What are Procurement Value Levers? Definition When it comes to procurement, there are a lot of moving parts. You have to source the right materials, at the right price, from the right supplier. And you have to do it in a way that meets your company’s quality standards. But what if I told you there […]
What is Procurement? Definition
What is Procurement? Definition The term “procurement” is one that you may have heard before, but what does it actually mean? In short, procurement is the process of obtaining goods or services. However, there is much more to it than that. There are different types of procurement, and the process can vary depending on the […]
What is a Project Definition Statement (PDS)? Definition
What is a Project Definition Statement (PDS)? Definition A project definition statement (PDS) is a document that articulates the purpose, scope, objectives, and deliverables of a project. The PDS is an important tool for project managers as it provides a common understanding of the project among all stakeholders. It also serves as a foundation for […]
What is Procure-To-Pay (P2P)? Definition
What is Procure-To-Pay (P2P)? Definition Procure-To-Pay, or P2P, is a term used in business to describe the process of procuring goods or services and then paying for them. The P2P process usually starts with a company identifying a need for a good or service. Then, the company will put out a request for proposal (RFP) […]
What is Prompt Payment? Definition
What is Prompt Payment? Definition Prompt payment is the act of paying invoices within the terms agreed upon by the supplier. It’s a practice that’s gaining traction in recent years as more and more businesses attempt to streamline their accounts payable processes. But what are the benefits of prompt payment? And why should your business […]
What is Proof Of Concept? Definition
What is Proof Of Concept? Definition A proof of concept (POC) is a demonstration, the purpose of which is to verify that certain concepts or theories have the potential for real-world application. A POC is often used in business and software development to determine whether a particular solution will work in practice, and whether it […]
What is a Proposal? Definition
What is a Proposal? Definition A proposal is a written document that is submitted to an organization with the aim of persuading them to accept a particular course of action, or provide funding for a specific project. A proposal can be either formal or informal, but most commonly takes the form of a business proposal. […]
What is a Proposer in Business? Definition
What is a Proposer in Business? Definition If you’ve ever been in a meeting where someone pitches an idea and it’s met with lukewarm enthusiasm, you’ve witnessed firsthand what it means to be a poor proposer. A proposer is someone who puts forward a plan, proposal, or suggestion. In business, the ability to make a […]
What is Public Procurement? Definition
What is Public Procurement? Definition Public procurement is the process by which the government buys goods and services from the private sector. It’s a process that is regulated by law and overseen by an independent body. In the United States, public procurement is governed by the Federal Acquisition Regulation (FAR). The FAR sets out the […]
What is Public Sector Or Public Sector Body? Definition
What is Public Sector Or Public Sector Body? Definition Public sector organizations are those that are set up by the government to provide services to the public. These organizations can be at the federal, state, or local level. Public sector bodies are those organizations that are not governmental but which exist to serve the public […]
What are Public Procurement Rules? Definition
What are Public Procurement Rules? Definition Public procurement rules are the set of policies, procedures, and regulations governing the purchase of goods and services by government entities. The main goal of public procurement rules is to ensure that taxpayer money is spent wisely and efficiently. There are many different types of public procurement rules, but […]
What is a Purchase Order? Definition
What is a Purchase Order? Definition In business, the purchase order is a document that authorizes a buyer to purchase goods or services from a seller. The purchase order outlines the items the buyer agrees to purchase at a set price. A purchase order is usually created after the buyer and seller have negotiated the […]
What is a Purchase Invoice? Definition
What is a Purchase Invoice? Definition A purchase invoice is a written request sent to a supplier for the purchase of goods or services. It is generally used in businesses as a way to keep track of what was ordered, when it was ordered, and how much was paid. While purchase invoices are not always […]
What is a Purchase Requisition? Definition
What is a Purchase Requisition? Definition A purchase requisition (PR) is a formal document that is created by a department within an organization when it intends to buy goods or services. The PR is then approved by a manager and sent to the purchasing department, which will find vendors and request quotes. A PR usually […]
What is Purchasing? Definition
