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Procurement 101: Your Essential Guide to Strategic Sourcing

World of Procurement blog

It involves identifying needs, sourcing potential vendors, obtaining quotes and proposals, negotiating contracts, selecting suppliers, managing relationships, and meeting obligations. In summary, procurement is a strategic function focused on maximizing value, reducing costs, and building competitive advantage.

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Top 10 TikTokers to Take Off your Supply Chain

SCMDOJO

Try this as a tongue twister: “Tripping through tantalizing TikTokers, tenfold to transform your tangled supply chain!” In our digital age, where viral trends dominate, TikTok’s influence now extends to supply chain management. Discover the Top 10 TikTokers reshaping how you view supply chains.

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Cost Avoidance: The Invisible Procurement Performance Metric

Procurement Software

Despite the movement towards a broader value-driven view of procurement excellence and how we contribute to the wider business (people, planet, profit), the reality is that even though there is a tacit, newly found appreciation that buyers deliver more than just bottom line savings, it often isn’t reflected in their annual objectives.

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Cost Avoidance: The Invisible Procurement Performance Metric

Procurement Software

Despite the movement towards a broader value-driven view of procurement excellence and how we contribute to the wider business (people, planet, profit), the reality is that even though there is a tacit, newly found appreciation that buyers deliver more than just bottom line savings, it often isn’t reflected in their annual objectives.

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Pareto Analysis in Procurement: How To Use Spend Analysis To Cut Costs

Planergy

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Additionally, since it requires minimal effort and resources compared to other cost analysis methods, it has become a popular choice among many businesses looking for ways to optimize their budgeting process.

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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. RFX – request for X – can refer to any request a buyer issues a vendor – thereby applying to any of these documents. Download Free Copy.

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How effective Tail Spend Management can drive cost savings

Procurement Software

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. Of course, procurement software can help you to achieve all of these much faster. 2) Uncontrolled purchases. Eliminate maverick spend.