SCMDOJO

JANUARY 9, 2025

Improving Cost and Quality Every decision in strategic sourcing impacts the total cost of ownership, the quality of goods or services, and supply chain resilience. A study by Hackett Group found that companies using automated procurement tools reduced their operational costs by 25%.

Strategic sourcing 98

Strategic sourcing Strategic sourcing Sourcing Procurement 98

Procurement Tactics

SEPTEMBER 7, 2022

Thus, their concern about how their purchasing affects the environment is increasing. It shows that organizations are aware of their future impacts and consider them before making purchasing decisions. The total cost of ownership. Life cycle costing. Cost reduction. Editor's note: Hi there! ENROLL NOW.

Sustainability 163

Sustainability Procurement Cost of ownership Supply Chain Efficiency 163

ivalua

JULY 15, 2015

Since its inception in the late 1980s, strategic sourcing has always been about getting the best value for the goods and services purchased from third party suppliers. Strategic sourcing requires an intense focus on the total cost of ownership, while incorporating customer needs, organizational goals, and market conditions.

Strategic sourcing 147

Strategic sourcing Strategic sourcing Sourcing Cost of ownership 147

Spend Matters

MAY 8, 2025

A phased approach is essential, beginning with foundational improvements, such as automating purchase orders or streamlining contract management, before advancing to more complex AI-driven capabilities. What is the full cost assessment over time? Is this technology too general, and if so, have we considered a best of breed?

Procurement 63

Procurement Cost of ownership Stakeholder engagement Contract 63

Planergy

FEBRUARY 24, 2025

Helping organizations spend smarter and more efficientlyby automating purchasing and invoice processing. Procurement in education is far more than simple purchasing. These purchases directly impact student learning and institutional performance. Strategic Procurement Strategic procurement goes beyond transactional purchasing.

Procurement 52

Procurement Supply Chain Efficiency supply chain budgeting Budget 52

TYA Suite

MAY 13, 2025

is the process of lowering the total amount a business spends on purchasing goods and serviceswithout affecting quality or performance.Its not just about choosing the cheapest option. When you spend less on purchasing, your profit increaseswithout needing to raise prices. Procurement often makes up a large part of business expenses.

Strategy 40

Strategy Import Procurement Raw materials 40

Procurement Tactics

APRIL 5, 2023

As sustainability is a growing focus in the world, many businesses are integrating it, especially consumers who are demanding to know where the products they purchase come from. As a result, it future-proofs the company’s sustainable purchases and investments by integrating sustainable policies.

Sustainability 187

Sustainability Procurement Supply Chain Efficiency Procurement strategies 187

SCMDOJO

JULY 3, 2023

What is procurement and purchasing Lesson 2. Procurement and Purchasing Cycle Lesson 7. Competences are necessary in procurement and purchasing This free online procurement course with a certificate is not only free of cost but also a great source for procurement training for beginners. Types of procurement.

Cost of ownership 98

Cost of ownership Procurement Category management supply chain software solutions 98

Una

NOVEMBER 1, 2022

These “back-office” workers were seen primarily as clerical support, entering and tracking purchase orders and researching suppliers. Today, however, the pandemic has shown procurement to be more than simply purchasing goods and services. Looking beyond cost. Increased cost savings. Get in Touch. Contact us to learn more.

Strategic sourcing 98

Strategic sourcing Strategic sourcing Sourcing Cost of ownership 98

ivalua

MARCH 18, 2021

The Strategic Sourcing modules of Ivalua allow Punch Powertrain buyers to define Purchasing needs collaboratively, consolidate the tendering documents and ease costing by suppliers (cost breakdown files, dialogue with the projects on technical feasibility).

Strategic sourcing 130

Strategic sourcing Strategic sourcing Sourcing Buyers 130

SCMDOJO

SEPTEMBER 19, 2024

As a procurement officer, you’ve possibly been in the crosshairs of debate between sourcing locally and regionally versus from low-cost countries endorsed by many executive staff and boards of directors. Every time I was requested to have a target percentage of our purchases from low-cost countries I felt a pit in my stomach.

Price 98

Price Suppliers Cost of ownership Quality 98

Procurify

MAY 12, 2022

Many people use the terms procurement and purchasing interchangeably. In this guide, we clarify any confusion on the difference between procurement and purchasing, and deep dive into each area. What is purchasing? For example, by creating and fulfilling purchase orders and arranging payment for goods. Before we begin.