What is Purchasing? Definition The purchasing process is a critical component of any business. It involves the acquisition of goods and services to be used in the production of other goods and services or to be sold, leased, or rented to customers. Purchasing is an important function because it represents the point at which a […]
What is Purchase-To-Pay Cycle (P2P)? Definition
What is Purchase-To-Pay Cycle (P2P)? Definition The purchase-to-pay cycle, also known as P2P, is the process that a company uses to procure goods or services and then pay for them. The cycle begins when a company identifies a need for a good or service. It then searches for and selects a supplier of the good […]
What is Quality Assurance (Qa)? Definition
What is Quality Assurance (Qa)? Definition Quality assurance (QA) is a process or set of procedures intended to ensure that a manufactured product or performed service adheres to a defined set of quality criteria or meets the requirements of the customer. In order to achieve this, quality assurance activities monitor and document the results of […]
What is a Receipt Of Goods, Goods Receipt Note? Definition
What is a Receipt Of Goods, Goods Receipt Note? Definition A Goods Receipt is a document that is created when goods are received. It is used to track and manage inventory, and can be used as proof of purchase. A Goods Receipt Note (GRN) is a document that is generated when goods are received into […]
What is Remedy in Business? Definition
What is Remedy in Business? Definition In business, the term “remedy” is often used to describe a situation where one party seeks to recover damages from another party. This could be in the form of money, property, or even an equitable relief. A remedy in business can also be seen as a “corrective measure” that […]
What is Regulated Procurement? Definition
What is Regulated Procurement? Definition Regulated procurement is the process of acquiring goods or services in compliance with laws, regulations, and other government-mandated requirements. The purpose of regulated procurement is to ensure that the government gets the best value for its money and that the process is fair and transparent. There are many different types […]
What is a RFEI (Request For Expression Of Interest)?
What is a RFEI (Request For Expression Of Interest)? A request for expression of interest (RFEI), or EOI, is a type of proposal used in soliciting potential contractors or suppliers for a project. It is not a binding document, but rather allows the recipient to see if there is interest in the project and whether […]
What is Schedule Of Rates? Definition
What is Schedule Of Rates? Definition A Schedule of Rates is a document that contains a list of materials, labor, and equipment necessary for a construction project. The schedule lists the unit price and quantity of each item needed to complete the work. The purpose of a schedule of rates is to provide an accurate […]
What is Residual Value? Definition
What is Residual Value? Definition When it comes to depreciation, there are two key concepts that you need to understand: residual value and salvage value. Both have a significant impact on how much your car is worth over time. In this blog post, we will be focusing on residual value. We’ll define it, explain how […]
What is Restricted Procedure? Definition
What is Restricted Procedure? Definition Restricted procedure is a type of medical procedure that can only be performed by certain medical personnel due to its risks. The level of risk is determined by the type of procedure, as well as the patient’s individual health condition. There are three classifications for restricted procedures: high-risk, moderate-risk, and […]
What is Risk Management? Definition
What is Risk Management? Definition Risk management is the process of identifying, assessing, and managing risk. It’s a proactive approach to dealing with potential issues that could impact your business negatively. Risk management is important for businesses of all sizes. By identifying risks early, you can take steps to avoid or mitigate them. This can […]
What is Risk Transfer? Definition
What is Risk Transfer? Definition Risk transfer is the process by which one party (the “transferee”) accepts the risk of loss from another party (the “transferor”). The transferee may be required to pay a premium to the transferor for assuming this risk. Risk transfer can take many forms, but is most commonly seen in insurance […]
What are Security Instruments in Business? Definition
What are Security Instruments in Business? Definition In business, the term “security instruments” refers to any type of collateral that is used to secure a loan or other type of debt. This collateral can take many different forms, but the most common type is real estate. Other security instruments include things like vehicles, jewelry, art, […]
What is Sales And Operations Planning (S&OP)? Definition
What is Sales And Operations Planning (S&OP)? Definition Sales and Operations Planning (S&OP) is a process used by businesses to ensure that their supply of materials meets customer demand. It’s a complex system that requires coordination between different departments within the company, as well as with suppliers and customers. The goal of S&OP is to […]
What is Segregation Of Duties? Definition
