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Procurement 101: Your Essential Guide to Strategic Sourcing

World of Procurement blog

What is Procurement? Procurement refers to the business processes involved in acquiring goods, services, and work from external suppliers. It involves identifying needs, sourcing potential vendors, obtaining quotes and proposals, negotiating contracts, selecting suppliers, managing relationships, and meeting obligations.

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Innovative Procurement Models: Exploring Different Approaches

Empowering CPO

Brief Overview of Procurement Welcome to our deep dive into the world of procurement. But before we venture into the depths of innovation in this field, let’s first establish what procurement really is. This is especially true in procurement, where the landscape is rapidly evolving. Understanding Procurement A.

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The Impact of Digital Transformation on Spend Analysis

Empowering CPO

One area where digital transformation has had a profound impact is in procurement, and specifically, in the realm of spend analysis. Procurement is a strategic function that encompasses the acquisition of goods and services required to support an organization’s operations.

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Supply Chain Risks: Different Types and How To Mitigate Them

Planergy

How to gain visibility and control of your indirect spend. How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. The procurement team must always evaluate environmental risks created by contractors and suppliers.

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ERP vs. Best-in-Class — What is Best for Managing the Healthcare Supply Chain

ivalua

What are the pros and cons, and what supply chain strategy will pave the way to higher margins, improved supply chain risk management in healthcare and improved patient care? That’s the question we set out to answer in our recent panel discussion with Procurement and Supply Chain experts.