What is Ab Initio? ‘Ab Initio’ is Latin for ‘from the beginning‘. This article will give a breakdown of what it means in this sense, namely from a legal standpoint. A very useful word to know when considering contract management as a profession or hobby in general. Introduction Ab initio is a Latin term meaning […]
What is a Supplier Policy in Procurement?
What is a Supplier Policy in Procurement? For any business, procurement is an integral part of their success. Not only does it involve finding and sourcing the right suppliers and materials needed to run a business, but it also involves setting up policies and procedures that will ensure suppliers are working efficiently, ethically, and cost-effectively. One of these […]
What Are The Advantages Of Contract Management?
What Are The Advantages Of Management Contracts? Contract management is the process of identifying, negotiating, and monitoring contracts to ensure they are beneficial for all parties involved. A management contract is a type of agreement in which one party agrees to manage another party’s property, business, or financial affairs. Management contracts can be used in […]
Is Contract Management Important?
Is Contract Management Important? Contract management is important because it provides a system for managing and tracking contracts. This system can help organizations to avoid legal disputes, save money, and improve communication. Organizations use contract management systems to store, track, and manage their contracts. These systems can be used to track the status of contracts, […]
How To Manage Contracts Effectively?
How To Manage Contracts Effectively? Contract management is a critical component of any business. By definition, contract management is the process of creating, executing, and managing contracts. This includes everything from negotiating terms and conditions to ensuring that both parties fulfill their obligations. There are a few key things to keep in mind when it […]
How To Manage Contracts?
How To Manage Contracts? There are a few key things to keep in mind when it comes to managing contracts: 1. Make sure you have a clear and concise contract management plan in place. This will help ensure that all parties involved are aware of their roles and responsibilities, and that everyone is on the […]
How To Improve Contract Management Process?
How To Improve Contract Management Process? There are a few key things you can do to improve your contract management process: 1. Use software to automate and streamline the process. 2. Create clear and concise templates for your contracts. 3. Store all contracts in a central repository for easy accessibility and reference. 4. Implement a […]
How To Improve Contract Management?
How To Improve Contract Management? There are various ways in which you can improve your contract management system. You can start by developing clear and concise policies and procedures. You should also consider automating your contract management processes. This will help you to eliminate paper-based records and make it easier to track and manage your […]
How To Implement A Contract Management System?
How To Implement A Contract Management System? When it comes to contract management, having a system in place is critical to ensuring that all parties involved are able to fulfill their obligations and avoid any unforeseen issues. Here are a few tips on how to implement a contract management system: 1. Define the scope of […]
How To Do Contract Management?
How To Do Contract Management? There are many steps involved in contract management, from creating the initial contract to maintaining and renewing it. Here is a step-by-step guide to help you manage your contracts effectively: 1. Create the initial contract: The first step is to create the initial contract. This will include all of the […]
How To Develop A Contract Management Plan?
