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Procurement 101: Your Essential Guide to Strategic Sourcing

World of Procurement blog

MAY 8, 2024

Procurement differs from purchasing in a few key ways: Strategic focus : Procurement has a strategic, long-term focus on analyzing spend, reducing costs, managing supplier relationships, and mitigating risk. Sourcing : Procurement uses competitive bidding, e-sourcing, and supplier development.

Strategic sourcing 52
Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52
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Innovative Procurement Models: Exploring Different Approaches

Empowering CPO

JUNE 14, 2023

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. This information is shared with suppliers to facilitate timely restocking and reduce out-of-stock instances.

Innovation 52
Innovation Procurement Supply Chain Efficiency Sustainability 52
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