Procurement Insights

JANUARY 3, 2025

20152020: Procurement Gains Strategic Recognition Emergence of Strategic Sourcing : CFOs began to recognize procurement’s role in driving long-term value through strategic sourcing, supplier relationships, and risk management. Emphasis shifted from pure cost savings to total cost of ownership (TCO) and value creation.

Agile and Lean Supply Chain 52

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

Supply Chain Game Changer

AUGUST 4, 2020

These are the Critical Supply Chain lessons we discuss in our latest video: The Importance of Supply Chain Talent Designing in Supply Chain Flexibility Taking Total Cost of Ownership Seriously Mission Critical and Strategic Inventory Positioning Disaster Planning Taken Seriously Exhaustive End to End Supply Chain Mapping Design Your Supply Chain for (..)

Supply chain 128

Supply chain Cost of ownership Supply Logistics 128

Procurement Tactics

APRIL 5, 2023

Risk management Refusing to adopt sustainability has its own consequences and can severely affect the brand value, reputation, market capitalization, market share, legal exposures, price fluctuations, access to supply, ethical exposures, financial liabilities, and the risks associated with operating licenses.

Sustainability 187

Sustainability Procurement Supply Chain Efficiency Procurement strategies 187

Spend Matters

MAY 8, 2025

Instead of prioritizing the newest features, procurement leaders must evaluate tools based on how well they address core objectives, such as cost optimization, risk management and operational efficiency. What is the full cost assessment over time?

Procurement 63

Procurement Cost of ownership Stakeholder engagement Contract 63

Procurement Tactics

SEPTEMBER 21, 2022

Businesses of all sizes need to save money and reduce costs as much as possible. Sustainability in procurement helps reduce the total cost of ownership through the reduction of energy costs, minimized consumption, over-specification, and environmental and social compliance cost. Risk reduction.

Sustainability 188

Sustainability Procurement Cost of ownership Suppliers 188

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. Matt lives in Nashville, TN with his wife Amy.

Procurement 52

Procurement Bidding Procurement team Supply Chain Efficiency 52

Jaggaer

FEBRUARY 5, 2025

They instantly compare bids based on predefined criteria, such as the lowest bid, pricing tiers, or total cost of ownership, and rank the suppliers accordingly. Its also wise to develop a risk management strategy that includes contingency plans for disruptions or non-compliance issues.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Strategy 52

Procurement Templates

JUNE 18, 2023

Sharing market insights and cost-saving ideas can lead to cost optimization and better pricing agreements. Total cost analysis: Procurement should focus not only on the initial purchase price but also on the total cost of ownership.

Procurement 130

Procurement Supply Chain Efficiency supply chain budgeting Raw materials 130

World of Procurement blog

APRIL 23, 2024

Implement Strategic Sourcing Strategic sourcing involves a methodical approach to finding, selecting, and managing suppliers. This process emphasizes not just cost savings but also value creation, supplier performance, and risk management.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement supply chain budgeting 52

World of Procurement blog

APRIL 23, 2024

Implement Strategic Sourcing Strategic sourcing involves a methodical approach to finding, selecting, and managing suppliers. This process emphasizes not just cost savings but also value creation, supplier performance, and risk management.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement supply chain budgeting 52

Planergy

FEBRUARY 24, 2025

Prioritize Total Cost of Ownership (TCO) TCO goes far beyond the initial purchase price, considering the entire lifecycle of an asset or service. Measuring Procurement Effectiveness Key performance indicators for educational procurement include: Cost Savings Percentage: Its not about spending less but the value for money.

Procurement 52

Procurement Supply Chain Efficiency supply chain budgeting Budget 52

Procurement Templates

SEPTEMBER 14, 2023

Total Cost of Ownership (TCO) : TCO Analysis : Conduct a comprehensive analysis of the total cost of ownership, factoring in not only the purchase price but also long-term operational costs, maintenance, and sustainability-related costs.

Sustainability 130

Sustainability Supply Chain Efficiency Procurement Ethics 130

Una

MARCH 16, 2023

If the procurement team in this example had more influence, the logistics manager wouldn’t have dreamed of making this sort of decision without first engaging them. Tip: Need a quick win in terms of cost savings? Why do so many companies lack procurement influence?

