What is a Contract Renewal? Definition If you’re in the business world, chances are you’ve come across the term “contract renewal.” But what does it actually mean? A contract renewal is simply the process of extending or renewing a contract that is already in place. This can be done for a variety of reasons, but […]
What is a Contract Repository? Definition
What is a Contract Repository? Definition A contract repository is a digital location where organizations can store, manage, and track their contracts. This type of repository can be used for a variety of purposes, such as managing license agreements, service contracts, and more. For businesses, a contract repository can be an extremely valuable tool. Not […]
What are Contract Remedies? Definition
What are Contract Remedies? Definition A contract remedy is a legal measure taken to address a breach of contract. When one party to a contract fails to meet their obligations under the agreement, the other party may be entitled to pursue a contract remedy. There are several different types of contract remedies available, depending on […]
What is a Contract Register? Definition
What is a Contract Register? Definition A contract register is a comprehensive list of all the contracts that a company has entered into with other parties. The register includes information about the contracting parties, the type of contract, the start and end date of the contract, and any other relevant details. The purpose of a […]
What is a Contract Provision? Definition
What is a Contract Provision? Definition A contract provision is defined as a specific clause or stipulation in a contract that explains, in detail, the expectations and limitations of all parties involved in the agreement. In other words, it’s the “fine print” of a contract. While some may see contract provisions as simply a way […]
What is Contract Redlining? Definition
What is Contract Redlining? Definition Contract redlining is the term used to describe the illegal practice of refusing to award a contract to a company based on their geographic location. This is often done in order to avoid doing business with certain minority groups or low-income areas. The practice of contract redlining is not only […]
What is a Contract Review? Definition
What is a Contract Review? Definition A contract review is the process of analyzing a legally binding agreement to ensure that it meets the needs of all parties involved. The contract review process can be used for any type of contract, including but not limited to: – employment contracts – vendor contracts – leases – […]
What is Contract Risk Mitigation? Definition
What is Contract Risk Mitigation? Definition Risk mitigation is the process of identifying, analyzing, and taking steps to reduce or eliminate risk. It is a proactive approach to managing risk that seeks to minimize the impact of negative events. Contract risk mitigation is the process of reducing or eliminating the risks associated with contracting. This […]
What is Contract Risk Monitoring? Definition
What is Contract Risk Monitoring? Definition Introduction Contract risk monitoring is the practice of assessing, identifying, and mitigating risks that may arise from contractual relationships. It’s a process that helps organizations avoid potential financial losses, legal liabilities, and brand damage that could result from breaches or poor performance in contracts. Contract risk monitoring can be […]
What is Contract Risk? Definition
What is Contract Risk? Definition In business, there’s always some level of risk involved. But what exactly is contract risk? In this blog post, we will explore the concept of contract risk and how it can affect your business. We will also provide some tips on how to mitigate contract risk in your own organization. […]
What is a Contract Specialist? Definition
What is a Contract Specialist? Definition A contract specialist is a professional who is responsible for negotiating and drafting contracts between two or more parties. A contract specialist’s job is to make sure that all the terms of the contract are fair and agreeable to all involved parties, and that the contract is legally binding. […]
What is a Contract Software? Definition
What is a Contract Software? Definition A contract software is an agreement between two parties that outlines the terms and conditions of a business relationship. The contract software can be used to define the roles and responsibilities of each party, as well as the expectations of what will be delivered. It’s important to have a […]
What is a Contract Summary? Definition
What is a Contract Summary? Definition A contract summary is a document that outlines the key points of a binding agreement between two or more parties. It is not the full contract itself, but rather a brief overview of the terms and conditions. The summary should include all of the essential elements of the agreement, […]
What is a Contract Template Library? Definition
What is a Contract Template Library? Definition A contract template library is a digital repository of standardized contract templates that can be used for a variety of purposes, including customer agreements, supplier agreements, employment contracts, and more. A contract template library can be a valuable tool for businesses of all sizes. For small businesses, a […]
What is a Contract Workflow? Definition
What is a Contract Workflow? Definition Do you often find yourself wondering what a contract workflow is? You’re not alone. The term “contract workflow” seems to be used a lot lately, but its meaning isn’t always clear. In this blog post, we will explore the definition of a contract workflow and how it can be […]
What is a Contract Termination? Definition
What is a Contract Termination? Definition A contract termination is the end of an agreement between two parties. This could be for any number of reasons, such as convenience, disagreement, or breach of contract. In some cases, a contract may be terminated by mutual agreement between the parties. A contract termination can occur in both […]
What is Contract Volatility? Definition
What is Contract Volatility? Definition Contract volatility, in short, is the price variation of a contract within a certain time frame. It’s important to understand because it can have a significant impact on theBottom line of a company. When there is more contract volatility, it usually means that the prices of materials or other inputs […]
What is a Contract Term? Definition
What is a Contract Term? Definition A contract term is a specific provision or clause in a contract that defines each party’s obligations, rights, and responsibilities. In other words, it’s the “meat” of the contract that everyone agrees to. While there are an infinite number of contract terms that can be included in any given […]
What is a Contract Template? Definition
What is a Contract Template? Definition Before we get started, let’s first answer the question: what is a contract template? A contract template is a pre-drafted document that contains the standard terms and conditions of a contract. This means that all you have to do is fill in the blanks with the specific details of […]
What is a Counterparty in a Contract? Definition
