Arkestro

MARCH 27, 2024

After years of focusing on cost reduction, the majority of procurement leaders say they plan to spend more and increase workloads in 2024, meaning procurement buyers will have more power to influence change and optimize spend across the entire supply chain. But what does a procurement buyer do, exactly?

Buyers 52

Buyers Supply Chain Efficiency supply chain budgeting Procurement 52

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. Inflation occurs when there is an imbalance between the supply and demand of money and goods. Money buys less than before How should procurement manage inflation?

Procurement 130

Procurement Supply Chain Efficiency supply chain budgeting Raw materials 130

Empowering CPO

JUNE 30, 2023

Introduction In the dynamic world of business, the ability to effectively manage and optimize supply chains has emerged as a critical success factor. At the heart of this revolution lies a powerful tool that many companies are now leveraging to achieve competitive advantage: Managed Procurement Services. The result?

Supply Chain Optimization 52

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

Arkestro

JANUARY 23, 2024

Procurement managers play a key role in this rapid growth, helping organizations optimize costs, negotiate favorable terms with suppliers, and ensure financial efficiency. The best procurement managers are masters of risk mitigation and budget management, while also maintaining high quality standards and a competitive edge.

supply chain budgeting 52

supply chain budgeting Management Supply Chain Optimization Procurement 52

Una

OCTOBER 12, 2023

Understanding Offshoring, Onshoring, Nearshoring, and Rightshoring in Procurement Explore the nuances between offshoring and other approaches to procurement and how each one can impact the bottom line, supply chain resilience and overall strategic objectives.

Supply Chain Optimization 52

Supply Chain Optimization Procurement Supply chain resilience supply chain budgeting 52

Una

JUNE 1, 2023

As a procurement specialist, you’ll be at the forefront of critical decision-making processes, collaborating with stakeholders, analyzing market trends, and designing procurement strategies that align with business objectives.

Procurement 98

Procurement supply chain budgeting Sustainability Negotiation 98

NLPA (Next Level Purchasing Association)

MARCH 16, 2023

Spend Management is a critical function within an organization, and it involves the strategic management of the company’s spending to reduce costs, improve efficiency, and enhance profitability. We should also monitor the actual expenses against the projected spend to ensure that we are staying within our budget.”

Spend management 98

Spend management Management Procurement supply chain budgeting 98

Arkestro

DECEMBER 12, 2023

A McKinsey survey found that 79% of shoppers are “trading down” this season, meaning they’re swapping purchases for cheaper alternatives or avoiding spending completely. When broken down by generation, Gen Z is the most likely to tighten their budget, while Gen Xers and Boomers are more likely to splurge.

Procurement 52

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

World of Procurement blog

MAY 23, 2024

The goal of supplier consolidation is to streamline procurement processes, reduce costs by leveraging economies of scale, strengthen relationships with top-performing suppliers, and drive performance improvements through better coordination. This reduces administrative costs of procurement.

Supplier consolidation 52

Supplier consolidation Suppliers Supply Chain Efficiency supply chain budgeting 52

Una

JUNE 1, 2023

As a procurement specialist, you’ll be at the forefront of critical decision-making processes, collaborating with stakeholders, analyzing market trends, and designing procurement strategies that align with business objectives.

Procurement 52

Procurement supply chain budgeting Sustainability Negotiation 52

Procurement Software

APRIL 23, 2024

Mithra-AI’s innovative approach was recognised in 2023 when Spend Matters included them in their Future 5 list, highlighting the startup as one of the top five global innovative procurement startups. This accolade underscores their significant potential to influence the future of procurement technology.

supply chain software solutions 52

supply chain software solutions Real-time Visibility Supply Chain Efficiency supply chain budgeting 52

Una

OCTOBER 26, 2023

From being seen as a compliance-related cost-center, ESG is now understood as a source of potential value generation. Reducing plastic packaging, for example, will not only help meet environmental targets, but will reduce costs and improve brand perception among environmentally-conscious consumers.

Management 52

Management Procurement Supply Chain Efficiency Stakeholder engagement 52

SCMDOJO

NOVEMBER 9, 2023

The primary goal of inventory control is to reduce the costs associated with holding stock. This is achieved by helping business owners determine the right time to restock their items or purchase materials for production. Inventory control templates must be formulated dictating the desired budget.

Inventory control 82

Inventory control Inventory supply chain budgeting Supply Chain Optimization 82

Planergy

DECEMBER 29, 2022

That means working with agile partners, which most standard procurement strategies don’t account for. Marketing leaders must always be on the cutting edge, deeply understanding platforms, tools, new technologies, and options like influencer marketing. Use PLANERGY to manage purchasing and accounts payable.

Procurement 52

Procurement Raw materials supply chain budgeting supply chain software solutions 52

Empowering CPO

MAY 11, 2023

Definition and Concept Sustainable procurement is a procurement method that integrates environmental and social considerations into decisions alongside the traditional parameters of cost, quality, and delivery. Sustainable procurement practices can encourage ethical behaviors and foster a more equitable global trade system.

Sustainability 52

Sustainability Procurement Supply Chain Efficiency Raw materials 52

Supply Chain Game Changer

NOVEMBER 13, 2018

Check out What Exactly Is Procurement? And What is Purchasing? There has been transformation in the Procurement function over the past decade. 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.

Strategic sourcing 73

Strategic sourcing Strategic sourcing Procurement supply chain budgeting 73

Empowering CPO

JUNE 25, 2023

In the realm of procurement and supply chain management, one tool stands out as a game-changer — Spend Analysis. Spend Analysis is a process where procurement data from various sources are collected, cleansed, categorized, and analyzed. The potential for cost reduction through accurate spend analysis is tremendous.

Supply Chain Efficiency 52

Supply Chain Efficiency supply chain budgeting Real-time Visibility Data 52

Empowering CPO

JUNE 26, 2023

Introduction In today’s dynamic business landscape, effective procurement strategies are crucial for organizations to achieve sustainable growth and maintain a competitive edge. Data-driven Decision Making In today’s data-driven world, the role of data in procurement has become increasingly significant.

Real-time Visibility 40

Real-time Visibility Supply Chain Efficiency Supply Chain Optimization Collaboration 40

Procurement Heads

JUNE 6, 2023

In addition to this, we have a dedicated policy function that provides professional advice and support around key policy areas such as modern slavery, social value, and environmental and sustainable procurement. Furthermore, we are exploring how we can bring greater diversity and inclusion into our supply chain through EDI work.

Contract management 130

Contract management Contract Supply Chain Efficiency Procurement 130

Empowering CPO

JUNE 14, 2023

These models are often accompanied by practices such as annual rate contracts, bulk buying, and just-in-time purchasing. The focus here is primarily on cost reduction, with procurement seen as a cost center rather than a value-add function. The necessity of incorporating sustainability into procurement practices.

Innovation 52

Innovation Procurement Supply Chain Efficiency Sustainability 52