5 Emerging Trends In Procurement and Supply Chain Management
5 Emerging Trends In Procurement and Supply Chain Management Procurement and supply chain management are two crucial pillars that support the success of any business. In today’s fast-paced and ever-evolving market, it is important for companies to stay on top of emerging trends in these areas. With the advent of new technologies and changing consumer demands, businesses need to adapt …
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Navigating the Procurement Minefield: 7 Common Challenges and How to Conquer Them
Navigating the Procurement Minefield: 7 Common Challenges and How to Conquer Them Procurement can be a tricky and complex process, especially when it comes to navigating the various challenges that come with it. From defining requirements to contract closeout, there are numerous hurdles that procurement professionals must overcome in order to ensure successful outcomes for their organizations. In this blog …
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How Procurement Process Improvements Can Revolutionize Supply Chain Scenario Planning
How Procurement Process Improvements Can Revolutionize Supply Chain Scenario Planning In today’s fast-paced business world, supply chain scenario planning has become a crucial aspect of any successful organization. With the ever-changing market conditions, it is imperative that companies are prepared for any unforeseen circumstances that may disrupt their operations. Procurement process improvements can play a vital role in revolutionizing supply …
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Unlocking the Power of Procurement Benchmarking for Improved Business Performance
Unlocking the Power of Procurement Benchmarking for Improved Business Performance Procurement is a critical aspect of any business, and when done right, it can lead to significant cost savings and improved operational efficiency. However, without proper benchmarking measures in place, it can be challenging to determine how well your procurement practices are performing compared to industry standards. If you’re looking …
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Sustainable Procurement: Understanding the Three Pillars for a Greener Future
Sustainable Procurement: Understanding the Three Pillars for a Greener Future Procurement is an essential aspect of any business, but have you ever considered the impact it has on our planet? Sustainable procurement is a concept that aims to minimize the negative environmental and social impacts caused by purchasing goods and services. In today’s world, where sustainability has become a buzzword …
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The Pros and Cons of Vertical Integration in Procurement: A Comprehensive Overview
The Pros and Cons of Vertical Integration in Procurement: A Comprehensive Overview In today’s fast-paced business world, procurement is a crucial component of any successful company. It involves the process of acquiring goods and services from external sources to support organizational objectives. There are various methodologies an enterprise can employ in procurement, and one such approach is vertical integration. Vertical …
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Maximizing Efficiency: How Lean Supply Chain Management Can Transform Procurement
Maximizing Efficiency: How Lean Supply Chain Management Can Transform Procurement In today’s fast-paced business world, efficient procurement is crucial to the success of any company. However, traditional procurement methods can be time-consuming and costly, leading to delays in production and an increase in expenses. This is where Lean Supply Chain Management comes into play. By optimizing processes and minimizing waste, …
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Maximizing Your Addressable Spend: Tips for Optimizing Procurement
Maximizing Your Addressable Spend: Tips for Optimizing Procurement As a procurement professional, you understand the importance of managing your company’s spending. But have you heard of addressable spend? Addressable spend is the portion of your total spend that can be influenced by procurement decisions. By optimizing your addressable spend, you can save money and improve supplier relationships. In this blog …
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The Rise of AI and Machine Learning in Procurement: How it’s Changing the Game
The Rise of AI and Machine Learning in Procurement: How it’s Changing the Game Procurement is an essential aspect of any business, but it can be a time-consuming and complex process. Fortunately, the rise of artificial intelligence (AI) and machine learning has revolutionized procurement practices. These disruptive technologies have transformed the way businesses source goods and services, from automating repetitive …
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Why Implementing ESG in Procurement is Essential for Sustainable Business Success
Why Implementing ESG in Procurement is Essential for Sustainable Business Success As businesses continue to prioritize sustainability, implementing environmental, social and governance (ESG) practices in procurement has become a crucial aspect of their strategy. Not only does it align with the company’s values and mission, but it also provides numerous benefits such as reducing supply chain risks, improving brand image, …