What is Segregation Of Duties? Definition Have you ever wondered how businesses keep track of their finances? How do they prevent fraud and ensure that everyone is doing their job correctly? Segregation of duties is one way that businesses accomplish this. In short, segregation of duties is the separation of key job functions within a […]
What is a Should Cost Model? Definition
What is a Should Cost Model? Definition A should cost model is a tool used by procurement and financial professionals to estimate the “should cost”, or the cost that a product or service “should” be, given certain market conditions. The should cost model takes into account variables such as material costs, labor costs, overhead costs, […]
What are Services? Definition
What are Services? Definition A service is defined as an intangible good that is produced and consumed simultaneously. This can be contrasted with a physical good, which is a tangible product that is produced and then consumed at a later time. While this definition may seem straightforward, the concept of a service can be difficult […]
What is a Single Source in Business? Definition
What is a Single Source in Business? Definition A single source in business is defined as a supplier that provides all of the necessary goods or services for a company to operate. This type of supplier relationship is often used in manufacturing and production businesses, where having a dependable source for raw materials is crucial […]
What is Specification in Business? Definition
What is Specification in Business? Definition In business, the term ‘specification’ refers to a document that outlines the requirements that must be met by a product or service. A specification is often used in tenders, contracts, and other similar agreements to ensure that both parties are clear on what is required. A specification should be […]
What is a Single Point Of Enquiry (SPOE)? Definition
What is a Single Point Of Enquiry (SPOE)? Definition The term “single point of enquiry” is one that you may have heard before, but what does it actually mean? In short, a single point of enquiry (SPOE) is a centralised system or team that can provide answers to customer questions. In a world where customers […]
What is a Sole Source? Definition
What is a Sole Source? Definition A sole source is defined as a company or supplier that has the exclusive rights to provide a product or service. This can happen for many reasons, such as the company being the only one that makes a particular product, or having a unique license or patent. When it […]
What is a Social Enterprise? Definition
What is a Social Enterprise? Definition A social enterprise is an organization that uses business strategies to achieve a social or environmental impact. Unlike traditional businesses, which reinvest profits into the company, social enterprises reinvest profits into their cause. The concept of social enterprise is relatively new, only coming into the mainstream in the last […]
What is Solicitation in Business? Definition
What is Solicitation in Business? Definition If you’re in business, chances are you’ve heard the term “solicitation” before. But what does it actually mean? In short, solicitation is any type of communication (usually written or verbal) that is used to sell a product or service. This can include everything from ads and cold calls to […]
What is Spend Leakage? Definition
What is Spend Leakage? Definition Spend leakage is the term used to describe when a company’s spending exceeds its budget. In other words, it’s when your organization is bleeding money. While this may not seem like a big deal at first, over time it can have a significant impact on your bottom line. If left […]
What is Standstill in Business? Definition
What is Standstill in Business? Definition In business, the term “standstill” is used to describe a company or industry that has no growth or progress. It can be used to describe both positive and negative situations. A standstill can be caused by many different factors. For example, a company may reach a standstill because it […]
What are Standing Orders? Definition
What are Standing Orders? Definition Standing orders are a type of financial transaction in which one party (usually a bank or broker) agrees to buy or sell a security at a set price for another party. The purpose of a standing order is to provide liquidity and stability in the market. In the securities market, […]
What is Stewardship in Business? Definition
What is Stewardship in Business? Definition def·i·ni·tion /dəˌfinəSH(ə)n/ noun 1. the action or process of defining something. “the definition of ‘stewardship’” 2. a statement that explains the meaning of a word or phrase. “this is the dictionary definition of the word” When it comes to business, what does the term “stewardship” really mean? Is it […]
What is Strategic Sourcing? Definition
What is Strategic Sourcing? Definition Strategic sourcing is the process of identifying and selecting suppliers based on criteria that go beyond price. This means that when companies are looking for new suppliers, they will not only consider the cost of the goods or services, but also things like quality, delivery time, and more. The goal […]
What is a Stock Keeping Unit (SKU)? Definition
What is a Stock Keeping Unit (SKU)? Definition A stock keeping unit (SKU) is a code that uniquely identifies a product within your inventory management system. Every time a product is added to your inventory, it is given a SKU. This code helps you keep track of products and helps you manage your inventory more […]