How To Develop A Contract Management Plan? The first step in developing a contract management plan is to identify the specific goals and objectives that you want to achieve. Once you have done this, you need to determine what resources will be required to meet these goals. This includes both human and financial resources. Next, […]
What is Bill Of Materials (Bom)? Definition
What is Bill Of Materials (Bom)? Definition A bill of materials is a comprehensive list of items that are required to build, manufacture, or assemble a product or service. The bom includes raw materials, components, sub-assemblies, and finished products. It also includes the quantity of each item, the unit price, and the total cost. A […]
What is Bid Security (Bid Bond)? Definition
What is Bid Security (Bid Bond)? Definition Bid bonds are a type of insurance that contractors purchase to protect themselves in the event that they are unable to fulfill the terms of their bid. If a contractor is unable to complete the project or meet the requirements of their bid, the bond will cover […]
What is Blanket Purchase Order? Definition
What is Blanket Purchase Order? Definition Have you ever heard of a Blanket Purchase Order? If not, don’t worry – you’re not alone. In this post, we’ll explore what a Blanket Purchase Order is and how it can be used in business. A Blanket Purchase Order (BPO) is an agreement between a buyer and […]
What is BME a Business? Definition
What is a BME Business? Definition You’ve likely heard the term “BME business” before, but what does it mean? BME stands for “black, minority, and ethnic.” The term is used to describe businesses that are owned or operated by people who are not white. In the United Kingdom, the term is also used to […]
What is Procurement? Types, Technologies, Procedures & Processes
What is Procurement? Types, Technologies, Procedures & Processes Procurement is a term that’s used in many different industries, but it can often be difficult to understand. It can include a wide range of activities, processes and technologies, all with the goal of successfully acquiring goods or services for an organization. In this blog post, we’ll […]
What is Bottleneck Item? Definition
What is Bottleneck Item? Definition A bottleneck item is a product or service whose production or delivery capacity is lower than the demand placed on it. In other words, it’s something that’s holding back your business from achieving its full potential. There are a few different ways to identify bottleneck items in your business. The […]
5 Steps to Maximise Procurement Savings
5 Steps to Maximise Procurement Savings Procurement is a necessary part of any business – no matter the size. But it’s also an area where businesses can make huge savings by cutting costs and maximising efficiency. With this in mind, this ultimate guide will provide you with all the tips, tricks and advice that […]
What is Strategic Cost Reduction in Procurement?
What is Strategic Cost Reduction in Procurement? Strategic cost reduction is a powerful tool in any business’ procurement process. It involves the careful analysis and optimization of costs, leading to improved efficiency and effectiveness. Strategic cost reduction can be used to identify areas of waste and quickly reduce costs through better buying practices. But what exactly […]
What is Alternative Dispute Resolution (ADR)?
What is Alternative Dispute Resolution (ADR)? Have you ever been in a situation where you’ve had a disagreement with someone, but you couldn’t come to a resolution? Maybe it was with a family member, friend, co-worker, or even a stranger. If so, then you’ve experienced what is known as a conflict. And while conflict is […]
What is Contract Acceptance?
What is Contract Acceptance? Contract acceptance is the act of agreeing to the terms of a contract. This can be done verbally, in writing, or through conduct that indicates an acceptance of the contract’s terms. There are several factors that must be present for a contract to be considered accepted. First, both parties must […]
What is Contract Acceptance
What is Contract Acceptance? Contract acceptance is the act of agreeing to the terms of a contract. This can be done verbally, in writing, or through conduct that indicates an acceptance of the contract’s terms. There are several factors that must be present for a contract to be considered accepted. First, both parties must have […]
What are Agile Contracts?
What is Contract Negotiation? Get Procurement Savings Via Contract Negotiation In recent years, there has been a growing trend in the business world towards so-called “agile” contracts. But what exactly are agile contracts, and why are they becoming so popular? In this blog post, we’ll take a look at the definition of agile contracts, how […]
What are Agile Contracts?
What are Agile Contracts? An agile contract is a type of contract that is designed to allow for flexibility and change during the term of the agreement. This type of contract is often used in situations where the parties involved may need to make changes to the scope or terms of the agreement as they […]
What is Addendum / Appendix
What is a Addendum / Appendix? An addendum, or appendix, is a supplement to a document. It usually contains additional information that is not essential to the main document, but which may be of interest to the reader. Addenda are often used in legal documents, such as contracts, to provide background information or to add new clauses. […]
What is Addendum / Appendix
What is a Addendum/Appendix? What is an addendum? An addendum is an annex or supplement to a document. When used in relation to a contract, it is a document that modifies the original terms of the agreement. Addenda are typically used to update an existing agreement or to include additional information that was not originally part of […]
What is an Acquisition?
What is an Acquisition? Mergers and acquisitions (M&A) are a type of corporate strategy used to grow a company through the purchase of another company. The goal of an acquisition is to create shareholder value by adding new products, technologies, or market access, or by removing cost from the combined company. M&A activity has been on the rise in […]
What is an Acquisition?