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Why ESG Should Be a Priority in Procurement Best Practices
Why ESG Should Be a Priority in Procurement Best Practices As businesses continue to prioritize sustainability and social responsibility, ESG (Environmental, Social, and Governance) has become a buzzword in the procurement industry. Implementing ESG practices in procurement best practices not only benefits the environment and society but also contributes to long-term business success. In this blog post, we will explore …
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7 Easy Steps to Reduce Your Company’s Carbon Footprint through Procurement Optimization
7 Easy Steps to Reduce Your Company’s Carbon Footprint through Procurement Optimization Introduction Sustainability and reducing carbon footprint have become top priorities for businesses of all sizes. Procurement plays a crucial role in achieving these goals by optimizing supply chains to reduce greenhouse gas emissions. However, many companies are unsure where to begin or how to navigate this process successfully. …
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The Power of Purposeful Purchasing: Why Sustainable Procurement Is More Important Than Ever
The Power of Purposeful Purchasing: Why Sustainable Procurement Is More Important Than Ever In a world where environmental concerns are at an all-time high, sustainable procurement has become more important than ever. It’s no longer just about finding the cheapest prices or the most convenient options – it’s about making purposeful purchasing decisions that have a positive impact on our …
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Demystifying Procurement and Supply Chain Finance: The Ultimate Guide
Demystifying Procurement and Supply Chain Finance: The Ultimate Guide Procurement and supply chain finance play a critical role in the success of businesses across all industries. Yet, they are often shrouded in mystery and confusion. What exactly do these terms mean? How can they benefit your business? What risks should you watch out for? If you’re looking for answers to …
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Procurement vs. Value Chain: What’s the Difference and Why It Matters
Procurement vs. Value Chain: What’s the Difference and Why It Matters As a business owner or manager, you are most likely familiar with the terms procurement and value chain, but do you know the difference between the two? Procurement refers to obtaining goods and services from suppliers while the value chain is about creating and delivering products or services to …
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Why Total Inventory Management Solutions are Critical for Supply Chain Resilience
Why Total Inventory Management Solutions are Critical for Supply Chain Resilience Are you tired of constantly worrying about inventory management and supply chain resilience? Do you want to ensure that your business is always prepared for any unexpected disruptions or challenges? Look no further than Total Inventory Management Solutions. By optimizing your procurement process, improving communication between suppliers, and implementing …
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Simplify Your Procurement Process With These 5 Supply Chain Management Strategies
Simplify Your Procurement Process With These 5 Supply Chain Management Strategies Procurement can sometimes be a complex and tedious process for any organization, but with the right strategies in place, it can be simplified to save time and money. Supply chain management plays a key role in ensuring that your procurement process is running smoothly. In this blog post, we …
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Maximizing Efficiency: How to Implement a Segmentation Value Types Strategy for Procurement in Supply Chains
Maximizing Efficiency: How to Implement a Segmentation Value Types Strategy for Procurement in Supply Chains In today’s fast-paced world, supply chains are becoming increasingly complex and difficult to manage. Procurement is a critical part of any successful supply chain, but without proper segmentation strategies in place, it can quickly become overwhelming. That’s where Segmentation Value Types come in – a …
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Going Green: How Renewable Energy Procurement Can Help You Reduce Your Carbon Footprint
Going Green: How Renewable Energy Procurement Can Help You Reduce Your Carbon Footprint Are you looking for ways to reduce your carbon footprint? One option is renewable energy procurement. Renewable energy sources such as wind, solar, and hydro power are becoming more accessible and affordable than ever before. Not only can this help the environment, but it can also benefit …
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Revolutionize Your Procurement Process with Technology: A Comprehensive Guide
Revolutionize Your Procurement Process with Technology: A Comprehensive Guide Welcome to the world of procurement, where every single dollar counts. To keep up with the dynamic business environment and stay ahead of competitors, companies need to embrace technology in their procurement processes. From automating manual tasks to improving supply chain visibility, technology has revolutionized how businesses purchase goods and services. …