What is Stock? Definition
What is Stock? Definition A lot of people think they know what stocks are, but when it comes down to it, they don’t really have a clue. In this blog post, we’re going to explore the definition of stock and how it can be used in different ways. Stocks are basically partial ownership in a […]
What is Sub-Contracting? Definition
What is Sub-Contracting? Definition Sub-contracting is a business arrangement in which a company contracts with another company to provide goods or services that are necessary to the first company’s operation. The term “sub-contracting” can also refer to the act of contracting out such work. Sub-contracting arrangements are common in many industries, ranging from construction and […]
What is Swot Analysis? Definition
What is Swot Analysis? Definition SWOT analysis is a popular management tool that helps business owners and managers identify the Strengths, Weaknesses, Opportunities, and Threats (SWOT) of their organizations. A SWOT analysis can be conducted for any business, product, or service, in any industry. It can also be used to assess an entire organization or […]
What is a Sub-Central Organisation? Definition
What is a Sub-Central Organisation? Definition A sub-central organization is an organization that exists within a larger organization and has a specific purpose or focus. This type of organization is common in corporations, where there may be a marketing department, a human resources department, and so on. The term “sub-central” can also refer to the […]
What is a Threshold in Business? Definition
What is a Threshold in Business? Definition In business, a threshold is a specific level or point that marks the dividing line between two states. The term can be used in different ways, depending on the context. For example, a company might have a certain threshold for profitability. Once they reach that level of profit, […]
What is a Two Stage Selective Tendering? Definition
What is a Two Stage Selective Tendering? Definition When it comes to tendering for construction work, there are a few different methods that can be adopted. One such method is two stage selective tendering. But what exactly is two stage selective tendering? Keep reading to find out everything you need to know about this tendering […]
What is Supported Business? Definition
What is Supported Business? Definition In recent years, there has been a growing movement of businesses that are “supported.” What does this mean? A supported business is one that is designed to have a positive impact on society and the environment, instead of just maximizing profits. There are many different types of supported businesses, but […]
What is a Waiting Time Charge in Business? Definition
What is a Waiting Time Charge in Business? Definition In business, a waiting time charge is a fee assessed when work is delayed due to reasons that are within the control of the service provider. This type of charge is common in industries where time is of the essence, such as construction, plumbing, and electrical […]
What is Sustainable Procurement? Definition
What is Sustainable Procurement? Definition Sustainable procurement is the process of sourcing goods and services in a way that minimizes environmental impact and preserves natural resources. It’s also sometimes called “green purchasing” or “environmentally friendly procurement.” The goal of sustainable procurement is to reduce the ecological footprint of businesses and organizations by making more environmentally […]
What is a Tariff? Definition
What is a Tariff? Definition A tariff is a tax or duty imposed by a governing body on imported or exported goods. The purpose of tariffs is to protect domestic industries from foreign competition by making imported goods more expensive. Tariffs are usually imposed by a country’s government on goods coming into the country from […]
What is Surety? Definition
What is Surety? Definition The definition of surety is a contract or undertaking in which one party agrees to be responsible for the performance of another party. In other words, a surety is a third party that guarantees the payment of a debt or the performance of another party. When it comes to business, there […]
What is TFEU? Definition
What is TFEU? Definition TFEU stands for Treaty on the Functioning of the European Union. It is an agreement between the member states of the European Union that sets out the rules for how the EU functions. The treaty was signed in 1957 by the six founding members of the EU: Belgium, France, West Germany, […]
What is Transparency in Business? Definition
What is Transparency in Business? Definition Transparency is a term that gets thrown around a lot these days, but what does it actually mean in the business world? At its most basic level, transparency in business refers to the sharing of information between different parties. This can take many forms, from financial data to supply […]
What is UNSPSC? Definition
What is UNSPSC? Definition You may have seen the term UNSPSC on product packaging or in business documents, but what does it mean? UNSPSC is an acronym that stands for “United Nations Standard Products and Services Code.” It’s a system of classification used to identify products and services. The code is made up of eight […]
