World of Procurement blog

APRIL 23, 2024

By adopting best practices, companies can reduce costs, improve quality, and enhance supplier relationships. These policies should outline how procurement activities are to be conducted, from supplier selection to contract execution, ensuring consistency and compliance across the organization.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement Strategic sourcing 52

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 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. Supplier-based approach.

Sustainability 163

Sustainability Procurement Cost of ownership Supply Chain Efficiency 163

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. Strategic sourcing is similar.

Strategic sourcing 98

Strategic sourcing Strategic sourcing Sourcing Cost of ownership 98

Procurement Templates

SEPTEMBER 14, 2023

Procurement, often considered the gateway between an organization and its suppliers, plays a central role in this transformation. This involves selecting suppliers and partners who are committed to ethical and eco-friendly practices. Moreover, transparency and communication are critical in supplier relationships.

Sustainability 130

Sustainability Supply Chain Efficiency Procurement Ethics 130

SCMDOJO

JULY 3, 2023

Procurement training equips you to excel in the corporate world by teaching you everything from supplier dynamics to negotiating strategies. Choose between a broad overview of procurement and a focused course that focuses on certain topics like strategic sourcing, contract management, or supplier relationship management.

Cost of ownership 81

Cost of ownership Procurement Category management supply chain software solutions 81

ivalua

FEBRUARY 25, 2021

They may not consider potential issues of integrations, supplier onboarding, supply chain data management, change management and system optimization, all of which add to complexity and costs. ERPs tend to be built for the back office, so they lack the consumer-like user experience that leads to high user adoption among suppliers.

supply chain budgeting 221

supply chain budgeting Supply Chain Optimization supply chain software solutions Supply Chain Efficiency 221

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

Procurement Tactics

MAY 2, 2023

Thus, ensuring that all your suppliers and processes can meet your sustainability goals. It involves selecting suppliers that meet the sustainable criteria or standards of your company, with the goal of promoting sustainable development and reducing negative environmental and social impacts.

Sustainability 204

Sustainability Procurement strategies Negotiation Ethics 204

World of Procurement blog

APRIL 23, 2024

In an ever-evolving marketplace, businesses are constantly looking for ways to streamline operations, cut costs, and enhance efficiency. Procurement isn't just about purchasing goods and services; it's a strategic function that if executed well, can significantly contribute to a company's competitive advantage.

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

World of Procurement blog

APRIL 23, 2024

In an ever-evolving marketplace, businesses are constantly looking for ways to streamline operations, cut costs, and enhance efficiency. Procurement isn't just about purchasing goods and services; it's a strategic function that if executed well, can significantly contribute to a company's competitive advantage.

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

Planergy

SEPTEMBER 8, 2022

How AP can improve relationships with your key suppliers. Supplier Performance Management: How and What To Measure. Best Practices & Tips Supplier Performance Supplier Relationship Management. Best Practices & Tips Supplier Performance Supplier Relationship Management. Download Free Copy. Written by.

Suppliers 52

Suppliers Management Supplier relationship management supply chain budgeting 52

NLPA (Next Level Purchasing Association)

FEBRUARY 29, 2024

In today’s dynamic business landscape, category management in procurement has become an essential weapon for procurement teams seeking to optimize spend, strengthen supplier relationships, and drive growth. Strengthen Supplier Relationships: Traditionally, supplier relationships have often been transactional.

Category management 52

Category management Management Procurement Supplier relationship management 52

ivalua

MARCH 18, 2021

The Belgium-based automotive supplier, specialising in sustainable and affordable propulsion system solutions, deployed Ivalua’s platform in September 2020 for the sourcing of components for the DT2 program, within the company’s Joint Venture operations: Punch Powertrain PSA e-transmissions.

Strategic sourcing 130

Strategic sourcing Strategic sourcing Sourcing Buyers 130

Empowering CPO

FEBRUARY 11, 2024

Consulting firms like ours leverage cutting-edge tools and analytics to gain deep insights into market trends, supplier performance, and cost structures. By harnessing the power of data, organizations can identify opportunities for cost optimization, risk mitigation, and process efficiency.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sustainability Sourcing 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. Considering TCO goes beyond simply evaluating the initial purchase price.

Cost optimization 69

Cost optimization Cost of ownership Procurement Strategy 69

Barkers Procurement

FEBRUARY 20, 2023

It involves taking a long-term view of the organization’s needs and making informed decisions about what to purchase, from whom, and at what cost. In order to make informed purchasing decisions, it is important to have a clear understanding of the organisation’s goals and objectives. Strong supplier relationships.

Procurement 52

Procurement Cost of ownership Supplier negotiation Quantity 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. Strategically measure purchasing performance Strategic measurement of purchasing performance is critical for any procurement department to succeed.