What is an Acquisition? Mergers and acquisitions (M&A) are a type of corporate strategy used to grow a company through the purchase of another company. The goal of an acquisition is to create shareholder value by adding new products, technologies, or market access, or by removing cost from the combined company. M&A activity has been […]
What Is Ab Initio
What Is Ab Initio “Ab Initio” is a Latin term meaning “from the beginning”. In the context of contracts, it refers to an agreement that is created without any prior agreements or negotiations between the parties. The term is often used in situations where the parties have very different interests and there is little likelihood of reaching a […]
What is a Contract?
What is a Contract? A contract is an agreement between two or more persons or entities in which each party agrees to do, or not to do, certain things. The agreement may be written, oral, or implied, and is usually enforceable by law. While contracts can be made for just about anything, there are certain […]
What Is A Contract?
What Is A Contract? A contract is an agreement between two or more persons or entities in which each party agrees to do, or not to do, certain things. The agreement may be written, oral, or implied, and is usually enforceable by law. While contracts can be made for just about anything, there are certain […]
How do companies make procurement savings?
How do companies make procurement savings? Any business, regardless of size, can benefit from making smart procurement savings. But how do companies go about achieving them? This article will explore the various methods that organizations use to make cost-savings on the procurement and supply side. From streamlining operations to negotiating better contracts and more, these tips and tricks are […]
How to calculate procurement savings?
How to calculate procurement savings? When it comes to procurement, one of the main goals is to save money. But how do you know if you’re actually achieving cost savings? Here’s a guide on how to calculate cost savings in procurement. First, you need to identify the baseline cost. This is the cost of goods […]
How Does a Company Lower its Procurement Costs?
How Does a Company Lower its Procurement Costs? Many factors play into the cost of procurement for a company. But what exactly are those factors, and how can a company lower its procurement costs? This blog post will explore the various factors that affect procurement costs and offer some tips on how to lower those […]
What is the Difference Between Supply Chain and Procurement?
What is the Difference Between Supply Chain and Procurement? The terms “supply chain” and “procurement” are often used interchangeably, but they actually refer to two different aspects of the manufacturing process. Procurement is the process of acquiring goods and services, while supply chain is the process of managing the flow of goods and materials. In this […]
What Are The Three Types Of Procurement?
What Are The Three Types Of Procurement? Procurement is an important process in the business world, and it’s one that can be easily misunderstood. It involves the purchasing of goods and services, but there are three distinct types of procurement that can be used – direct, indirect and strategic. Each type of procurement has […]
What is an Evergreen Contract?
What is an Evergreen Contract? In business, the term “evergreen contract” is used to describe a contract that is automatically renewed after the initial contract term expires. Evergreen contracts are common in subscription-based businesses, where the customer pays for access to a service on a recurring basis. While evergreen contracts can be beneficial for both businesses and […]
How to Get the Most Out of Contract Management
How to Get the Most Out of Contract Management Contract management is a process whereby an organization manages its contracts with other organizations. It includes the negotiation, administration, and monitoring of contracts to ensure they are aligned with the company’s goals and objectives. An efficient contract management system can save your company time and money, but only […]
How do e-Sourcing Tools Save Money for Procurement Teams?
How do e-Sourcing Tools Save Money for Procurement Teams? The use of e-sourcing tools has been on the rise in recent years as companies look for ways to cut costs and streamline their procurement processes. And for good reason—e-sourcing tools can save your company a significant amount of money. In this blog post, we will explore […]
Why are Values Important In Procurement Processes?
Why are Values Important In Procurement Processes? There’s no denying that values are important in every aspect of our lives. They shape our decisions, our relationships, and our world view. So it should come as no surprise that values also play a role in the procurement process. For businesses, procurement is all about getting the best value for […]
What is eSourcing? Definition
What is eSourcing? eSourcing, or electronic sourcing, is the process of using technology to procure goods and services. It’s a subset of Business-to-Business (B2B) commerce and can be used for both direct and indirect spend. eSourcing platforms streamline the procurement process by automating key steps like supplier selection, contract management, and spend analysis. This helps buyers save time and […]
How can a supplier management software reduce risk?