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How Procurement and Supply Chain Control Towers Are Remaking the Future of Business
How Procurement and Supply Chain Control Towers Are Remaking the Future of Business The world of business has been evolving at a lightning-fast pace, and the role of procurement and supply chain management has become increasingly important. Enter the concept of control towers – modern solutions that have transformed legacy processes into efficient, streamlined operations. In this blog post, we’ll …
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Streamline Your Procurement Process with Advanced Cloud-Based Software
Streamline Your Procurement Process with Advanced Cloud-Based Software Are you tired of the tedious and time-consuming procurement process? Are you looking for a more efficient way to streamline your purchasing activities? Look no further than advanced cloud-based procurement software! This powerful tool is revolutionizing the way businesses handle their procurement needs, providing numerous benefits and simplifying what was once a …
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How to Reduce Inventory with Effective Procurement Strategies
How to Reduce Inventory with Effective Procurement Strategies Introduction Is your business struggling with excess inventory? Are you finding it challenging to manage and optimize your supply chain? If so, you’re not alone. Excess inventory can be a significant burden on any organization’s bottom line. But don’t fret! There are various procurement strategies that you can implement to reduce inventory …
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Maximizing Efficiency: How Economic Order Quantity can Streamline Your Procurement Process
Maximizing Efficiency: How Economic Order Quantity can Streamline Your Procurement Process Introduction to Economic Order Quantity Are you tired of constantly managing your inventory and procurement process? Do you find it difficult to strike a balance between overstocking and stockouts? Look no further than Economic Order Quantity (EOQ)! EOQ is a proven method for streamlining your procurement process, minimizing waste, …
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Maximizing Efficiency: The Top Benefits of Lean Inventory Management in Procurement
Maximizing Efficiency: The Top Benefits of Lean Inventory Management in Procurement Efficiency is the key to success in procurement, and one of the most effective ways to improve efficiency is through . Lean Inventory Management Strategies Benefits Challenges are essential for businesses looking to optimize their procurement process. This strategy involves reducing excess inventory levels, streamlining processes, and improving overall …
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7 Strategies To Reduce Procurement Lead Time
7 Strategies To Reduce Procurement Lead Time Are you tired of long procurement lead times slowing down your supply chain? Do you want to improve efficiency and reduce costs in your business operations? Look no further than these 7 strategies to reduce procurement lead time. In this article, we will explore why reducing procurement lead time is important for businesses, …
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The Power of Predictive Analytics: How Procurement Can Improve Performance
The Power of Predictive Analytics: How Procurement Can Improve Performance In today’s fast-paced business landscape, procurement teams are under immense pressure to stay ahead of the game. With increasing competition and rapidly changing markets, it can be challenging to predict what lies ahead. However, with the power of predictive analytics on their side, procurement teams can turn mountains of data …
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Procurement Technology – Driving Workplace Transformation: What You Need To Know
Procurement Technology – Driving Workplace Transformation: What You Need To Know Welcome to the world of procurement technology, where innovation meets efficiency and workplace transformation becomes a reality. As businesses strive to stay ahead in today’s competitive markets, staying up-to-date with the latest technological advancements is key. Procurement technology has emerged as a game-changer for companies looking to streamline their …
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Overcoming Currency Risk Through Procurement
Overcoming Currency Risk Through Procurement Introduction Managing currency risk is a major challenge for businesses that operate in global markets. With fluctuating exchange rates and economic uncertainty, it can be difficult to plan and budget effectively. However, effective procurement strategies can help mitigate the impact of currency risk and protect your business from financial losses. In this blog post, we’ll …
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Procurement in Supply Chain: How Prescriptive Analytics Can Help Overcome Key Challenges
Procurement in Supply Chain: How Prescriptive Analytics Can Help Overcome Key Challenges Procurement plays a crucial role in the success of any supply chain. However, procurement professionals face various challenges that hinder their ability to procure goods and services efficiently. These challenges include supplier selection, negotiations, contract management, and risk assessment. Fortunately, with the advent of prescriptive analytics technology, organizations …
