Strategic Sourcing Savings: The Procurement Advantage
Strategic Sourcing Savings: The Procurement Advantage Unlocking cost savings and maximizing efficiency are key goals for any organization. One powerful strategy that can help achieve these objectives is strategic sourcing. By strategically evaluating suppliers, optimizing supplier relationships, and streamlining procurement processes, companies can reap a multitude of benefits. In this blog post, we will explore the concept of strategic sourcing …
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Navigating Procurement: The Procurement Tracker Approach
Navigating Procurement: The Procurement Tracker Approach Welcome to the world of procurement! A fundamental aspect of any business, procurement is the process of obtaining goods and services from external suppliers. From sourcing the best deals to managing contracts and ensuring timely delivery, effective procurement can make a significant difference to a company’s bottom line. In today’s fast-paced marketplace, staying on …
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Cost Reduction in Procurement: A Comprehensive Guide
Cost Reduction in Procurement: A Comprehensive Guide Introduction to Cost Reduction in Procurement Welcome to our comprehensive guide on cost reduction in procurement! In today’s fast-paced business landscape, organizations are constantly seeking ways to optimize their operations and maximize profitability. And one area that holds tremendous potential for achieving these goals is procurement. Procurement plays a critical role in any …
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Setting Benchmarks for Procurement Savings
Setting Benchmarks for Procurement Savings Welcome to our blog post on setting benchmarks for procurement savings! If you’re involved in the world of business or supply chain management, then you’re probably familiar with the term “procurement.” But what exactly does it mean? In simple terms, procurement refers to the process of acquiring goods and services for an organization. It involves …
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Procurement Analytics Software: Insights for Financial Success
Procurement Analytics Software: Insights for Financial Success Welcome to the world of procurement! In today’s fast-paced business landscape, effective procurement practices can make all the difference in achieving financial success. But how do you ensure that your procurement process is optimized for maximum efficiency and cost savings? That’s where procurement analytics software comes into play. With its powerful insights and …
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Unlocking Procurement Efficiency with Procurement Tracker Excel
Unlocking Procurement Efficiency with Procurement Tracker Excel Are you tired of the endless paperwork, countless spreadsheets, and never-ending emails that come with procurement management? If so, then it’s time to unlock a new level of efficiency with Procurement Tracker Excel. This powerful tool can revolutionize your procurement processes and streamline your operations like never before. Say goodbye to manual data …
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Procurement Tracking Software: Navigating Procurement with Ease
Procurement Tracking Software: Navigating Procurement with Ease Navigating the complex world of procurement can often feel like embarking on a treacherous journey without a reliable compass. But fear not, for there is a powerful tool that can guide you through this intricate maze with ease – procurement tracking software! In this blog post, we will explore what procurement tracking software …
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Procurement Savings Dashboard: Your Financial Control Center
Procurement Savings Dashboard: Your Financial Control Center Are you tired of constantly struggling to keep track of your procurement savings? Do you wish there was a way to easily monitor and control your company’s financial performance in one central location? Look no further than a procurement savings dashboard! This powerful tool is designed to revolutionize the way businesses manage their …
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Exploring Procurement Savings Types: A Holistic Approach
Exploring Procurement Savings Types: A Holistic Approach Introduction Save Big with a Holistic Approach to Procurement! Are you looking for ways to optimize your procurement process and maximize savings? Look no further! In today’s competitive business landscape, every penny counts. That’s why it’s crucial to adopt a holistic approach to procurement savings. In this blog post, we will explore the …
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What is Cost Avoidance? Definition
What is Cost Avoidance? Definition What is cost avoidance? In simple terms, it is measures taken to prevent costs from being incurred. This could be in the form of reducing waste, improving efficiency, or anything else that would reduce the amount of money spent unnecessarily. There are many different ways to achieve cost avoidance, but one of the most effective …
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What is Savings Tracking?
