Procurement Tactics

APRIL 3, 2023

18 Must-Have Negotiation Skills For Procurement Professionals Download Course Details →  Or receive our famous weekly newsletter How Companies Can Benefit From Sustainable Procurement Many businesses are shifting towards sustainability due to the perceived benefits when applied to the actual processes in procurement and supply chain.

Sustainability 183

Sustainability Procurement Supply Chain Efficiency Procurement strategies 183

Empowering CPO

DECEMBER 14, 2020

To answer this question, it is much simpler first to list down the reasons as to when a specific category should be taken up for Strategic Sourcing. This helps a procurement organization to list down its plan for the New Year and identify categories that should be taken up for sourcing. Once every year is the right frequency.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Cost of ownership 52

Empowering CPO

FEBRUARY 20, 2023

Negotiation is one of the key steps during any Strategic Sourcing process. Procurement organizations and sourcing companies adopt different methods to negotiate prices with vendors. Lotting Strategy is designed when negotiation is conducted using Reverse Auction tools. What is Lotting Strategy?

Strategy 52

Strategy Cost of ownership Strategic sourcing Strategic sourcing 52

Procurement Tactics

SEPTEMBER 7, 2022

Procurement, in simple terms, is the act of sourcing and acquiring services or goods for the organization to run. . Want to take your negotiation results to the next level? The total cost of ownership. Life cycle costing. Cost reduction. Limits the negative impacts of purchasing from non-certified sources.

Sustainability 163

Sustainability Procurement Cost of ownership Supply Chain Efficiency 163

Empowering CPO

FEBRUARY 20, 2023

As is true the objective of every strategic sourcing project is to reduce the total cost of ownership. The question is not only about the pricing evaluation methodology, it has to begin at the start of the strategic sourcing process, the important part also is the actual preparation of the pricing worksheet.

Price 52

Price Cost of ownership Strategic sourcing Strategic sourcing 52

Procurement Tactics

APRIL 5, 2023

18 Must-Have Negotiation Skills For Procurement Professionals Download Course Details →  Or receive our famous weekly newsletter Sustainable Procurement Business Drivers — Embracing Sustainability Sustainable procurement business drivers are the factors why many businesses embrace sustainability within their operations.

Sustainability 187

Sustainability Procurement Supply Chain Efficiency Procurement strategies 187

World of Procurement blog

APRIL 23, 2024

This can range from competitive bidding to direct negotiations. Tracking savings accurately requires setting baselines, employing a consistent methodology, and considering total cost of ownership (TCO). Market Analysis: Understand the market dynamics, supplier landscape, and trends affecting your procurement needs.

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. Tracking savings accurately requires setting baselines, employing a consistent methodology, and considering total cost of ownership (TCO). Market Analysis: Understand the market dynamics, supplier landscape, and trends affecting your procurement needs.

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

Skill Dynamics

OCTOBER 19, 2023

Crafting Effective Sourcing Strategies Turning now to the most effective sourcing strategies, there are: Single-sourcing (relying on one supplier) Dual-sourcing (using two suppliers for redundancy) Multi-sourcing (sourcing from multiple suppliers) Single-sourcing strategy This means relationships with just one supplier can be less complex.

Supply Chain Optimization 52

Supply Chain Optimization Strategy Procurement Vendor management 52

Procurement Tactics

SEPTEMBER 15, 2022

Want to take your negotiation results to the next level? Negotiate sustainability with your suppliers. Use the Total Cost of Ownership (TCO) approach when buying. A total cost of ownership assessment adds the financial costs over a product or service’s life cycle. Editor's note: Hi there! ENROLL NOW.

Purchasing 130

Purchasing Sustainability Cost of ownership Supply Chain Efficiency 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. Strategic Sourcing: Develop a strategic sourcing strategy for each defined category.