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Simplifying the Tech Landscape: A Guide to Procurement in Supply Chain Planning
Simplifying the Tech Landscape: A Guide to Procurement in Supply Chain Planning Navigating the confusing tech landscape in supply chain planning can be overwhelming. With so many options available, it’s easy to get lost in the sea of technology and procurement jargon. However, with the right information and guidance, you can simplify this process and find the best solutions for …
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Greening Your Supply Chain: Essential Procurement Strategies to Maximize Warehouse Sustainability
Greening Your Supply Chain: Essential Procurement Strategies to Maximize Warehouse Sustainability In today’s world, sustainability has become more than just a buzzword. With increasing concern about the impact of climate change and environmental degradation, businesses are now expected to take action towards reducing their carbon footprint. This is where sustainable supply chain management comes into play. A sustainable supply chain …
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Streamlining Your Procurement Process for Better Supply Chain Visibility
Streamlining Your Procurement Process for Better Supply Chain Visibility Are you tired of the chaos that comes with managing your company’s procurement processes? Do you find it difficult to keep track of your suppliers, purchase orders, and inventory levels? It’s time to streamline your procurement process for better supply chain visibility. By implementing the right procurement software, you can automate …
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Procurement Strategy 101: Understanding the 5 Key Elements for Success
Procurement Strategy 101: Understanding the 5 Key Elements for Success Are you looking to optimize your procurement process? A well-designed procurement strategy can help organizations improve efficiency, reduce costs, and increase profitability. But with so many moving parts involved in the process, it can be difficult to know where to start. That’s why we’ve put together this Procurement Strategy 101 …
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Sourcing Vs Procurement – What’s the difference? Definitions & Benefits
Sourcing Vs Procurement – What’s the difference? Definitions & Benefits Procurement and sourcing are two critical aspects of any business operation. They may sound similar, but they differ in their objectives and processes. Sourcing focuses on finding the right suppliers for goods or services, while procurement is the entire process of acquiring those goods or services from the selected supplier. …
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The Ultimate Guide To Procurement: Definition, Process & Types
Procurement is a critical component of any organization’s supply chain management. It is the process involved in obtaining goods and services for an organization, from outside that organization. A successful procurement process allows organizations to leverage their resources and save money by finding and negotiating with suppliers offering the best value for their products or services. But with more and …
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What Is An Inventory Optimization Supply Chain?
What Is An Inventory Optimization Supply Chain? Have you ever wondered how big companies manage to keep their inventory levels just right? How do they make sure that they always have enough products available for customers without overstocking and wasting valuable resources? The answer lies in the use of an inventory optimization supply chain. In this blog post, we’ll dive …
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AP Workflow – Best Accounts Payable Practices
Accounts Payable automation enables organizations to maximize payment efficiency, reduce costs and increase control over their finances. An efficient AP workflow is a key component of any successful finance department and requires a thorough understanding of AP automation best practices. Making Accounts Payable Easier with AP Workflow The accounts payable (AP) process can be challenging, especially with large volumes of …
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What is e-Invoicing? How Electronic Invoicing Works
Are you familiar with the term ‘e-invoicing’? Also referred to as “electronic invoicing”, this relatively new concept has revolutionised how businesses transact and manage their finances. The process involves an invoice being sent electronically, from one business to another, to facilitate quicker payments and easier reconciliation of business accounts. E-invoicing is becoming increasingly popular due to its cost efficiency and …
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ESG Vs Sustainability: Comparison and Differences And How It Affects Procurement
Over the years, sustainability has become an increasingly important part of any company’s operations. In fact, many companies are now leveraging this concept to increase their returns on investments while reducing their risks and becoming resilient during disruptions. Sustainability and ESG (Environmental, Social, and Governance) initiatives have proven to be extremely effective when it comes to achieving these goals. But …
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Category Management: What Is It, How Does It Work, And Why Is It Important?