What is a Counterparty in a Contract? Definition In business, the term “counterparty” refers to the other person or organization with whom you have a contract. The counterparty is usually the person or organization that you are buying goods or services from, but it can also be the person or organization that you are selling […]
What is a Contradiction in Contract Management? Definition
What is a Contradiction in Contract Management? Definition A contradiction in contract management is defined as a situation where two or more parties to a contract have opposite or competing interests, which can lead to difficulties in enforcing the contract. This can often arise when one party tries to change the terms of the contract […]
What is Counterpart in Contract Management? Definition
What is Counterpart in Contract Management? Definition In contract management, the term “counterpart” is used to refer to the other party with whom you have a contract. The counterpart is usually the party that you are contracting with, but it could also be a third party such as a guarantor or an insurance company. As […]
What are Contractual Rights? Definition
What are Contractual Rights? Definition Many people are not aware of their contractual rights. In this blog post, we will explore what contractual rights are and how they can be used to protect yourself in various situations. A contract is a legally binding agreement between two or more parties. The agreement can be oral or […]
What is a Corporate Contract? Definition
What is a Corporate Contract? Definition A corporate contract is an agreement between two or more individuals, groups, or entities that establishes a legally binding relationship. This type of contract is typically used in business transactions and can establish everything from the terms of employment to the sale of goods and services. While corporate contracts […]
What is a Contract? Definition
What is a Contract? Definition A contract is a legally binding agreement between two or more parties. It is an agreement that creates mutual obligations between the parties involved. A contract can be written, oral, or implied by the actions of the parties. It can be expressly stated in words or by conduct. Generally, a […]
What is a Creditor? Definition
What is a Creditor? Definition A creditor is a person or organization to whom you owe money. The money may be owed for goods or services you’ve received, or for money that was lent to you. A creditor may be an individual, such as a friend or family member, or an organization, such as a […]
What is a Supplier Code of Conduct?
What is a Supplier Code of Conduct? As a business, it is important to know how to intelligently manage and make ethical decisions when dealing with suppliers. To ensure that your company’s suppliers are also adhering to the same standards of ethical practices, a Supplier Code of Conduct (SCC) is necessary. A Supplier Code of Conduct is a […]
What are Contract Amendments?
What are Contract Amendments? Have you ever signed a contract, only to realize later that there was something you forgot to include? Or maybe the other party wants to make a change after the fact. In either case, you’ll need to know how to deal with contract amendments. A contract amendment is simply a […]
What is Agile Procurement?
What is Agile Procurement? In recent years, Agile has become a buzzword in the business world. But what is Agile procurement? Agile procurement is a new way of thinking about and managing the procure-to-pay process. It emphasizes speed, flexibility, and collaboration in order to get the best possible results for the company. The traditional […]
What is a Browsewrap Agreement? Definition
What is a Browsewrap Agreement? A browsewrap agreement is a legal contract between a website owner and a user. The agreement sets forth the terms and conditions under which the user may access and use the website. The browsewrap agreement may be presented to the user in various ways, such as through a link […]
What is Bona Fide? Definition
What is Bona Fide? The term “bona fide” is derived from Latin and means “in good faith.” It is often used in business to signify an honest and legitimate transaction. In order for a contract to be considered bona fide, both parties must be acting in good faith and with the intention of fulfilling […]
What is Breach Of Contract? Definition
What is Breach Of Contract? A contract is a legally binding agreement between two or more parties. This agreement creates obligations that the parties are required to fulfill. A contract is typically written and signed by both parties, but it can also be verbal. A breach of contract occurs when one party fails to […]
What is Benefits Realisation? Definition
What is Benefits Realisation? Benefits realisation is the process of ensuring that the benefits of a project are achieved. It involves planning for, monitoring and achieving those benefits. The benefits of a project can be anything from financial savings to improved customer satisfaction. But whatever the benefits are, they need to be planned for […]
What is Best And Final Offer? Definition
What is Best And Final Offer? Best and final offer (BAFO) is a term used in business to describe the last offer made by each party during negotiations before an agreement is reached. The offer is usually made after both parties have had time to review the other’s previous offers and make counter-offers, and […]
What is an Automatic Renewal Clause?
What is an Automatic Renewal Clause? If you’ve ever signed up for a subscription service, there’s a good chance you’ve come across an automatic renewal clause. This clause is often buried in the terms and conditions, and it basically states that your subscription will automatically renew at the end of the term unless you cancel […]
What is Bankruptcy in Business?
What is Bankruptcy in Business? Many people assume that bankruptcy is the end of the line for a business. However, this is not always the case. Bankruptcy can actually be a tool for businesses to restructure and get back on track. In this blog post, we will explore what bankruptcy is in business and how […]
What is Avoidance Of Doubt?
What is an Avoidance Of Doubt? When you’re communicating with someone, whether it’s in writing or in person, there’s always the possibility that your message will be misunderstood. This is especially true if you’re conveying complicated information or trying to give instructions. That’s where avoidance of doubt comes in. This term refers to the various […]
What is an Authorised Signatory?
What is an Authorised Signatory? If you’re in business, there’s a good chance you’ve heard the term “authorised signatory” before. But what does it actually mean? An authorised signatory is someone who is authorised by a company to sign contracts and other legal documents on behalf of the company. This person has the legal […]
What is Arbitration in Contract Management?
What is Arbitration in Contract Management? arbitration is a process of resolving disputes between two or more parties. It is an alternative to traditional litigation, where a judge or jury decides the outcome of a case. In arbitration, the parties agree to have their dispute decided by an impartial third party, called an arbitrator. Arbitration […]
What is Ab Initio?
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 […]