What is Savings Tracking? Savings tracking is the process of monitoring your personal finances in order to save money. This can be done through a number of methods, such as setting up a budget, tracking spending, and setting financial goals. While it may seem like a daunting task, savings tracking is actually a very simple and effective way to improve …
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What is Maverick Buying? Definition
What is Maverick Buying? Definition Maverick buying is a term used to describe the act of making a purchase outside of the company’s usual purchasing process. Maverick buyers are usually employees who have authority to make purchases on behalf of their company, but choose to do so without going through the proper channels. Maverick buying can be advantageous for companies …
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What is Working Capital? Definition
What is Working Capital? Definition Working capital is a metric used to gauge a company’s short-term liquidity and its ability to cover operational expenses. It’s important to note that working capital is different from cash flow. While cash flow measures all of the money coming in and out of a business, working capital only looks at the cash that is …
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What is Whole Life Costs? Definition
What is Whole Life Costs? Definition Whole life costs (WLC) is a system of calculation used by businesses to understand the financial impact of their product or service over its entire life cycle. This costing method takes into account all aspects of a product or service, from development and production through to delivery, use, and disposal. This makes it different …
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What is Volatile Spend? Definition
What is Volatile Spend? Definition You’ve likely heard of volatile spend before, but do you really know what it is? Volatile spend is defined as any money that your company spends on a regular basis that can fluctuate greatly from month to month. This type of spend includes things like inventory, marketing, and even employee salaries. The reason it’s called …
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What is Whole Life Costing? Definition
What is Whole Life Costing? Definition Whole life costing (WLC) is a tool used to assess all costs associated with owning, operating and maintaining an asset over its entire life. It can be used for tangible assets such as buildings, bridges and vehicles, or intangible assets such as software systems or intellectual property. The aim of WLC is to enable …
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What is Value For Money (Vfm)? Definition
What is Value For Money (Vfm)? Definition When it comes to making purchasing decisions, we often ask ourselves “is this item worth the price?” In other words, are we getting good value for our money? This concept is known as value for money (VfM) and can be applied to anything from houses and cars to food and clothing. So, what …
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What are Direct Material Costs? Definition
What are Direct Material Costs? Definition In business and accounting, direct material costs are the cost of the materials used in the manufacture or production of a product. These costs are directly traceable to the finished product and can be easily accounted for in the financial records. Direct material costs can include the cost of raw materials, components, and supplies …
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What is Spend Management? Definition
What is Spend Management? Definition Spend management is the process of strategically managing your company’s spending in order to reduce costs and improve efficiency. It involves understanding where your company is spending money, setting limits on what can be spent, and carefully monitoring spending to ensure compliance. There are many different aspects to spend management, but all share the common …
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What are Transaction Costs in Procurement? Definition
What are Transaction Costs in Procurement? Definition Introduction When it comes to business, there are all sorts of costs associated with running and maintaining a successful operation. But what are transaction costs in procurement? In short, transaction costs are the fees and commissions that are paid during a business transaction. This can include anything from the cost of materials to …
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What is a Rebate? Definition
What is a Rebate? Definition A rebate is a discount on the purchase of an item, typically given when the customer completes a specific task set forth by the company, such as filling out a survey or sending in proof of purchase. In order to redeem a rebate, the customer must follow the instructions included with the offer and submit …
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What is a Public Sector Buyer? Definition
What is a Public Sector Buyer? Definition A public sector buyer is an individual or organization that purchases goods or services on behalf of a government entity. Public sector buyers are responsible for ensuring that the products and services they purchase meet the needs of the government entity they represent and are procured in a manner that is consistent with …
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What is Intangible Cost? Definition
What is Intangible Cost? Definition Introduction In business, the term “intangible costs” refers to all expenses that don’t have a physical form. These can include the costs of research and development, intellectual property, advertising, and employee training. While some intangible costs can be difficult to quantify, they are nonetheless real expenses that must be considered when making business decisions. In …
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What is Firm Price? Definition
What is Firm Price? Definition When it comes to pricing, there are a lot of terms that get thrown around. Cost-plus, value-based, and firm price are just a few. So, what is firm price? In short, firm price is a type of pricing where the buyer and seller agree on a set price for goods or services before any work …
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What is Dynamic Discounting? Definition
What is Dynamic Discounting? Definition Dynamic discounting is a type of early payment discount that is offered to buyers based on the buyer’s ability to pay sooner than the contracted terms. The idea behind dynamic discounting is that the earlier the buyer can pay, the more cash flow the seller has to invest in other areas or use for other …