Category Management is used to create strong, long-term relationships between companies and their suppliers. It allows retailers to focus on merchandise categories in order to maximize sales potential and profits. Through this approach, both the retailer and supplier are able to benefit from an increased understanding of customer needs and preferences. This article will explore the components of category management, …
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Calculating Purchase Price Variance: What you need to know
When calculating purchase price variance, it’s important to understand the basic concepts of margin, gross margin, and net margin. These concepts will help you understand how your purchase price compares to your sales price and how much profit you may be making. This post will provide an overview of these concepts and provide a few examples to help you understand …
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Tail End Spend – The Ultimate Guide
Tail End Spend – The Ultimate Guide For many companies, tail end spend is an uncontrolled drain on their resources. In some cases, it can cost up to 10 percent of a company’s budget. In this blog post, we’ll explore the ins and outs of tail end spend, from what it is to how to manage it better. We’ll also provide …
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Procurement- The Ultimate Guide to Procurement and Software
Procurement- The Ultimate Guide to Procurement and Software Introduction to procurement Procurement is the process of acquiring goods or services. It includes the evaluation, selection, and purchase of materials, products, services, and contracts. The goal of procurement is to obtain items or services that meet the needs of the organization while maximizing value for money. There are many different types of procurement …
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How to Improve your Contract Management Process
How to Improve your Contract Management Process Contracts are the lifeblood of any business. They help ensure that agreements between parties are clear and enforceable, and they set expectations for both parties in a concise way. But managing contracts is often a tedious, manual process – one that can be easily improved with the right tools and processes. In this …
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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 take a look at what …
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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 costs. From economies of scale to supplier …
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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 blog post, we will explore …
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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 its own particular advantages and disadvantages, …
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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 you get started with cloud-based solutions. …
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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 benefits of using eprocurement software, …
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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 ever-changing world of procurement, procurement …
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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 electronic procurement, customers and preferred …
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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 is procurement? In general, procurement …
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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 results of these initiatives have …
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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, we usually compare different suppliers …
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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 processes and develop software and …
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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 that each purchase order will …
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What are the benefits of eSourcing Software?
What Are The Benefits Of eSourcing Software? When we purchase goods and services, we use a process that has either been taught to us or developed by us from experience with the goal of getting the best value. While the best value process is often effective on a day-to-day basis, it usually fails to consider a business’s long-term needs and commercial objectives. …
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The Time Benefits Of Using A Procurement Software
The Time Benefits Of Using A Procurement Software In every area of their businesses, companies are increasingly implementing digital solutions to drive business efficiencies. These solutions often provide significant financial savings in procurement – often by delivering both cost reductions and cost avoidance against actual baseline spend. In addition to saving money, these digital procurement solutions also deliver substantial time-savings across every phase of the procurement process. eSourcing What is eSourcing? In sourcing, following …
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How To Improve Profitability by Managing Third-Party Spend
How To Improve Profitability by Managing Third-Party Spend Profitability is the goal of every business. For companies to achieve this, they invest in marketing and sales to increase turnover, which results in increased profitability. There is another way to increase profitability, and that is by managing the spend of third-party suppliers. In addition to saving money, companies can also save …
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What Values Are Important To Your Suppliers?
What Values Are Important To Your Suppliers? When choosing a good or service, the first two things we usually consider are the quality and the price. Our perception of both tells us if what we are purchasing represents value for money. The concept of value for money varies from person to person and therefore from company to company. Nonetheless, there are …
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How Can eProcurement Help Medium-Sized Enterprises (SMEs)
How Can eProcurement Help Small & Medium-Sized Enterprises (SMEs)? What is eProcurement? Procurement software, also known as eProcurement, is used to purchase goods and services from suppliers. Recent years have seen an evolution of eProcurement. Traditional eprocurement systems focus on procuring goods and services from suppliers via sourcing, eTenders and eAuctions. However, newer and more advanced systems on the market have expanded the scope of eprocurement …
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Procurement Should Be About Cost And Value
Procurement Should Be About Cost…And Value We make decisions based on the values that we are brought up with at home, in school, and in the workplace. These values impact most purchasing decisions and are particularly important when evaluating suppliers to better understand how they can provide value beyond just a price difference. The first thing you’re likely to do when thinking …
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Cloud-based Procurement Software For Small and Medium-Sized Enterprises (SMEs)
Cloud Procurement Software for Small and Medium-sized Enterprises (SMEs) As a result of cloud computing , business software solutions that were previously only available to larger companies with deep pockets have become democratised. For many years, these larger companies invested significant funds in on-premise software that was customised, implemented, supported and updated by consultants. They gained competitive advantage over companies not using …
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How To Manage Third-Party Supplier Spend And Increase Profitability
How To Manage Third-Party Supplier Spend And Increase Profitability Profitability is the goal of every company. Most companies increase profitability by investing in marketing and sales in order to generate turnover. Another way to increase profitability is to manage third-party supplier spend. Actively managing this spend saves companies not only money, but also valuable time, allowing them to better serve their own clients. What …
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Is Digital Procurement Right For My Business?
