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

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

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

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

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

Empowering CPO

JULY 16, 2023

Our services range from spend analysis and supplier relationship management to contract management, strategic sourcing, and e-procurement solutions. Procurement extends beyond simple purchasing to include activities such as sourcing, negotiation, contract management, and supplier relationships.

Supply Chain Efficiency 52

Supply Chain Efficiency Procurement Supply Chain Optimization supply chain budgeting 52

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

MAY 15, 2023

Procurement is not just a corporate department; it is a critical business function that has the potential to influence an organization’s profitability, operational efficiency, and strategic success. It’s the art of sourcing, negotiating, and purchasing, all while maintaining a keen eye on quality and cost.

Procurement 52

Procurement Innovation Quality Real-time Visibility 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

Empowering CPO

JULY 16, 2023

Our services range from spend analysis and supplier relationship management to contract management, strategic sourcing, and e-procurement solutions. Procurement extends beyond simple purchasing to include activities such as sourcing, negotiation, contracts management, and supplier relationships.

Supply Chain Efficiency 40

Supply Chain Efficiency Management Procurement Supply Chain Optimization 40

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. It works both in terms of strategic and operational points of view as shown in the above figure. Demand management.

Category management 52

Category management Management Procurement Market analysis 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

Una

JANUARY 8, 2024

The value here isn't just held in the initial cost but in the total cost of ownership, environmental impact, and overall efficiency. Office Furniture Cost-First Crusader You decide to pinch pennies on office furniture. But finding and negotiating each contract was taking too much time.

supply chain budgeting 52

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

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

Supply Chain Trend

DECEMBER 22, 2023

Pre-defined, agreed, maybe cross functional negotiated decision boundaries and trade-offs can be provide to the machine (intelligent agents). The machine will take these negotiated boundaries into account when augementing or automating decisions. What’s the total cost of ownership of the supporting systems?

Supply Chain Efficiency 78

Supply Chain Efficiency Supply Chain Optimization Quality supply chain budgeting 78

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. 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. This involves not just the immediate cost reductions but also long-term savings through better contract terms, reduced waste, and enhanced efficiency. 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

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

Una

SEPTEMBER 22, 2022

Depending on the way your procurement function is set up, you may be sourcing everything from the direct materials that make up your organization’s main product, down to the goods and services needed to keep office supplies in stock and the buildings maintained appropriately. Look Beyond Cost. Negotiate & Award Contract.

Procurement 98

Procurement Real-time Visibility Contract Purchasing 98

SCMDOJO

APRIL 26, 2023

This approach can help organizations streamline their procurement processes, negotiate better deals with suppliers, and ultimately save money. Consider contract renegotiation in high-spend categories Leverage relationships with key suppliers that account for high spending to negotiate more favorable terms and avoid costs.

Category management 77

Category management Management Supplier relationship management supply chain software solutions 77