What is a Veat Notice? Definition
What is a Veat Notice? Definition A Veat Notice is a formal document that notifies an individual or organization of the termination of their services. This type of notice is typically used in business-to-business (B2B) relationships, as it provides a way to end a contract in a professional and courteous manner. A Veat Notice can […]
What is a Voluntary And Community Organisation (VCO)? Definition
What is a Voluntary And Community Organisation (VCO)? Definition A voluntary and community organisation (VCO) is an organisation that is set up and run by volunteers. This type of organisation can be anything from a club or society, to a charity or NGO. There are many different types of VCOs, all of which play an […]
What is Third Party Risk Management? Definition
What is Third Party Risk Management? Definition First, let’s start with understanding what risk management is. Risk management is the process of identifying, assessing, and controlling risks. In other words, it’s a way to protect yourself and your business from potential liabilities. Now that we have a general understanding of risk management, let’s talk about […]
What is a Third Party? Definition
What is a Third Party? Definition A third party is any person or entity that is not a party to a contract or agreement. The term is most commonly used in reference to business contracts, such as when two companies agree to work together on a project. A third party can also be an individual, […]
What are Kpis? Definition
What are Kpis? Definition KPIs, or key performance indicators, are a type of metric used to measure and track progress towards specific business goals. They provide insight into whether or not a company is on track to meet its targets, and can be used to identify areas of improvement. There are many different types of […]
What is Committed Spend? Definition
What is Committed Spend? Definition Committed spend is the total amount of money that a company has pledged to spend on goods or services over a set period of time. This can be broken down into two categories: -Capital expenditure: This is money spent on long-term assets, such as buildings, vehicles, or machinery. -Operating expenditure: […]
What is Earn-Back? Definition
What is Earn-Back? Definition What is earn-back? In business, earn-back is defined as “the amount of money that must be earned in order to cover the initial investment in a project or venture.” For example, if a company spends $1 million on a new project, the earn-back period would be the length of time it […]
What is Due Diligence? Definition
What is Due Diligence? Definition What is due diligence? It’s a concept that is often used in business, but what does it actually mean? Due diligence is the process of investigating a potential investment or business opportunity. It’s important to do your due diligence before making any major decisions, as it can help you avoid […]
What are Contracting Authorities? Definition
What are Contracting Authorities? Definition When it comes to government contracting, there are a lot of different terms and organizations that can be involved. One of the most important groups in the process is known as contracting authorities. But what exactly are they? In this blog post, we will explore the definition of contracting authorities […]
What is Category Management? Definition
What is Category Management? Definition Category management is the process of managing a product category as a business unit. This includes understanding consumer needs and desires, analyzing category sales data, developing a category strategy, and executing that strategy to grow sales and profits. Category management is a key part of retailing, as it allows retailers […]
What is Invitation To Negotiate? Definition
What is Invitation To Negotiate? Definition You may have heard the term “Invitation To Negotiate” before, but what does it actually mean? In short, it is an invitation from one party to another to begin negotiations. This can be in regards to anything from a business deal to a contract. In this blog post, we […]
What is Best Alternative To A Negotiated Agreement (Batna)? Definition
What is Best Alternative To A Negotiated Agreement (Batna)? Definition Have you ever been in a situation where you felt like you had no choice but to accept the terms being offered to you? This is a common feeling in many negotiation situations, but it doesn’t have to be this way. By understanding and utilizing […]
What is Barter? Definition
What is Barter? Definition Barter is an economic system whereby goods or services are exchanged for other goods or services without the use of money. Barter is a direct exchange of goods or services—no money changes hands. In a barter transaction, each participant typically supplies what they have to offer and receives what they need […]
What is Collusion? Definition
What is Collusion? Definition Collusion is defined as an illegal agreement between two or more people to restrain trade, fix prices, or limit supply. In other words, it’s an agreement to cheat customers, employees, or shareholders by working together instead of competing against each other. Collusion is often found in industries where there are only […]
What is a Business Continuity Plan? Definition