How can a supplier management software reduce risk? Introduction Supplier management software (SMS) is one of the most important tools in any business’s toolkit. It can help you manage and track your supplier relationships, ensuring that you’re getting the best possible products at all times. But what are the benefits of using SMS? Let’s take a […]
Cloud Based Solutions – Definition
Cloud Based Solutions – Definition Cloud based solutions don’t only offer significant cost savings, but they also provide a number of other benefits. In this blog post, we will explore what a cloud-based solution is and how it can benefit your business. We will also be discussing some of the best tools available to help […]
Procurement Cost Savings: 19 Strategies That Work
Procurement Cost Savings: 19 Strategies That Work Procurement is one of the most important functions in any business and one of its main responsibilities is to achieve cost savings. It’s responsible for bringing in the necessary supplies and materials to keep your business running smoothly. However, with so many companies trying to do it all themselves, […]
What is Contract Lifecycle Management software?
Contract Lifecycle Management software? The Ultimate Guide Contract Lifecycle Management software (CLM) is a tool used by organizations to manage the entire contract lifecycle from end-to-end. This includes contract creation, negotiation, execution, and post-contract management. The benefits of using CLM software are many, but perhaps the most important is that it helps companies save time and money by […]
What Is An E-Procurement Software- 5 Benefits
What Is An E-Procurement Software and 5 Benefits Of Using One For Your Business Procurement is one of the most important tasks that a business needs to do and most use an e-procurement software in order to stay on top of their industry. However, it’s not just about finding great deals. This article outlines many […]
What is an eSignature? How To Add Them To Documents?
What is an eSignature and How To Add Them To Documents? An eSignature is a digital signature that you can add to documents to help ensure their authenticity. Basically, eSignatures are just like traditional signatures, but they’re created and verified using electronic means. This might seem like a minor detail, but it can make a big difference […]
Contract Negotiation – How To Get Procurement Savings
What is Contract Negotiation? Get Procurement Savings Via Contract Negotiation Contract negotiation is a critical part of business. It’s the process by which two or more parties agree to terms of a contract. In most cases, this will involve negotiating the price, delivery schedule, and other important details. If you’re in the market for new […]
What Is Supplier Due Diligence? Process & Guide
What Is Supplier Due Diligence? The Ultimate Process & Guide Supplier due diligence is an essential process that you should undertake before signing a contract with a new supplier. It’s not something that most companies do on the fly—they take their time to make sure they’re getting the best deal possible. In this blog post, we will […]
How to write an RFP: RFP template, 8 Tips & Process
How to write a Request For proposal (RFP): RFP templates, 8 Key Tips, Process and tools A Request for proposal (RFPs) is one of the most important tools your business can have in its arsenal. By issuing RFPs, you can attract new customers, increase sales, and even win new contracts. But before you can create an effective RFP, […]
Create the Ultimate Supplier Onboarding Process
How to Create the Ultimate Supplier Onboarding Process Developing relationships with new suppliers is key for supplier onboarding. It is possible to lose valuable business and sacrifice profit margins without a clear system in place for onboarding and developing these partnerships. A smooth start to your partnership can be achieved by onboarding your suppliers before you begin working […]
What is Procurement Transformation?