Procurement 52

Procurement Negotiation supply chain budgeting Supply Chain Optimization 52

Una

JANUARY 30, 2023

Expand the focus beyond cost savings Realistically, cost savings will always be in the top three priorities for procurement. But focusing on cost at the expense of everything else damages supplier relationships, stakeholder perceptions, and long-term value generation. But communication is important.

Procurement 98

Procurement Cost of ownership Influencing Purchasing 98

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

Una

MARCH 16, 2023

Just calling to let you know we’re selling the current motor pool vehicles and will be switching to a cheaper supplier for our commercial fleet.” A lack of influence drives up company spend, impacts communication, leads to higher instances of maverick spend and procurement bypass, and damages supplier relationships.

Influencing 105

Influencing Procurement Cost of ownership Supplier relationship management 105

SCMDOJO

FEBRUARY 13, 2023

The procurement department is an integral part of any organization, playing a crucial role in the purchasing process. This requires a deep understanding of the supplier’s market and an ability to negotiate favourable prices through volume orders or payment terms.

Procurement 87

Procurement Chief Procurement Officer supply chain budgeting Supply Chain Efficiency 87

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. E-auctions are often transparent, enabling small organizations to engage in the process and, as a result, allowing suppliers to participate in emerging businesses.

Supply Chain Efficiency 139

Supply Chain Efficiency Bidding Procurement team supply chain software solutions 139

Una

FEBRUARY 8, 2023

Take a deep breath and dive into this list of back-to-basic cost reduction strategies to generate impressive savings and demonstrate the value that procurement can bring. Take your context into account – company size, supplier landscape, team skillset, and appetite for change.

Procurement 59

Procurement Negotiation Contract Strategic sourcing 59

Empowering CPO

MAY 4, 2023

Importance of procurement in modern businesses In today’s fast-paced and competitive business landscape, procurement plays a crucial role in driving efficiency, cost savings, and overall success. Supplier management systems: Tools that help track, evaluate, and manage supplier relationships and performance.

Procurement 52

Procurement Procurement strategies Cost of ownership Supply Chain Efficiency 52

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

NLPA (Next Level Purchasing Association)

JANUARY 17, 2023

Limited visibility can increase the total cost to serve and the total cost of ownership, reduce supply chain performance and increase the loss of value in your supply chain. Decisions around Supplier Selection. Unfortunately, it is not usually an easy task to select a supplier. Purchasing Training Tidbits.

Agile and Lean Supply Chain 52

Agile and Lean Supply Chain Procurement Spend management Cost of ownership 52

Una

SEPTEMBER 21, 2023

These actions typically involve negotiating better deals with suppliers , optimizing procurement processes, and finding cost-efficient alternatives for goods and services. Here are some cost-saving levers you can pull: Negotiation and supplier management Negotiation skills are at the heart of cost savings.

Competitive bidding 52

Competitive bidding Ethics Supply Chain Optimization Strategy 52

Skill Dynamics

OCTOBER 19, 2023

Nonetheless, there is a whole lot more to opimizing procurement processes than just cutting costs and then increasing efficiencies. Your business needs a broader vision to address sustainability, deliver on risk management and resilience challenges, nurture buyer and supplier relationships, as well as meet procurement excellence.

Supply Chain Optimization 52

Supply Chain Optimization Strategy Procurement Vendor management 52

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

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. What if procurement wasn’t just about cutting costs and securing deals?

supply chain budgeting 52

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

Una

OCTOBER 12, 2023

Onshoring can involve relocating manufacturing facilities or sourcing products and services locally to support domestic suppliers and Made in America policies. Quality and Compliance Different regions and suppliers may have varying standards of quality and regulatory compliance. Offshoring Offshoring is the opposite of onshoring.

Supply Chain Optimization 52

Supply Chain Optimization Procurement Supply chain resilience supply chain budgeting 52

Una

OCTOBER 9, 2023

Strategic sourcing has become a pivotal approach to procurement, offering a pathway to significant cost savings , enhanced supplier relationships, and optimized sourcing practices. At its core, strategic sourcing formalizes the process of finding, assessing, and choosing suppliers. Let’s get started.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 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. But in recent times, this function has evolved far beyond the simple act of purchasing. The relationship between cost savings and profitability is fairly straightforward. Consider quality, for instance.

Procurement 52

Procurement Innovation Quality Real-time Visibility 52

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

SCMDOJO

APRIL 26, 2023

This approach can help organizations streamline their procurement processes, negotiate better deals with suppliers, and ultimately save money. This strategy also ensures strategic supplier relationship management as per the various categories. Read More: What Does a Procurement Manager Do?

Category management 77

Category management Management Supplier relationship management supply chain software solutions 77

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. Check out What Exactly Is Procurement?

Strategic sourcing 73

Strategic sourcing Strategic sourcing Procurement supply chain budgeting 73