Is Digital Procurement Right For My Business? All companies procure goods and services, from start-ups to companies with billion-pound turnovers. No matter how large or small a company is, the basic procurement processes are similar. A sourcing process entails identifying suppliers, negotiating and managing contracts, and monitoring the savings produced. Compared to a small start-up, larger companies have more complex processes, which will take …
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Profit From Managing Your Supplier Contracts Better
Profit From Managing Your Supplier Contracts Better As we come to the end of the year and plan for 2022, there is still a huge amount of financial uncertainty in the world due to Covid, the global economy and the prospect of inflation and interest rate rises in the UK. This only continues to make it difficult for companies to generate revenue and …
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Work With Suppliers Who Share Your Values
Work With Suppliers Who Share Your Values A charity is nothing without its values. Having a strong and easily communicable set of values builds trust between a charity and its supporters, giving employees, volunteers, donors, and beneficiaries the confidence that the organisation is acting ethically and in their best interests. Most importantly, it shows that the money they raise is going to a good home. Crucially, more than …
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A Procurement Process Benefits Both Buyers and Sellers
A Procurement Process Benefits Both Buyers and Sellers Purchasing is not the same as procurement. Although, both are involved in the acquisition of goods and services, they are two distinctly different processes. Understanding this can help companies become better at both buying and selling. Purchasing is the transactional part of doing the actual acquiring; from creating a purchase order and getting authorisation …
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Benefit From Following A Procurement Process
Benefit From Following A Procurement Process As we approach the end of the 2021, companies are looking for ways that they can strengthen their finances after Covid and against the threat of inflation and interest rate rises next year. Following on from Cop 26 companies are also beginning to place more importance on sustainability and want to reduce their carbon footprint, which includes working more closely with their suppliers to …
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Suppliers Play A Crucial Role In Business And The Journey To Net Zero
Suppliers Play A Crucial Role In Business And The Journey To Net Zero Cop 26 has reignited news headlines across the globe to focus on our environment and people are now talking more than ever before about the practicalities of delivering what the politicians have promised the world and the impact it will have on their businesses. One of the ways that businesses …
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What are Scopes 1, 2 and 3 and how are they relevant to Procurement?
What are Scopes 1, 2 & 3 and How Are They Relevant to Procurement? With COP26 wrapping up next week, carbon emissions are as high as they’ve ever been on the international agenda. Inaction will lead to severe hunger levels, mass migration as a result of floods, the collapse of financial markets, along with many other socio-economic disasters, according to experts. In the …
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What Is A Cryptocurrency?
What Is A Cryptocurrency? A cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real fiat currency for the cryptocurrency to …
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What Is Blockchain?
What is Blockchain? Blockchain technology is the concept or protocol behind the running of blockchain and cryptocurrencies. Blockchain technology makes cryptocurrencies like Bitcoin work just as the internet makes email possible. Blockchain is based on two fundamental properties. It’s an immutable (unchangeable, i.e. a transaction or file recorded cannot be changed) distributed digital ledger (digital record of transactions or data stored in multiple …
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oboloo Joins Tech Zero
oboloo Joins Tech Zero oboloo has joined Tech Zero, a group of tech companies who are joining forces to accelerate progress to net zero, support tech companies in making a climate action plan and use tech to help the customers they serve live more sustainably. Tech Zero is led by Bulb and industry body Tech Nation, and was founded by fast-growing …
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What is Three-way Matching?