Category management 52

Category management Management Procurement Supplier relationship management 52

Procurement Tactics

SEPTEMBER 21, 2022

Want to take your negotiation results to the next level? Cost reduction. Businesses of all sizes need to save money and reduce costs as much as possible. Businesses of all sizes need to save money and reduce costs as much as possible. Negotiation Gamechanger Certificate Program. Editor's note: Hi there!

Sustainability 188

Sustainability Procurement Cost of ownership Suppliers 188

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

Empowering CPO

DECEMBER 9, 2020

Baseline preparation is one of the most important phase during any Strategic Sourcing process. Baseline can be defined as the total cost of ownership for the set of goods or services as defined in the RFP scope. Extrapolating Total Cost of Ownership because of change in projected quantity or Service Levels.

Data 52

Data Cost of ownership Strategic sourcing Strategic sourcing 52

NLPA (Next Level Purchasing Association)

SEPTEMBER 8, 2023

These insights enable data-driven decision-making, negotiation strategies, and risk mitigation, leading to more informed procurement choices. 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

SCMDOJO

FEBRUARY 13, 2023

The procurement department encompasses all steps in acquiring goods, services, and works from external suppliers and performs various functions such as managing the procurement process, developing strong relationships with internal stakeholders, and negotiating contracts.

Procurement 87

Procurement Chief Procurement Officer supply chain budgeting Supply Chain Efficiency 87

Una

FEBRUARY 8, 2023

As a result, the GPO unlocks access to pre-negotiated savings you otherwise wouldn’t be able to get on your own. Reverse auctions aren’t the only way to skip lengthy negotiations with suppliers. Implement a strategic sourcing process A strategic sourcing process can help identify the best value for the company.

Procurement 59

Procurement Negotiation Contract Strategic sourcing 59

Skill Dynamics

MARCH 12, 2024

Throughout the course, attendees will learn about the importance of accurate and detailed information to make informed decisions in cost optimization strategies. Calculating the Cost Breakdown: This process involves working with cost, finance, logistics and manufacturing process experts.

Cost optimization 69

Cost optimization Cost of ownership Procurement Strategy 69

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

Empowering CPO

FEBRUARY 20, 2023

Along with cost efficiency, the quality should also improve and the evaluation is more on the Total Cost of Ownership and not only on price. The other example is the Auction tool, firms should explore and adopt the concept of an online reverse auction as a strategy for negotiation.

Procurement 52

Procurement Cost of ownership Category management Sourcing 52

Empowering CPO

MAY 4, 2023

With the growing emphasis on sustainability, ethical sourcing, and digital transformation, procurement is no longer just about cost reduction; it’s an essential function that can provide a strategic advantage to modern businesses. Adopt a Total Cost of Ownership Approach A.

Procurement 52

Procurement Procurement strategies Cost of ownership Supply Chain Efficiency 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. It involves optimizing procurement processes and reducing costs while maintaining the quality of goods and services.

Procurement 52

Procurement Negotiation supply chain budgeting Supply Chain Optimization 52

Procurify

MAY 12, 2022

One focuses on transactional functions, for example, while the other focuses on the strategic process of product sourcing. For instance, it can save a company money by negotiating favorable terms and pricing. Procurement managers deal with things like: Sourcing activities and tactical sourcing. Negotiate price and terms.

Purchasing 52

Purchasing Procurement Purchase orders Cost of ownership 52

Una

SEPTEMBER 22, 2022

A guide to IT procurement for navigating the complex IT sourcing process in a way that drives organizational efficiencies and improves your bottom line. The procurement process involves strategy, research, negotiation, and implementation to ensure your company is running efficiently and cost-effectively.

Procurement 98

Procurement Real-time Visibility Contract Purchasing 98

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. Digital bidding, or eAuctions, are a more efficient way of negotiating with vendors in the international market. Introduction to Strategic Sourcing. .

Supply Chain Efficiency 139

Supply Chain Efficiency Bidding Procurement team supply chain software solutions 139

Sourcing and Supply Chain

JUNE 24, 2021

Later on, it is categorically understood that for multiple sources of consumption or multi factory plants, sourcing a similar product by different persons may lead to consumption of more time, money, and resources. Initially, it was deployed in the retail and sales end. Demand management. Livers used.