Purchasing 52

Purchasing Procurement Purchase orders Cost of ownership 52

Procurement Insights

JANUARY 3, 2025

Emphasis shifted from pure cost savings to total cost of ownership (TCO) and value creation. Shift to Total Cost of Ownership (TCO) : Procurement began focusing on TCO and value realization , aligning more closely with CIOs priorities of delivering long-term value from IT investments.

Agile and Lean Supply Chain 52

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

Procurement Tactics

MAY 2, 2023

Environmental benefits Reduction in Energy Consumption Reduction of waste Reduce carbon emissions Improve resource efficiency Limits the negative impacts of purchasing from non-certified sources Restoration of biodiversity Protection of wildlife 2. Here are some of the benefits of sustainable procurement in your business.

Sustainability 204

Sustainability Procurement strategies Negotiation Ethics 204

Planergy

MAY 8, 2025

Helping organizations spend smarter and more efficientlyby automating purchasing and invoice processing. These portals improve real-time visibility into purchase orders, payment timelines, and dispute resolution, directly enhancing vendor satisfaction. [5] What's PLANERGY? Modern Spend Management and Accounts Payable software.

Strategy 52

Strategy Real-time Visibility Procurement Agile and Lean Supply Chain 52

TYA Suite

DECEMBER 16, 2022

You may have seen people use procurement and purchase interchangeably. Now, how do you differentiate procurement vs purchase these terms? To differentiate these terms, you need to understand the definition of procurement and purchase these terms. Now, let's look at the key differences between procurement and purchase.

Purchasing 52

Purchasing Procurement Eprocurement Cost of ownership 52

SCMDOJO

APRIL 3, 2022

eAuctions are online real-time dynamic discussions between one purchasing organization and a group of pre-qualified vendors competing for the purchaser’s trade. General Cost Reductions: Maybe it is just one of the advantages of eAuctions, but it is still significant! It’s time for the Auctioneer to take the stage!

Supply Chain Efficiency 141

Supply Chain Efficiency Bidding Procurement team supply chain software solutions 141

Procurement Tactics

APRIL 3, 2023

Other environmental benefits include: Reduction in Energy Consumption Limits the negative impacts of purchasing from non-certified sources Restoration of biodiversity Protection of wildlife 2. Economic Benefits Businesses can increase their profits by adopting a total cost of ownership approach to life-cycle cost.

Sustainability 183

Sustainability Procurement Supply Chain Efficiency Procurement strategies 183

Jaggaer

FEBRUARY 5, 2025

Total cost analysis (how much does it cost to provide those goods or services?) emergency purchases and b.) those purchases which do not have a significant impact on operational continuity or the bottom line. Tactical sourcing of high-value categories may result in missed opportunities for long-term cost savings.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing supply chain software solutions 52

Arkestro

NOVEMBER 12, 2024

Today’s procurement challenges go far beyond cost negotiations and sourcing. Businesses must now navigate sustainability, risk management, and total cost of ownership (TCO)—which now are shifting more spend into the “defer” or “ignore” buckets.

Procurement 52

Procurement Bidding Procurement team Supply Chain Efficiency 52

Jaggaer

APRIL 24, 2025

Demand latency & the bullwhip effect Over the past six years, we have witnessed a sharp increase in demand latency , defined as the time lag between customer purchase behavior (at the point of sale) and the corresponding signal received by those responsible for replenishment or production. And for a number of reasons.

Demand 52

Demand Logistics Real-time Visibility Supply Chain Optimization 52

TYA Suite

JULY 17, 2024

Purchase order (PO) management is a vital aspect of procurement, encompassing the systematic handling of purchase orders from creation to fulfillment. In today's dynamic business environment, efficient po management is essential for optimizing inventory levels, controlling costs, and maintaining strong supplier relationships.

Purchase orders 40

Purchase orders Purchasing Management Supply Chain Efficiency 40

Procurement Templates

SEPTEMBER 14, 2023

LCAs can also reveal hidden costs associated with unsustainable practices. For example, a product with a lower purchase price may have higher long-term operational and disposal costs. By factoring in these hidden costs, organizations can make more cost-effective and sustainable procurement choices.

Sustainability 130

Sustainability Supply Chain Efficiency Procurement Ethics 130

Una

JANUARY 30, 2023

Be enablers, not blockers Sometimes, procurement just has to say “no” to a purchase request. For example, you could educate a stakeholder on why Total Cost of Ownership (TCO) matters, or explain the need to balance cost vs risk, or show them how their purchase could be an opportunity to engage with diverse suppliers.

Procurement 98

Procurement Cost of ownership Influencing Purchasing 98

Una

MARCH 16, 2023

With plenty of warning, the sourcing team could have taken a more holistic view of value, analyzed vehicle demand, dug into historical spend data, examined total cost of ownership, and moved the conversation beyond cost to align with other company goal such as sustainability or social outcomes.