What is Procurement Transformation? Procurement transformation takes time. Any change in a business’s strategy and structure requires co-operation from all stakeholders. To ensure that everyone is on the same page and the process runs as smoothly as possible, it is important to develop a detailed procurement transformation roadmap. Procurement Transformation Steps To avoid falling behind in the […]
Contract Compliance – Avoid Contract Non-Compliance
Contract Compliance – How To Avoid Non-Compliance Of Your Supplier Contracts What is Contract Compliance? It is when a party in a contract doesn’t fulfil its obligations, it is considered non-compliance. An example of non-compliance is a third-party supplier failing to deliver goods or services that are specified within a contract. Non-compliance of contracts should worry you. […]
How To Carry Out Contract Negotiation With Suppliers
How To Carry Out Contract Negotiation With Suppliers Contract Negotiation is a key element for any procurement, commercial or legal department. Unfortunately, far too often supplier contracts do not run as smoothly as they should. A lot can go wrong, such as delivery issues, payment problems, unexpected market changes, uncontrolled price escalations and miscommunications. Well executed […]
How Does Strategic Sourcing Work?
How Does Strategic Sourcing Work? The aim of strategic sourcing is to ensure the timely delivery of goods and services in line with an organisation’s business objectives, while reducing supply chain risks and costs. This activity requires collaboration across the company’s various divisions. How Does Strategic Sourcing Work? Organsations create the best strategic sourcing model for their business […]
What Is Strategic Sourcing? – Definition
What Is Strategic Sourcing? – Definition An organization can take advantage of its consolidated purchasing power and use that to find the best value in the marketplace as well as align its purchasing strategy to meet the business goals of the organization by using strategic sourcing, an approach to supply chain management that formalizes the way information is gathered and used. In the context of digital transformation, procurement and supply chain processes are evolving as […]
The Ultimate Supplier Onboarding Process
The Ultimate Supplier Onboarding Process Supplier onboarding is a key function that any large or small to medium size business needs to approach correctly. The process of establishing new supplier relationships can be complex. Your business may be at risk of losing valuable business if you do not have a clear system in place for onboarding […]
The Ultimate Supplier Onboarding Process
The Ultimate Supplier Onboarding Process The process of establishing new supplier relationships can be complex. Your business may be at risk of losing valuable business if you do not have a clear system in place for onboarding and developing these partnerships. In order to start working together successfully, you should onboard your suppliers prior to […]
What Is Contract Management?
What Is Contract Management? Contract management involves the creation, execution, and termination of agreements from their inception to their termination. To maximise operational and financial performance, performance analysis against the contract terms is crucial, as is identifying and reducing financial and reputational risk through non-compliance with the contract. Why should you use contract management software? A […]
The Ultimate 7 Step Guide To Strategic Sourcing
The Ultimate 7 Step Guide To Strategic Sourcing As the business climate becomes more competitive, many professionals are constantly looking for ways to keep costs down while still maintaining the highest quality of goods and services. The pursuit of that involves constantly improving and reevaluating a company’s purchasing activities, also known as Strategic Sourcing. What is […]
What is eSourcing (electronic Sourcing)?
What is eSourcing (electronic Sourcing)? eSourcing, otherwise known as electronic sourcing describes a cloud-based digital solution for collecting and comparing information about multiple suppliers in order to help a buyer make a more informed choice. Organisations can benefit from the technology by generating savings from their supply chains, increasing visibility of key business information, and […]
What is Supplier Management
What is Supplier Management Supplier management ensures that an organization receives the best value from its suppliers. An organisation’s smooth running depends on these suppliers, so it’s important for both suppliers and organizations to work together properly. A comprehensive supplier management policy ensures that the organization establishes a relationship with its suppliers, manages its requirements, and communicates clearly with them. […]
Best Practices for Supplier Management
Best Practices for Supplier Management Managing suppliers is an essential component of a business’ procurement process. Done well, it can turn you into a company superstar. Poor management, however, can add more stress to the situation. A poor supplier management can result in several issues, including: A missed opportunity to save Supplier performance problems due […]
How To Choose Suppliers For Your Business
How To Choose Suppliers For Your Business Supplier selection criteria A company’s success depends heavily on its suppliers. It is essential for businesses to take into account a number of critical factors when finding the right ones, such as: Price Value for money Quality Reliability Values Responsiveness Flexibility Financial Stability You should focus on what your […]
Supplier Selection & Evaluation – How To Find The Right Suppliers
Supplier Selection & Evaluation – How To Find The Right Suppliers It is important for your business to be able to source top quality products and services at a competitive price and with the assurance that they are being produced in a reliable manner so your company can succeed in today’s competitive market. This might not come as […]
Best Practices for Supplier Management
Best Practices for Supplier Management Managing suppliers is an essential component of a business’ procurement process. Done well, it can turn you into a company superstar. Poor management, however, can add more stress to the situation. A poor supplier management can result in several issues, including: When a company builds a strong supplier management process, […]
Direct vs. Indirect Procurement: What’s the Difference?