Influencing 105

Influencing Procurement Cost of ownership Supplier relationship management 105

Spend Matters

JANUARY 8, 2024

There has also been a growing appreciation that, when done intelligently, buying closer to home can not only ensure greater reliability of supply and higher flexibility, but also be more cost-effective in terms of Total Cost of Ownership.

Procurement solutions 102

Procurement solutions Supply Chain Optimization Procurement Supply Chain Efficiency 102

Planergy

MAY 8, 2025

This has helped boost transformation success by 42% , as workflows become easier to manage and adopt across departments.[7] 9] Risk mitigation is another driver. Predictive tools help teams flag supplier vulnerabilities early and make smarter sourcing decisionsleading to a 20% improvement in risk management outcomes.[7]

Strategy 52

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

Empowering CPO

FEBRUARY 20, 2023

On similar lines, even buyers have their own set of constraints because more lots may mean more suppliers to manage and that may take away plenty of their bandwidth during normal operations. The Lot total should represent the Total Cost of Ownership for the buyer and should include all factors so as to ensure an apple-to-apple comparison.

Strategy 52

Strategy Cost of ownership Strategic sourcing Strategic sourcing 52

NLPA (Next Level Purchasing Association)

OCTOBER 17, 2022

Continuous Improvement and Risk Management Systems have long been essential to realizing supply chain and organizational success. This is especially true at a time when organizations are preoccupied with ensuring reliable supply lines, cost reduction, risk mitigation, business continuity, and so on. . PDCA stands for: .

supply chain budgeting 52

supply chain budgeting Risk Agile and Lean Supply Chain Risk management 52

Jaggaer

APRIL 22, 2019

And there’s a payoff: procurement teams are most concerned with cost savings and risk management, both of which can be addressed by sustainable procurement. using a total cost of ownership strategy) and identify key risks (and related costs) to avoid.

Sustainability 91

Sustainability Supply Chain Efficiency Procurement supply chain software solutions 91

SCMDOJO

JUNE 6, 2024

Deepen Your Expertise: As you progress, delve into specialized topics like cost optimization, risk management, and supply chain sustainability. Additionally, explore advanced topics to further enhance your expertise and stay ahead in the field.

Procurement 105

Procurement Supply Chain Optimization Supply Chain Efficiency Ethics 105

Jaggaer

OCTOBER 3, 2024

However, it’s fair to say that procurement is really in the pressure cooker right now, with all kinds of new and conflicting demands such as ESG, diversity, compliance and risk management. Ensure supply continuity This was number 1 on the 2023 list of priorities. environment) Improve procurement agility (i.e.,

Supply Chain Optimization 52

Supply Chain Optimization Agile and Lean Supply Chain Supply Chain Efficiency Contract 52

Skill Dynamics

JULY 19, 2024

Before beginning, set clear procurement objectives, focusing on areas such as cost reduction, quality improvement, fostering innovation and risk management. Don’t forget to consider how you will manage the costs of your strategy – this goes beyond just negotiating the lowest price.

Procurement strategies 90

Procurement strategies Strategy Procurement supply chain budgeting 90

Supply Chain Game Changer

NOVEMBER 17, 2022

This means you don’t have to worry about hosting your applications in the cloud, as you can manage your sensitive data from a single location. 4) Lower Costs and Better Return on Investment. Cloud file encryption helps to achieve a lower total cost of ownership (TCO) for cloud storage.

Supply Chain Efficiency 78

Supply Chain Efficiency supply chain budgeting Cost of ownership Supply chain 78

NLPA (Next Level Purchasing Association)

SEPTEMBER 8, 2023

A successful procurement transformation involves a strategic overhaul of processes, technologies, and approaches to achieve greater efficiency, cost savings, risk management, and value creation. 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

IBM Supply Chain Blog

AUGUST 1, 2023

Here are five things you need to know about how IBM Cloud is helping clients make the right workload-placement decisions based on resiliency, performance, security, compliance and total cost of ownership. Addressing risks, evolving compliance standards and new regulatory dynamics in highly regulated industries Recently, the U.S.