Influencing 105

Influencing Procurement Cost of ownership Supplier relationship management 105

TYA Suite

JULY 17, 2024

By implementing a cloud-based purchase order system, businesses can streamline operations, enhance accuracy, and gain real-time visibility into purchasing activities. This innovative cloud purchase order software simplifies tracking, approval, and reporting, making it an indispensable tool for modern enterprises.

Purchase orders 40

Purchase orders Purchasing Real-time Visibility Cost of ownership 40

Procurement Templates

JUNE 18, 2023

ChatGPT Inflation refers to the general increase in prices of goods and services in an economy over time, resulting in a decrease in the purchasing power of money. However, high or unpredictable inflation can create economic instability and erode people’s purchasing power, leading to decreased consumer confidence and investment.

Procurement 130

Procurement Supply Chain Efficiency supply chain budgeting Raw materials 130

Jaggaer

APRIL 9, 2025

Reduced inventory: A manufacturing execution system updates inventory records with new production so that purchasing, shipping, and planning departments always know exactly what material is available. This saves manufacturing, transportation, storage, and inventory monitoring costs.

Supply Chain Efficiency 52

Supply Chain Efficiency Agile and Lean Supply Chain Raw materials supply chain software solutions 52

Strategic Sourceror

JULY 11, 2022

What will be your total cost of ownership to partner with another supplier? Total cost of ownership refers to the estimation of overall expenses for developing a given product when factoring in all of the process aspects that go into its creation. This helps to more accurately determine your return on investment.

Cost of ownership 57

Cost of ownership Suppliers Supply Chain Efficiency Strategic sourcing 57

Una

JANUARY 9, 2023

5 steps to take when managing tail spend to avoid making purchases within an organization that go underutilized or unused. The term quickly stuck and came to represent any of our company’s untracked, questionable, and possibly wasteful purchases. So, how many porcelain Dalmatians has your company recently purchased? .

Management 97

Management Spend management Purchasing Procurement team 97

Skill Dynamics

APRIL 24, 2025

Their collaboration is essential for: Maintaining optimal inventory levels Ensuring supplier reliability Reducing total cost of ownership Responding quickly to disruptions The most effective businesses treat procurement and supply chain as two parts of the same engine.

Supply chain management 52

Supply chain management Supply chain management Supply Chain Efficiency Supply Chain Optimization 52

Supply Chain Game Changer

NOVEMBER 13, 2018

And What is Purchasing? From the starting point of the traditional buy-sell, transaction-based purchasing, the practice has moved through stages of change that redefines most aspect of the business. The fundamental objective of any organisation is lowering the cost of goods manufactured. Procurement #SupplyChain #purchasing.

Strategic sourcing 73

Strategic sourcing Strategic sourcing Procurement supply chain budgeting 73

Procurement Tactics

MARCH 29, 2023

As many governments and people around the world are being aware of how their purchasing behavior can affect the planet, many have demanded companies of every size embrace sustainability within their operations. Without any changes in how the planet is run, then it will suffer irreparable damage that all of us will incur.

Sustainability 130

Sustainability Supply Chain Efficiency Ethics Cost of ownership 130

Jaggaer

FEBRUARY 5, 2025

It is called strategic because it replaces traditional ad hoc approaches to sourcing, which were almost entirely focused on cost savings, item by item. However, pricing is only one of many factors in strategic sourcing, which focuses on securing the best quality for the lowest total cost or cost of ownership.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Supply Chain Efficiency Sourcing 52

SCMDOJO

FEBRUARY 13, 2023

The procurement department is an integral part of any organization, playing a crucial role in the purchasing process. Procurement aims to ensure that the organization is getting the resources it needs to succeed at a cost that maximizes value and minimizes risk.

Procurement 87

Procurement Chief Procurement Officer supply chain budgeting Supply Chain Efficiency 87

Una

SEPTEMBER 22, 2022

Procurement embodies purchasing across a wide range of categories. Naturally, a CIO may deem that any technology purchase falls within the realm of responsibility of the IT department as they are the true technology experts. It might also pinpoint technology gaps and allow you to plan for future IT purchases. Focus on data.

Procurement 98

Procurement Real-time Visibility Contract Purchasing 98

World of Procurement blog

APRIL 23, 2024

Adopt a Total Cost of Ownership (TCO) Approach Evaluating purchases based on the total cost of ownership rather than just the initial price can lead to significant savings.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement supply chain budgeting 52