article thumbnail

Budgeting Process: Steps and Best Practices for Planning a Budget

Planergy

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Using financial tools can help save time and resources while improving accuracy in the budgeting process. Why is Business Budgeting Important?

article thumbnail

Business strategy examples

IBM Supply Chain Blog

A successful business strategy dictates the allocation of resources and outlines how a company will achieve its strategic goals. Whether the organization is focused on developing new products or marketing an existing service to an under-served demographic, having a solid strategy will help an organization realize its long-term goals.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

CPFR in Supply Chain — Everything You Should Know

Procurement Tactics

18 Must-Have Negotiation Skills For Procurement Professionals Download Course Details →  Or receive our famous weekly newsletter CPFR in Supply Chain — Everything You Should Know CPFR in supply chain allows both businesses and suppliers to fulfill customer demand. However, what is it? What is CPFR?

article thumbnail

The Importance of Supply Chain Visibility for Procurement

NLPA (Next Level Purchasing Association)

Supply chain visibility is essential for successful procurement, as it enables businesses to proactively manage risks and optimize their supply chain. By having a clear view of their entire supply chain, businesses can identify potential issues and take steps to mitigate them.

article thumbnail

Understanding Spend Management Perspectives: CFO, CEO, Procurement Director & Procurement Manager

NLPA (Next Level Purchasing Association)

Spend Management is a critical function within an organization, and it involves the strategic management of the company’s spending to reduce costs, improve efficiency, and enhance profitability. However, I also recognize that we need to balance cost savings with the need to invest in the future.

article thumbnail

The Role of Managed Procurement Services in Supply Chain Optimization

Empowering CPO

Introduction In the dynamic world of business, the ability to effectively manage and optimize supply chains has emerged as a critical success factor. At the heart of this revolution lies a powerful tool that many companies are now leveraging to achieve competitive advantage: Managed Procurement Services.

article thumbnail

Leveraging Critical Factors for Supply Chain Success

NLPA (Next Level Purchasing Association)

Until you can leverage what it takes to succeed, most businesses today will struggle to maintain fiscal viability and relevance in the Modern Global Market. The root causes of these issues often stem from a clash of the following critical Supply Chain Variables: Poor Toxic Culture. Inability to execute good Business Strategies.