Innovation 63

Innovation Cost of ownership Risk Data 63

IBM Supply Chain Blog

APRIL 11, 2024

Easily automate payments and manage cash across the SEPA zone by using your existing banks. Total cost of ownership: Hybrid cloud offers the power of choice and performance with workloads anywhere to maximize performance from x86, Power—to Cloud—to Quantum.

Innovation 58

Innovation Cost of ownership Data Risk 58

NLPA (Next Level Purchasing Association)

JANUARY 17, 2023

Risk Management : Provisions must be made to manage the following types of risks: Supply Risk: The possibility of production line shutdown, failure to meet customer requirements, and/or other catastrophes due to the non-availability of certain goods or services at a particular time.

Agile and Lean Supply Chain 52

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

Empowering CPO

MAY 4, 2023

Supplier segmentation: Group suppliers based on factors such as criticality, performance, and risk, to prioritize resources and efforts accordingly. Risk management plan: Identify potential risks in the procurement process and develop contingency plans to mitigate their impact. Adopt a Total Cost of Ownership Approach A.

Procurement 52

Procurement Procurement strategies Cost of ownership Supply Chain Efficiency 52

SCMDOJO

APRIL 26, 2023

Category management involves managing suppliers at various levels and thereby fostering supplier relationship management. A robust and strategic supply chain helps businesses create value through efficient supplier relationship management, the lowest total cost of ownership (TCO), and maximum probable return on investment (ROI).

Category management 106

Category management Management Supplier relationship management supply chain software solutions 106

NLPA (Next Level Purchasing Association)

APRIL 5, 2023

Properly identifying and mitigating risks is essential to ensuring success and sustainability. Properly identifying and mitigating risks is essential to ensuring success and sustainability. Neglecting to do so can result in serious consequences, such as financial loss, reputational damage, and legal ramifications.

Procurement 52

Procurement Negotiation supply chain budgeting Supply Chain Optimization 52

TYA Suite

NOVEMBER 25, 2024

Without a proactive approach to risk management, businesses may find themselves vulnerable to unexpected challenges that could impact their operations. Strategic sourcing actively incorporates risk management into the. Risk management is also a vital component of strategic sourcing and procurement.

Strategic sourcing 40

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 40

NLPA (Next Level Purchasing Association)

FEBRUARY 29, 2024

Category management flips this script, emphasizing collaboration and building strong partnerships with key suppliers. This collaborative approach fosters better communication, risk management, and innovation. These KPIs could include total cost of ownership, supplier delivery performance, or on-time in-full rates.

Category management 52

Category management Management Procurement Supplier relationship management 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

Empowering CPO

AUGUST 20, 2024

This helps organizations optimize their procurement strategies, reduce total cost of ownership, and improve overall efficiency.

Strategic sourcing 40

Strategic sourcing Strategic sourcing Spend management Cost of ownership 40

Jaggaer

DECEMBER 13, 2024

Source-to-pay is strategic in nature, emphasizing the importance of identifying the best suppliers and negotiating the best terms but also supplier collaboration, cost optimization, risk management, and innovation. These will all drive performance that will reveal itself in P2P.

Sourcing 52

Sourcing Contract Procurement Chief Procurement Officer 52

Empowering CPO

JULY 16, 2023

Moreover, traditional procurement usually focuses on the price rather than the total value, which can result in overlooking critical factors like quality, service, and total cost of ownership. Managed procurement, on the other hand, adopts a proactive, strategic, and holistic approach to procurement.

Supply Chain Efficiency 52

Supply Chain Efficiency Procurement Supply Chain Optimization supply chain budgeting 52

Una

SEPTEMBER 21, 2023

Process efficiency Streamlining procurement processes and eliminating inefficiencies can reduce the time and resources required for procurement activities, contributing to cost savings. It helps procurement professionals make informed decisions that lead to long-term cost savings.

Competitive bidding 52

Competitive bidding Ethics Supply Chain Optimization Strategy 52

Empowering CPO

JULY 16, 2023

Moreover, traditional procurement usually focuses on the price rather than the total value, which can result in overlooking critical factors like quality, service, and total cost of ownership. Managed procurement, on the other hand, adopts a proactive, strategic, and holistic approach to procurement.

Supply Chain Efficiency 40

Supply Chain Efficiency Management Procurement Supply Chain Optimization 40