Direct vs. Indirect Procurement: What’s the Difference? Essentially, procurement involves acquiring the supplies every organisation needs to function day-to-day. When you get into the details, you start to bring in all the supporting factors that make procurement work. The procurement process can be broken down neatly into two niches—direct and indirect procurement. Despite the fact that both of these […]
The Ultimate Supplier Performance Evaluation Checklist
The Ultimate Supplier Performance Evaluation Checklist Steps To Evaluate Suppliers The success of your business depends on the performance of your suppliers. A poorly performing supplier can negatively affect your bottom line and even put your company at risk. That’s why it’s important to evaluate your suppliers regularly. We will provide you with a quick checklist […]
Identifying The Risks Associated With a New Supplier Relationship
Identifying The Risks Associated With a New Supplier Relationship The concept of supplier relationship management isn’t necessarily new, but it needs to be better formalised in the current economic climate Rather than being a transactional interaction involving a contract kept in a filing cabinet until renewed, vendor-supplier relationships are by necessity becoming increasingly strategic; a continual constant conversation that […]
A Complete Guide To Supplier Relationship Management
A Complete Guide To Supplier Relationship Management There are a number of ways an organization can manage its supplier relationships, from determining how each supplier contributes to its success to developing strategies that will help them perform more efficiently. Supplier relationship management (SRM) is a systematic approach to evaluating vendors that provide goods, materials, and services to […]
The Complete Supplier Compliance Process
The Complete Supplier Compliance Process Any successful interaction within procurement, whether internal or external, depends on smart relationship management. The requirement for an efficient and effective vendor compliance program is non-negotiable when it comes to reducing costs and building strong, mutually beneficial relationships with your vendors. By drafting and implementing a comprehensive vendor compliance policy, including chargebacks where necessary, you can reduce expenses […]
The Ultimate Guide To Successful Supplier Lifecycle Management
The Ultimate Guide To Successful Supplier Lifecycle Management A successful collaboration requires a thorough understanding of every aspect of the supplier. Supplier lifecycle management involves managing these aspects. By ensuring quality throughout the cycle, supplier lifecycle management enables companies to identify the right suppliers and get better value. Below are the most important phases of […]
The Benefits, Processes, And Best Practices Of Supplier Management
The Benefits, Processes, And Best Practices Of Supplier Management Business processes have been dramatically impacted by globalization, which has created a more dynamic, competitive, and complex environment for today’s businesses. As a result, every organization relies on suppliers to provide goods and services in order to successfully operate. Managing suppliers is of paramount importance for any business that […]
How Do You Measure Procurement Savings?