What is Three-way Matching? To eliminate fraud, save money, and maintain adequate records for auditing, three-way matching involves matching purchase orders (POs), goods receipt notes, and supplier invoices. In most cases, payment is issued to the supplier after a 3-way match has been made. Verification of invoices through three-way matching involves examining relevant documents proving that: In order to determine whether an …
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What is Procurement Management?
What is Procurement Management? The procurement management function makes sure that all the processes involved in a business’s acquisition of products, materials, goods, and services run smoothly. Depending on the business and industry, purchasing, procurement, and sourcing may be used interchangeably. Purchasing and procurement provide the actual operational function whereas sourcing is considered the strategic function. In the Manual procurement management …
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Tips For Sourcing Goods and Services
Tips For Sourcing Goods & Services The sourcing of goods and service is the one part of procurement process that every company does to ensure they get best value from suppliers and also work with the right suppliers whose values align with their own. Companies either do sourcing activities without following a formal process or they have processes in place or …
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A Simple Sourcing Process For SMEs
A Simple Sourcing Process For SMEs For many companies the Sourcing of goods and services is often as far as the procurement process goes, as it’s seen as the focus to get best value, to work with the right suppliers and to ultimately protect the company’s bottom line. It’s definitely a great place to start, however there is also significant …
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When Should A Company Use A Digital Procurement Solution?
When Should A Company Use A Digital Procurement Solution? Every company from a start up to a billion-pound turnover company procures good and services. The basic processes of procurement will be the same for all companies, irrelevant of their size. The processes being the sourcing of the goods or services, managing supply contracts and suppliers and monitoring savings achieved as a result. The processes …
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What’s The Difference Between Procurement And Purchasing?
What’s The Difference Between Procurement And Purchasing? Both procurement and purchasing are involved in the process of acquiring goods and services. The two terms are often used interchangeably to describe this; however, they are two distinctly different processes. Procurement deals with the whole strategic life cycle of acquisition whilst purchasing is the transactional (tactical) process of doing the actual acquiring. What is …
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The Emergence Of Cloud-Based Software for SMEs
The Emergence Of Cloud-Based Software for SMEs Cloud based computing has helped to democratise business software solutions that were previously the preserve of only larger companies with deep pockets. Historically these companies invested significant amounts of money into on-premise software that was customised, implemented, supported and updated by consultants. These companies benefitted from the efficiencies and cost savings that these softwares delivered and had …
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What Is oboloo And Who Is It For?
What Is oboloo And Who Is It For? oboloo was created to help SMEs save time and money working with their suppliers, reduce supplier risk and enable them to work with the right suppliers. oboloo is a cloud-based procurement software that gives them full visibility and control over every part of the procurement cycle, from sourcing and contract management to supplier and savings management. oboloo also encourages …
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What Is Procurement & Why It’s Important For SME’s?
What Is Procurement and Why Is It Important For SME’s? Every company, everywhere in the world is doing it. It’s the opposite to customer sales as its’ where the company is the customer being sold to. It’s been an important part of most larger companies for many years and its playing an increasingly important role in SMEs businesses. Even though it happens …
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What is ESG (Environmental, Social and Governance)?
What is ESG (Environmental, Social and Governance)? ‘Environmental, Social and Governance’, or ‘ESG‘ as its more commonly referred to, is having an increasingly important influence on how companies operate. Originally used as a way of differentiating the value that companies deliver beyond just financial returns it has grown as companies and investors have become more aware of the long-term benefits for …
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We All Follow A Procurement Cycle
We All Follow A Procurement Cycle We all make personal purchases of goods and services throughout our lives. First, we identify exactly what we wish to purchase and we then, often subconsciously, consider what’s going to deliver best value for us, this might be based on cost, or quality or something totally different. Once we’ve done this, we’ll usually compare different suppliers to …
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Can Procurement Software Save You Time?
