Procurement Tactics

MARCH 29, 2023

18 Must-Have Negotiation Skills For Procurement Professionals Download Course Details →  Or receive our famous weekly newsletter Pillars of Sustainability — Everything About Sustainability The pillars of sustainability should be embedded into an organization’s strategy to achieve sustainability. However, what are these pillars? Enroll now!

Sustainability 130

Sustainability Supply Chain Efficiency Ethics Cost of ownership 130

NLPA (Next Level Purchasing Association)

FEBRUARY 29, 2024

By leveraging data analytics, procurement teams can identify areas for cost savings, such as negotiating better contracts with existing suppliers or consolidating purchases to leverage economies of scale. This collaborative approach fosters better communication, risk management, and innovation.

Category management 52

Category management Management Procurement Supplier relationship management 52

Skill Dynamics

MARCH 12, 2024

Exploring Strategic Cost Management in Our Future Skills Course Skill Dynamics recognizes the critical role of strategic cost management and is committed to empowering professionals with the necessary skills and insights through our Future Skills course.

Cost optimization 69

Cost optimization Cost of ownership Procurement Strategy 69

Empowering CPO

MAY 15, 2023

It’s the art of sourcing, negotiating, and purchasing, all while maintaining a keen eye on quality and cost. Today’s procurement professionals are strategic business partners, tasked with driving value and innovation while maintaining cost efficiencies. Innovation is another aspect of value creation.

Procurement 52

Procurement Innovation Quality Real-time Visibility 52

NLPA (Next Level Purchasing Association)

APRIL 5, 2023

To succeed in this field, procurement professionals must possess a variety of competencies, ranging from negotiation and supplier management to risk assessment and financial analysis. In this case, the root of the problem was the company’s lack of negotiation skills when dealing with regulators.

Procurement 52

Procurement Negotiation supply chain budgeting Supply Chain Optimization 52

World of Procurement blog

MAY 8, 2024

Contract management involves coordinating and negotiating agreements to establish business relationships, draft contract terms that protect the company, properly execute contracts, monitor performance, and mitigate risks. Negotiation - Once the initial draft is ready, next comes negotiation with the counterparty to finalize the terms.

Contract management 52

Contract management Contract Management e2e 52

NLPA (Next Level Purchasing Association)

SEPTEMBER 8, 2023

The Future of Procurement Technology Supplier Relationship Management (SRM) Enhancement: Justification : Strengthening supplier relationships through SRM initiatives fosters collaboration, innovation, and mutual growth. This results in better negotiation outcomes, improved quality, reduced costs, and enhanced overall value delivery.

Procurement 52

Procurement Strategic sourcing Strategic sourcing Supply Chain Efficiency 52

Empowering CPO

JULY 16, 2023

Through our technologically advanced and innovative approach, we have been successful in helping businesses reduce costs, optimize supplier relationships, manage procurement risks, and ultimately drive profitable growth. With EmpoweringCPO, your procurement processes are not just managed; they’re transformed and empowered.

Supply Chain Efficiency 52

Supply Chain Efficiency Procurement Supply Chain Optimization supply chain budgeting 52

Supply Chain Game Changer

AUGUST 30, 2022

Many businesses use some form of Total Cost of Ownership model to support their Procurement and sourcing decisions. What is the current nature of these Total Cost of Ownership models, and what needs to change to make their use more robust and responsive? What is a Total Cost of Ownership Model?

Cost of ownership 103

Cost of ownership Supply Chain Optimization Procurement Price 103

Una

OCTOBER 9, 2023

It’s a systematic and collaborative way to identify, evaluate, and optimize the acquisition of goods and services that meet your organization’s objectives while minimizing costs and risks. It considers the total cost over the product or service's entire life cycle, including maintenance, warranties, and potential hidden expenses.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

Empowering CPO

FEBRUARY 20, 2023

For Procurement Organizations to truly become a strategic arm of their companies, some of the following are expected from them: Continuous Cost Reduction: They should be more efficient than their competitors in terms of buying goods and services, and their rates should be more efficient than their competitors.

Procurement 52

Procurement Cost of ownership Category management Sourcing 52

Una

JANUARY 8, 2024

They know how to discover niches in the business where they can best add targeted value, and they see supplier relationships as a value-creating goldmine rich with the potential for innovation and competitive advantage. Office Furniture Cost-First Crusader You decide to pinch pennies on office furniture. So, how can procurement help?

supply chain budgeting 52

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

Empowering CPO

JULY 16, 2023

Through our technologically advanced and innovative approach, we have been successful in helping businesses reduce costs, optimize supplier relationships, manage procurement risks, and ultimately drive profitable growth. With EmpoweringCPO, your procurement processes are not just managed; they’re transformed and empowered.

Supply Chain Efficiency 40

Supply Chain Efficiency Management Procurement Supply Chain Optimization 40

Procurement Software

MARCH 11, 2022

A direct materials buyer can frequently deliver a $1 million hard saving after the conclusion of one major supplier negotiation. But such a large sum from one negotiation or tender is virtually unheard of in many indirect categories. Bonuses or additional goods / services provided at no extra cost.

Procurement 52

Procurement supply chain budgeting Price Negotiation 52

Procurement Software

MARCH 11, 2022

A direct materials buyer can frequently deliver a $1 million hard saving after the conclusion of one major supplier negotiation. But such a large sum from one negotiation or tender is virtually unheard of in many indirect categories. Bonuses or additional goods / services provided at no extra cost.