How Do You Measure Procurement Savings? Each company prepares annual accounts that summarize its financial performance, and over time, comparing them is a measure of how well it is doing relative to previous years. There is a limited amount of detail in these accounts, and they are a top-level summary of the numbers that can […]
What Is Source-To-Pay (S2P)? Source-To-Pay Vs Procure-To-Pay
What Is Source-To-Pay (S2P)? Source-To-Pay Vs Procure-To-Pay What Is Source To Pay (S2P)? An S2P is a sourcing and procurement process in which suppliers are sought out, negotiated with, signed up for, and eventually paid for their products or services. This in turn results in the payment of those products or services. S2P software enables individuals […]
What Is Source-To-Pay (S2P)? Source-To-Pay Vs Procure-To-Pay
What Is Source-To-Pay (S2P)? Source-To-Pay Vs Procure-To-Pay What Is Source To Pay (S2P)? An S2P is a sourcing and procurement process in which suppliers are sought out, negotiated with, signed up for, and eventually paid for their products or services. This in turn results in the payment of those products or services. S2P software enables individuals […]
RFI (Request For Information) Definition
RFI (Request For Information) Definition Requests for information (RFI) are fairly formal documents written by an organization in order to collect information from potential suppliers in order to determine their capabilities. In an RFI, customers are asked to provide information about their business and send it to potential suppliers. The RFI (Request for Information) is usually […]
RFP Process – Step-By-Step Guide
RFP Process – Step-By-Step Guide RFP processes (part of the eSourcing process) are often complex and time-consuming, despite their importance. There are many obstacles to overcome, but if you use the right approach and resources, you can find success faster. You will gain confidence managing RFPs by using the tools we offer in this blog. As a starting […]
RFP Process – Step-By-Step Guide
RFP Process – Step-By-Step Guide RFP processes (part of the eSourcing process) are often complex and time-consuming, despite their importance. There are many obstacles to overcome, but if you use the right approach and resources, you can find success faster. You will gain confidence managing RFPs by using the tools we offer in this blog. As a […]
How Can A Company Utilise eSourcing Software?
How Can A Company Utilise eSourcing Software? What Is E-Sourcing? As a result of rapid advances in the development of e-sourcing software, procurement professionals as well as entrepreneurs have created secure, online tools to assist procurement businesses from around the globe. In addition to reducing costs, centralised information, ensuring consistency, and providing instant feedback directly to clients, […]
What is RFX In Procurement? Understanding RFP’s, RFQ’s & RFI’s
What is RFX Process in Procurement? Understanding RFP’s, RFQ’s & RFI’s The ability to obtain standardised information from suppliers has been and continues to be a challenge. It is difficult for procurement departments to compare quotes or due-diligence information received from suppliers in different formats, as they are offered in different formats; hunting the information down can take a lot of […]
What is Electronic Procurement (eProcurement)
What is Electronic Procurement (eProcurement) What is e-procurement? Requisitioning, ordering, and purchasing goods and services online is known as electronic procurement (also known as e-procurement or supplier exchange). These are processes between businesses. While e-commerce uses a public system, e-procurement uses the closed system of the supplier and is only accessible to registered users. Using […]
RFI (Request For Information) Definition
RFI (Request For Information) Definition Requests for information (RFI) are fairly formal documents written by an organization in order to collect information from potential suppliers in order to determine their capabilities. In an RFI, customers are asked to provide information about their business and send it to potential suppliers. The RFI (Request for Information) is […]
How Do You Manage Supplier Relationships?
How Do You Manage Supplier Relationships? It’s a simple fact that suppliers are an essential part of every business, with 70% of the average company’s revenue being spent with third parties. Despite this, for some companies the procurement process ends after signing a contract and starting to use a new supplier. Usually, the only time […]
How Can A Company Utilise eSourcing Software?
How Can A Company Utilise eSourcing Software? What Is E-Sourcing? As a result of rapid advances in the development of e-sourcing software, procurement professionals as well as entrepreneurs have created secure, online tools to assist procurement businesses from around the globe. In addition to reducing costs, centralised information, ensuring consistency, and providing instant feedback directly […]
What Is eTendering?
What Is eTendering? E-Tenders are an integral part of the procurement process, designed primarily to facilitate an effective method of procuring goods and services online. With E-Tendering, businesses can find the most cost-effective suppliers for upcoming purchases. Suppliers compete to win sales or provide business services in response to procurement opportunities. The etendering process can […]
What Is eTendering?