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What is an Estimate in Business? Definition
What is an Estimate in Business? Definition Estimate in business refers to the value or quantity of something that is approximate and not exact. It is a statement or calculation of expected costs, revenues, or profits. In business, an estimate is based on past experience and knowledge of current trends. It is generally used when there is uncertainty about the …
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What is Cost Plus? Definition
What is Cost Plus? Definition Cost plus is a pricing method where the selling price of a product or service is set at the cost of production plus a markup percentage. This type of pricing is common in retail and can be seen as either a fixed price or an ongoing fluctuating price. While this type of pricing seems straightforward, …
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What is Cost Of Goods Sold (Cogs)? Definition
What is Cost Of Goods Sold (Cogs)? Definition What is cost of goods sold (COGS)? Cogs refers to the direct costs associated with producing a product or service. This includes the cost of materials, labor, and overhead. In accounting, COGS is considered an expense and is recorded on the income statement. The purpose of recording COGS is to show the …
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What is Cost Modelling? Definition
What is Cost Modelling? Definition Cost modelling is the process of estimating the future costs of a product or service. This can be done for a number of reasons, such as to price a product or service, to compare the cost of different options, or to forecast the cost of production. There are many different types of cost models, and …
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What is Cost Estimate? Definition
What is Cost Estimate? Definition When it comes to manufacturing, one of the most important things to keep in mind is cost estimation. After all, you need to know how much it will cost to produce your product before you can even begin to price it. But what exactly is cost estimation? In this blog post, we will explore the …
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What is Forecasting In Procurement? Definition
What is Forecasting In Procurement? Definition Forecasting in procurement is the process of estimating future demand for goods or services. The goal of forecasting is to ensure that the correct level of resources are available when needed, while avoiding overstocking or understocking. Procurement forecasting can be done using a variety of methods, including trend analysis, seasonality analysis, and regression analysis. …
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What is Cost Reduction? Definition
What is Cost Reduction? Definition Cost reduction is a process where businesses attempt to minimize expenses and waste in order to increase profits. The goal is to find ways to do more with less, so that resources can be used more efficiently. There are many different ways to reduce costs, but it’s important to remember that not all cost-cutting measures …
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What is Index Pricing? Definition
What is Index Pricing? Definition Index pricing is a pricing strategy used by companies to set the price of their products or services. This type of pricing is based on an index, which is a number that represents the average price of a good or service in a given market. Index pricing is often used by companies that sell commodities, …
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What is Agile Spend Management? Definition
What is Agile Spend Management? Definition Agile spend management is a new way of thinking about how organizations manage and control their spending. In the traditional model, organizations typically have a centralized procurement department that manages all spending. This can be very inefficient, especially if different departments have different needs. With agile spend management, each department is responsible for its …
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What are Life Cycle Costs? Definition
What are Life Cycle Costs? Definition Life cycle costing (LCC) is an important concept in business that looks at the total cost of ownership for a product or service. This includes all costs incurred from the initial purchase to the eventual disposal of the item. LCC is used by businesses to make informed decisions about which products or services to …
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What is Bottom Line? Definition
What is Bottom Line? Definition Most businesses have one primary goal: to make money. But how do they go about doing that? The answer lies in the bottom line. In business, the bottom line is a term used to describe a company’s net income, or the total amount of money left over after all expenses have been paid. This is …
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What is Cost Analysis? Definition
What is Cost Analysis? Definition Cost analysis is the process of allocating resources and assessing the financial feasibility of a project. In other words, cost analysis is the practice of evaluating a project to determine if it is worth undertaking. Projects can be anything from building a new factory to launching a new product. Cost analysis takes into account all …
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What is Fixed Price? Definition
What is Fixed Price? Definition In business, the term “fixed price” takes on a variety of different meanings. Sometimes it refers to the price of a good or service that is set and cannot be changed. Other times, it refers to a contract in which the price is set but can be adjusted based on certain conditions. In this blog …
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What are Landed Costs? Definition
What are Landed Costs? Definition In business, the term “landed cost” is used to describe the total cost of a product or shipment when it arrives at its destination. This includes the cost of the goods themselves, as well as any taxes, duties, shipping, and insurance fees that may be incurred along the way. Landed costs are important to consider …
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What is a P-Card? Definition
What is a P-Card? Definition A P-Card, also known as a procurement card or purchase card, is a type of credit card that allows businesses to streamline and automate their purchasing processes. P-Cards can be used for small purchases or for large contracts. Typically, there is a limit on the amount that can be spent per transaction and per day. …
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What is Life Cycle Costing? Definition