Procurement 52

Procurement supply chain budgeting Price Negotiation 52

Sourcing and Supply Chain

JUNE 24, 2021

Hence, buyers have also adopted the concept of suppliers to bundle the requirement of multiple locations and the similar product as a category to have a better understanding, control, and volume to negotiate. There is a constant focus on understanding costs and value, and looking for ways to take cost out of the product.

Category management 52

Category management Management Procurement Market analysis 52

Supply Chain Game Changer

NOVEMBER 13, 2018

Strategic Sourcing is a proven approach to understanding and delivering significant cost reduction based on Total Cost of Ownership (TCO), building a sustained value – creating relationship with the suppliers and category spend reduction in order to create and sustain a competitive advantage.

Strategic sourcing 73

Strategic sourcing Strategic sourcing Procurement supply chain budgeting 73

Supply Chain Trend

DECEMBER 22, 2023

However, standing still and sticking to old dogma’s, not innovate, come up with new ideas and envision a better supply chain planning future is not an option for me. Pre-defined, agreed, maybe cross functional negotiated decision boundaries and trade-offs can be provide to the machine (intelligent agents).

Supply Chain Efficiency 78

Supply Chain Efficiency Supply Chain Optimization Quality supply chain budgeting 78

Supply Chain Game Changer

MARCH 6, 2019

In some cases — yes, organizations are changing their attitudes and becoming incredibly innovative in their restructuring of traditional business practices. Simply put, we can’t expect outdated business practices to achieve innovative results. As a believer in the power of procurement, this recognition makes me happy.

Procurement 50

Procurement Procurement team Supply Chain Efficiency Innovation 50

Empowering CPO

MAY 4, 2023

These practices range from embracing digital transformation to fostering a culture of collaboration and innovation. E-sourcing tools: Platforms that facilitate online bidding and negotiation, streamlining the supplier selection process. Adopt a Total Cost of Ownership Approach A.

Procurement 52

Procurement Procurement strategies Cost of ownership Supply Chain Efficiency 52

Procurement Tactics

SEPTEMBER 15, 2022

Want to take your negotiation results to the next level? Decrease operation, maintenance, replacement, transportation, and waste disposal costs. Promotes innovation as more organizations demand and seek sustainable alternatives. . Negotiate sustainability with your suppliers. Negotiation Gamechanger Certificate Program.

Purchasing 130

Purchasing Sustainability Cost of ownership Supply Chain Efficiency 130

Procurement Templates

JUNE 18, 2023

Here are some strategies and practices that can be implemented: Long-term contracts: Procurement teams can negotiate long-term contracts with suppliers that include price adjustment mechanisms. These mechanisms can be tied to inflation indices or specific cost drivers, allowing for adjustments in prices based on changes in inflation.

Procurement 130

Procurement Supply Chain Efficiency supply chain budgeting Raw materials 130

Procurement Zen

AUGUST 3, 2019

Phil: And also like innovation, it's usually a big topic. I mean it's like when you want innovation, you have to pay a price for that. If there's a certain process, if, if you're buying a logistics services, look at your current suppliers and determine how much it actually costs to create a, to create the product or the service.

Strategy 52

Strategy Influencing Demand Suppliers 52

World of Procurement blog

APRIL 23, 2024

This can range from competitive bidding to direct negotiations. This involves not just the immediate cost reductions but also long-term savings through better contract terms, reduced waste, and enhanced efficiency. Collaborative Supplier Relationships: Working closely with suppliers to foster innovation and address challenges jointly.

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

World of Procurement blog

APRIL 23, 2024

This can range from competitive bidding to direct negotiations. This involves not just the immediate cost reductions but also long-term savings through better contract terms, reduced waste, and enhanced efficiency. Collaborative Supplier Relationships: Working closely with suppliers to foster innovation and address challenges jointly.

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

SCMDOJO

APRIL 3, 2022

Procurement specialists can use eAuctions to engage and negotiate with more vendors utilizing an organized approach which thus eliminates any need for cumbersome one-on-one meetings. Throughout a genuine and collaborative cooperation with business vendors, they produce innovative approaches to current procurement difficulties.

Supply Chain Efficiency 139

Supply Chain Efficiency Bidding Procurement team supply chain software solutions 139

Skill Dynamics

OCTOBER 19, 2023

This involves aligning procurement strategies with the overall business objectives such as innovation, sustainability, and resilience. This is all done alongside the achievement of cost-effective procurement and robust vendor management. Common procurement negotiation types are win-win, distributive, and integrative.

Supply Chain Optimization 52

Supply Chain Optimization Strategy Procurement Vendor management 52

Empowering CPO

JUNE 27, 2023

With our extensive expertise and innovative approach, we empower organizations to harness the true potential of spend analysis and unlock hidden opportunities for savings, efficiency, and growth. It helps identify opportunities for inventory management, pricing negotiations, and demand planning.

Procurement 40

Procurement Supply Chain Optimization Supplier consolidation Suppliers 40

Procurement Zen

SEPTEMBER 4, 2019

Because they didn't innovate fast enough. And that there it is again, once again topic that we mentioned nearly as often as early involvement, which is total cost of ownership. Hence, I agree that it's not only what is required now, but it's also what is required in future and where the market is going. Phil: Absolutely.

Strategy 52

Strategy Influencing Suppliers Import 52