examining and categorizing an organization’s spending patterns, supplier relationships, and purchasing behavior to identify opportunities for cost reduction, process improvement, and strategic decision-making. Addressing tail spend can lead to significant cost savings and process efficiencies.

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supply chain budgeting Supply Chain Optimization Supply Chain Efficiency Supplier consolidation 52

Una

JANUARY 8, 2024

You snag a bunch of budget-friendly printers without considering the long game. Not to mention, they're guzzlers, and your fuel budget is through the roof. Procurement’s strategic sourcing can be the financial wizardry that keeps the business in a healthy financial position.

supply chain budgeting 52

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

SCMDOJO

FEBRUARY 13, 2023

Strategic sourcing: Procurement performs a market analysis to identify potential sources of supply and support the organization’s needs. Ensuring procurement activities align with the organizational budget and are strictly adhered to.

Procurement 87

Procurement Chief Procurement Officer supply chain budgeting Supply Chain Efficiency 87

Planergy

SEPTEMBER 20, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. They can search for the best deals, compare prices, and choose options aligned with budget guidelines. With transparent pricing and flexible options, TravelPerk ensures you get the best value for your travel budget.

Management 52

Management Real-time Visibility Budget Spend management 52

Una

AUGUST 23, 2022

In episode 56 of the Sourcing Hero podcast , Kelly Barner spoke with Barry Rogers, Senior Manager of Strategic Sourcing and Procurement at New Relic, Inc., In fact, data protection is the number-one priority for us as a vendor management office, followed closely by security, [then] by pricing, budget, and spend.

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Collaboration Procurement Purchasing Data 98