Can Procurement Software Save You Time? Companies are increasingly investing in digital solutions to drive efficiencies and financial savings across every area in their business. One area that these solutions deliver significant financial savings is in procurement with the solutions often recording projected and realised savings delivered by both cost reduction and cost avoidance measured against actual baseline spend. As well as saving …
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How To Easily Increase Profitability
How To Easily Increase Profitability by Managing Third-Party Spend Every company wants to increase its profitability. To achieve this most companies, invest in marketing and sales to generate turnover that leads to increased profitability. There is another way to increase profitability and that is to manage third-party supplier spend. By actively managing this spend companies not only save money, but they can …
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How To Protect Your Company’s Bottom Line With eProcurement Software
How To Protect Your Company’s Bottom Line With eProcurement Software Over the last few years, an increasing number of large companies have begun to take advantage of eProcurement systems to deliver better visibility and control over third-party supplier spend and ultimately to protect and grow their profit margins. This increased investment in eProcurement systems has been driven by the widely acknowledged financial benefits and …
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You Get The Quality You Pay For
You Get The Quality You Pay For Once you’ve established that you want to purchase a good or service you’ll invariably look at the various features available that are offered and the price. As part of the price consideration you’ll also check the quality that you’ll receive in return. The rationale being that you pay for what we get. This is something …
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The Price Is Part Of The Cost
The Price Is Part Of The Cost The values that we are brought up with at home, school and in the work place help determine how we make decisions. These core values influence purchasing decisions and are especially important when evaluating suppliers to better understand how they can add extra value beyond just a price differential. Whenever you want to buy something the first …
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Key Considerations When Selecting An eProcurement Software
Key Considerations When Selecting An eProcurement Software Companies are turning increasingly to technology to deliver efficiencies and ultimately improve profitability. One area that technology is thriving in, especially in larger companies, is eProcurement. Finance and procurement teams have sought to use technology to deliver solutions to traditionally labour-intensive roles and leverage the processes to give them better control and a competitive advantage. When considering …
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Make Better Decisions Based On High Quality Data
How To Make Better Decisions From High Quality eProcurement Data The explosion of data available to companies has increased exponentially over the last few years. This is due to the collection of data by digital systems in every aspect of both our daily work and personal lives. The collection of this data is being used to help continually improve processes and develop software …
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4 Easily Avoidable Procurement Mistakes
4 Easily Avoidable Procurement Mistakes Your organisation’s approach to procurement is one of the most important areas that can impact your business’ growth. It is what helps you to identify and deliver best value from suppliers, including reducing costs and streamlining your processes. Ultimately, it is what drive your bottom line. Ideally you should create a strategy that includes tactics and processes …
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5 Benefits of Using a Cloud-Based eProcurement Software
5 Benefits of Using a Cloud-Based eProcurement Software When it comes to the procurement of goods and services from suppliers for your business, a robust procurement strategy is important. This strategy is an established process to improve your company’s purchasing activities, from data collection and spend analysis to tendering, negotiation, contracting and supplier management. The goal is optimise the efficiencies of the process to deliver the maximum benefits. As far …
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eProcurement is More Than Just eSourcing
eProcurement is More Than Just eSourcing eSourcing is only one part of the overall eProcurement process. eSourcing secures the best value and pricing which organisations can then lock into a contract. While eProcurement is the whole process from start to finish; sourcing to contract negotiation to ensure the smooth flow of goods and services. It allows you to manage your supplier relationships and …
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Improve Your Supply Chain Performance With These 5 Tips
Improve Your Supply Chain Performance With These 5 Tips When it comes to successful procurement, having a steady supply chain is a crucial element. Supply chain managers are tasked with optimising efficiency strategies as the business climate evolves and as the company grows. Every stage of the supply chain must be thoroughly evaluated and monitored to deliver when needed. This is especially …
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What Managers Should Look for in an e-Procurement System
What Managers Should Look for in an e-Procurement System Manual procurement processes, although reliable, are a costly, document-laden process. The time you spend on email or paper exchanges could be allocated to marketing and finding ways to become more competitive in a digital, tech-first business landscape. Among managers surveyed in Deloitte’s 2018 Global CPO Survey, 83 per cent believe that cloud-based procurement platforms and digital …
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