What is a Business Continuity Plan? Definition A business continuity plan is a comprehensive document that outlines how a business will continue to operate during and after an interruption in service. The purpose of a business continuity plan is to keep the business running as smoothly as possible during and after an unexpected event. A […]
What is Supplier Relationship Management? Definition
What is Supplier Relationship Management? Definition Supplier relationship management (SRM) is a strategic process that enables organizations to manage their relationships with suppliers in a way that maximizes value and minimizes risk. In other words, SRM is all about creating and maintaining mutually beneficial relationships with suppliers. This includes everything from selecting the right suppliers […]
What is Supplier Viability? Definition
What is Supplier Viability? Definition Supplier viability is the term used to describe the long-term sustainability of a company’s business model and its ability to maintain supplier relationships. In other words, it’s a measure of how likely it is that a company will be able to keep its doors open and continue doing business over […]
What is a Consortium? Definition
What is a Consortium? Definition A consortium is a group of two or more individuals, companies, organizations or governments (or any combination of these entities) with the objective of participating in, or managing, a joint venture, project or enterprise. The term can also be used to describe an organization created to provide shared services or […]
What is Supplies, Works & Services? Definition
What is Supplies, Works & Services? Definition In business, the term “supplies, works, and services” (SWS) is used to collectively refer to items or contracts that are necessary for the operation of a company. The term can apply to anything from office supplies to construction projects. In this article, we will provide a definition for […]
What is Supplier Segmentation? Definition
What is Supplier Segmentation? Definition Segmenting your suppliers is a key part of effective supply chain management. By identifying and classifying different types of suppliers, you can develop appropriate strategies for each and optimize your overall supply chain. But what exactly is supplier segmentation? In this blog post, we will explore the definition of supplier […]
What is Supply Chain? Definition
What is Supply Chain? Definition Supply chain management (SCM) is the process of planning, implementing, and controlling the operations of the supply chain with the objective of satisfying customer requirements as efficiently and effectively as possible. In other words, it’s all about managing and streamlining the flow of goods and services from supplier to customer. […]
What is Best Value? Definition
What is Best Value? Definition The term “best value” is often used in the business world, but what does it actually mean? In this blog post, we will explore the definition of best value and how it can be applied in different contexts. We will also look at some real-world examples to better understand this […]
What is Award Criteria? Definition
What is Award Criteria? Definition Award criteria are the standards by which an award is given. They are the guidelines that judge whether an application deserves an award, and if so, how much. The award criteria for a grant may be different from the award criteria for a scholarship, but both will have specific guidelines […]
What is Source-To-Contract (S2C)? Definition
What is Source-To-Contract (S2C)? Definition Source-To-Contract, or S2C, is a business process that encompasses the entire lifecycle of a contract. It begins with the sourcing of goods or services and ends with the final contract between the buyer and supplier. In between, there are many steps and negotiation phases. S2C can be divided into three […]
What is a Sealed Offer? Definition
What is a Sealed Offer? Definition A sealed offer is a legal contract in which the terms are agreed to and signed by both parties, but the contract is not yet binding. Once the offer is accepted, it becomes a binding contract. A sealed offer can be used in many situations, but it is most […]
What is an Approval Workflow? Definition
What is an Approval Workflow? Definition An approval workflow is a process in which a document or request is passed through a series of steps before it is finally approved. Each step in the workflow is typically performed by a different individual or group, and each step must be completed before the next one can […]
What is Artificial Intelligence (AI)? Definition
What is Artificial Intelligence (AI)? Definition Artificial intelligence is a process of programming a computer to make decisions for itself. This can be done through a number of methods, but the most common is through the use of algorithms. Algorithms are a set of rules that are followed in order to complete a task. They […]
What is an Approved Supplier? Definition
What is an Approved Supplier? Definition In business, the term “approved supplier” is used to refer to a supplier that has been vetted and pre-qualified by a company or organization. The approval process usually involve some form of due diligence, such as a review of the supplier’s financials, quality control procedures, and/or references. An approved […]