What Is eTendering? E-Tenders are an integral part of the procurement process, designed primarily to facilitate an effective method of procuring goods and services online. With E-Tendering, businesses can find the most cost-effective suppliers for upcoming purchases. Suppliers compete to win sales or provide business services in response to procurement opportunities. The etendering process can […]
The Ultimate 7 Step Guide To Strategic Sourcing
The Ultimate 7 Step Guide To Strategic Sourcing As the business climate becomes more competitive, many professionals are constantly looking for ways to keep costs down while still maintaining the highest quality of goods and services. The pursuit of that involves constantly improving and reevaluating a company’s purchasing activities, also known as Strategic Sourcing. What is Strategic […]
Purchasing vs. Procurement: What’s the Difference?
Purchasing vs. Procurement: What’s the Difference? Procurement and purchasing are both involved in the process of acquiring goods and services. Often, these two terms are used interchangeably, but they describe two distinct processes. The procurement function handles the entire strategic life cycle of an acquisition, whereas the purchasing function handles the transactional (tactical) process of acquisition Exactly what […]
ESG – what is it?
ESG – What Is It? ESG, or environmental, social, and governance, as it is more commonly known, has become increasingly influential in corporate decision making. It was originally used to differentiate the value that companies deliver beyond just financial returns, but its use has grown as companies and investors have become more aware of the long-term benefits. The […]
How does eSourcing work?
How Does eSourcing Work? Our everyday lives involve making purchases, which we also do in business on a regular basis. We learn to do it when we’re young, and then generally follow the same simple procedure throughout our lives. Depending on the cost and complexity of the purchase, we put in different amounts of time […]
What Is A Procurement Cycle? Definition
What Is A Procurement Cycle? Throughout our lives, we all purchase goods and services for ourselves. First, we identify exactly what we wish to purchase, and then, often subconsciously, consider what is going to deliver the greatest value to us, whether it is cost, or quality, or something else entirely. Once we have done this, […]
How Do You Measure Procurement Savings?
How Do You Measure Procurement Savings? Procurement savings are key as each company prepares their annual accounts that summarize its financial performance, and over time, comparing them is a measure of how well it is doing relative to previous years. There is a limited amount of detail in these accounts, and they are a top-level summary of […]
High Quality Procurement Data Can Help You Make Better Decisions
High Quality Procurement Data Can Help You Make Better Decisions The explosion of data available to companies has been growing at an exponential rate over the past few years. This is due to the collection of data by digital systems in every aspect of our daily lives, both work and personal. Using this data, businesses can continually improve […]
What is oboloo and How can Its Software Help Me?
What is oboloo and How can Its Software Help Me? oboloo was created to help SMEs save time and money working with their suppliers, reduce supplier risk, and choose the right ones. oboloo is a cloud-based procurement tool that provides visibility and control over every phase of the procurement process, from sourcing to contract management to supplier management. In […]
What is eSourcing and Its Benefits?
What is eSourcing and Its Benefits? Buying or purchasing both goods and services is something that we all do in our daily lives, as well as in business. We learn the process when we’re very young and generally follow it throughout our lives. The amount of time and effort we dedicate to the purchasing process varies depending on the complexity and […]
Simple Tips For Sourcing Goods & Services
Simple Tips For Sourcing Goods & Services The sourcing of goods and services is one component of the procurement process every company undertakes so they can get the best value from vendors and also work with the right vendors whose values are aligned with their own. A company can source without following a formal process or it […]
The Ultimate Guide To Purchase Orders
The Ultimate Guide To Purchase Orders What Is A Purchase Order (PO)? As a starting point, it would be logical to answer the obvious question, what is a purchase order? In order to purchase products or services, purchase orders (POs) are documents sent from you, as the buyer, to a supplier requesting products or services. It is expected […]
How To Measure Supplier Performance
How To Measure Supplier Performance? Having run a competitive tender process, negotiated a good deal, signed the contract, and implemented a new supplier took a lot of time and effort. Some people consider this to be the point where the procurement process ends and the supplier is just left to deliver the goods or services. It would […]