Category management 52

Category management Management Procurement Market analysis 52

The Procuretech Podcast

DECEMBER 7, 2021

Our final episode in our mini-series of e-Sourcing platforms brings us to a well-estalished provider who has been in the space for over 20 years. Scanmarket have been around a long time and are one of the early e-sourcing providers. More thought and strategy regarding which type of auction or e-sourcing event to utilise.

Data 40

Data Cost of ownership Category management Suppliers 40

Una

JANUARY 8, 2024

Boosting Business Growth With the Help of a Group Purchasing Organization A playbook for boosting business growth, moving beyond the outdated perceptions of procurement, and turning it into one of your organization’s most important sources of value. Office Furniture Cost-First Crusader You decide to pinch pennies on office furniture.

supply chain budgeting 52

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

Empowering CPO

JULY 16, 2023

Managed procurement services can be defined as an external service that helps streamline a company’s acquisition processes, offering an end-to-end solution that takes into account all aspects of procurement – from sourcing to payment.

Supply Chain Efficiency 52

Supply Chain Efficiency Procurement Supply Chain Optimization supply chain budgeting 52

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. Strategic sourcing, in contrast, takes a broader view.

Procurement 52

Procurement Innovation Quality Real-time Visibility 52

Procurement Software

MARCH 11, 2022

In this post, we’re going to look at two areas where Procurement teams typically spend a lot of effort, but often struggle to get recognition: Cost avoidance (including price increase deferrals). Driving value through strategic sourcing and supplier collaboration. Bonuses or additional goods / services provided at no extra cost.

Procurement 52

Procurement supply chain budgeting Price Negotiation 52

Procurement Software

MARCH 11, 2022

In this post, we’re going to look at two areas where Procurement teams typically spend a lot of effort, but often struggle to get recognition: Cost avoidance (including price increase deferrals). Driving value through strategic sourcing and supplier collaboration. Bonuses or additional goods / services provided at no extra cost.

Procurement 52

Procurement supply chain budgeting Price Negotiation 52

SCMDOJO

APRIL 26, 2023

This approach can help organizations streamline their procurement processes, negotiate better deals with suppliers, and ultimately save money. Sourcing decisions also play a role in the categorization of items or services. Don’t underestimate the length of time required for implementing a sourcing strategy!

Category management 77

Category management Management Supplier relationship management supply chain software solutions 77

Supply Chain Game Changer

NOVEMBER 13, 2018

As companies seek to discover ways to increase overall excellence and competitiveness, a new source of value has emerged – Strategic Sourcing. What is Strategic Sourcing? The fundamental objective of any organisation is lowering the cost of goods manufactured. Deliver significant earnings to bottom line.

Strategic sourcing 73

Strategic sourcing Strategic sourcing Procurement supply chain budgeting 73

Empowering CPO

JULY 16, 2023

Managed procurement services can be defined as an external service that helps streamline a company’s acquisition processes, offering an end-to-end solution that takes into account all aspects of procurement – from sourcing to payment.

Supply Chain Efficiency 40

Supply Chain Efficiency Management Procurement Supply Chain Optimization 40

Supply Chain Game Changer

NOVEMBER 23, 2018

Supply Chain is about much more than just negotiating lower materials costs. Commodity Management includes responsibility for Supplier sourcing, relationship management, industry and market analysis, quotations, terms and conditions, negotiation strategy, and business awards. Diversity in sourcing. Conclusion.

Category management 61

Category management Strategy Raw materials Management 61

Empowering CPO

JUNE 27, 2023

Let’s explore some of the key advantages: Cost Optimization: By thoroughly analyzing spending patterns, organizations can identify areas of overspending, potential cost-saving opportunities, and negotiate better deals with suppliers. Inconsistent formats can make data analysis challenging and hinder accurate insights.

Procurement 40

Procurement Supply Chain Optimization Supplier consolidation Suppliers 40