What is Best Practice? Definition
What is Best Practice? Definition Best practice is defined as doing something the way it is supposed to be done. It is based on the knowledge and experience of those who have gone before us. In order to achieve best practice, we must constantly strive to learn and improve. We must also be willing to […]
What is Direct Spend? Definition
What is Direct Spend? Definition Direct spend is a term used in supply chain management that refers to the total amount of money that a company spends on goods and services that are directly related to its production process. This includes raw materials, components, and labor. In other words, direct spend is the money that […]
What is an Expression Of Interest? Definition
What is an Expression Of Interest? Definition Are you interested in applying for a job, but not sure how to get started? An Expression of Interest (EOI) may be just what you need. An EOI is a short document that shows your intent to apply for a particular job or project. It’s usually one page […]
What is a Key Performance Indicator? Definition
What is a Key Performance Indicator? Definition A key performance indicator (KPI) is a metric used to evaluate an organization, business unit, or individual’s performance. A KPI measures progress and success in relation to stated objectives. There are many different types of KPIs, and each organization will have different KPIs based on their specific goals […]
What is a Key Supplier? Definition
What is a Key Supplier? Definition In business, the term “key supplier” is used to describe a company that provides an essential product or service to another company. A key supplier is typically a strategic partner that is essential to the success of the business. A key supplier may be a producer of raw materials, […]
What is Competitive Procedure With Negotiation? Definition
What is Competitive Procedure With Negotiation? Definition Competitive procedure with negotiation is a type of public procurement procedure, under EU law, whereby the contracting authority (CA) conducts a negotiated procedure after having conducted a competition among potential contractors. The main difference between this procedure and the other types of procedures is that, after the competition […]
What is a Request For Quote (RFQ)? Definition
What is a Request For Quote (RFQ)? Definition In business, the request for quote, or RFQ process, is when a company solicits bids from vendors for a product or service. The RFQ usually follows an RFP (request for proposal), in which the company has already determined its needs and is now looking for the best […]
What is Machine Learning (ML)? Definition
What is Machine Learning (ML)? Definition Machine learning is a subset of artificial intelligence (AI) that provides computers with the ability to learn and improve from experience without being explicitly programmed to do so. The term “machine learning” was coined in 1959 by Arthur Samuel, an American computer scientist who pioneered the field of AI. […]
What is a Request For Proposal (RFP)? Definition
What is a Request For Proposal (RFP)? Definition A request for proposal, or RFP, is a document that solicitations from suppliers in order to obtain pricing and other important information about products or services. The RFP process is used by businesses in many industries, including advertising, architecture, construction, and information technology. In order to create […]
What is a Purchase Order Form? Definition
What is a Purchase Order Form? Definition A purchase order is a request that initiates the buying process of goods or services. It’s a formalized request that includes all the important details of the transaction, such as what’s being bought, how much it costs, and when delivery is expected. A purchase order form is the […]
What is Selection Criteria in Procurement? Definition
What is Selection Criteria in Procurement? Definition The world of procurement is filled with jargon and technical terms that can be difficult to understand. In this blog post, we will demystify one of these terms: selection criteria. In the most basic sense, selection criteria are the guidelines that a procurement team uses to choose between […]
What is RFx? Definition
What is RFx? Definition RFx stands for Request for (anything). It’s a generic term used in procurement for the process of inviting suppliers to submit a proposal or quotation for the supply of goods or services. The RFx process is used to help organizations select the best supplier to meet their requirements. It can be […]
What is Supplier Benchmarking? Definition
What is Supplier Benchmarking? Definition Supplier benchmarking is the process of comparing a company’s performance against other companies in the same industry or market. The aim is to identify areas where the company can improve its performance and become more competitive. This process can be applied to any area of a company’s operations, from manufacturing […]
What is Stakeholder Engagement? Definition
What is Stakeholder Engagement? Definition What is stakeholder engagement? It’s a term that you might have heard thrown around but what does it actually mean? In business, a stakeholder is anyone who has an interest in the company or who can be affected by the company’s actions. This includes but is not limited to shareholders, […]