What is Life Cycle Costing? Definition The term “life cycle costing” (LCC) is one you may have come across in your business travels, but what does it actually mean? In short, life cycle costing is a tool used to assess the total cost of ownership (TCO) of an asset over its lifespan. This includes everything from the initial purchase price …
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What is Linear Pricing? Definition
What is Linear Pricing? Definition Linear pricing is a pricing strategy where price increases or decreases in direct proportion to the quantity of goods or services purchased. This type of pricing is common in businesses that sell commodities or other undifferentiated products. While linear pricing is straightforward and easy to understand, it can often be perceived as unfair by customers. …
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What is Long Tail Spend? Definition
What is Long Tail Spend? Definition What is long tail spend? It’s a term used in business and procurement that refers to the aggregate of low-volume, indirect purchases that a company makes. Long tail spend is often 10-15% of a company’s total annual spend, but can be as high as 30-40% for certain industries. While long tail spend may not …
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What is a Procurement Card, Purchasing Card, P Card? Definition
What is a Procurement Card, Purchasing Card, P Card? Definition A procurement card, also known as a purchasing card or P card, is a type of credit card that is used by businesses to make purchases. The card can be used for both small and large purchases, and it can be used by employees of the company or by the …
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What is Purchase Price Variance (Ppv)? Definition
What is Purchase Price Variance (Ppv)? Definition Purchase price variance, or PPV, is the amount of money that a company saves or overspends on inventory due to changes in the prices of their raw materials. This calculation can be done for an entire company or for specific products. The information is useful for budgetary purposes and for understanding trends in …
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What is a Purchasing Card? Definition
What is a Purchasing Card? Definition A purchasing card, also called a p-card or procurement card, is a type of business credit card that allows employees to make business purchases without going through the traditional requisition process. Purchasing cards are usually issued to employees who make frequent business purchases, such as those in the purchasing or accounting departments. The cards …
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What is a Spend Cube? Definition
What is a Spend Cube? Definition A spend cube is a data visualization tool used to analyze and understand an organization’s spending. Spend cubes can be used to track spending across different time periods, departments, and/or vendors. This type of tool can be helpful for budgeting and forecasting purposes, as well as identifying areas of wasteful spending. Spend cubes can …
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What is Tail Spend? Definition
What is Tail Spend? Definition If you’re in the business world, you’ve probably heard the term “tail spend” before. But what is it, really? In short, tail spend is the money that businesses spend on goods and services that are not essential to their operations. This can include anything from office supplies to travel expenses. While tail spend may not …
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What are Kpis? Definition
What are Kpis? Definition KPIs, or key performance indicators, are a type of metric used to measure and track progress towards specific business goals. They provide insight into whether or not a company is on track to meet its targets, and can be used to identify areas of improvement. There are many different types of KPIs, and the ones that …
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What is Committed Spend? Definition
What is Committed Spend? Definition Committed spend is the total amount of money that a company has pledged to spend on goods or services over a set period of time. This can be broken down into two categories: -Capital expenditure: This is money spent on long-term assets, such as buildings, vehicles, or machinery. -Operating expenditure: This is money spent on …
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What is Due Diligence? Definition
What is Due Diligence? Definition What is due diligence? It’s a concept that is often used in business, but what does it actually mean? Due diligence is the process of investigating a potential investment or business opportunity. It’s important to do your due diligence before making any major decisions, as it can help you avoid potential risks and losses. There …
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What is Earn-Back? Definition
What is Earn-Back? Definition What is earn-back? In business, earn-back is defined as “the amount of money that must be earned in order to cover the initial investment in a project or venture.” For example, if a company spends $1 million on a new project, the earn-back period would be the length of time it takes to earn an additional …
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What are Contracting Authorities? Definition
What are Contracting Authorities? Definition When it comes to government contracting, there are a lot of different terms and organizations that can be involved. One of the most important groups in the process is known as contracting authorities. But what exactly are they? In this blog post, we will explore the definition of contracting authorities and their role in government …
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What is an Approval Workflow? Definition
What is an Approval Workflow? Definition An approval workflow is a process in which a document or request is passed through a series of steps before it is finally approved. Each step in the workflow is typically performed by a different individual or group, and each step must be completed before the next one can begin. The purpose of an …
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What is an Approved Supplier? Definition
What is an Approved Supplier? Definition In business, the term “approved supplier” is used to refer to a supplier that has been vetted and pre-qualified by a company or organization. The approval process usually involve some form of due diligence, such as a review of the supplier’s financials, quality control procedures, and/or references. An approved supplier list (ASL) is a …
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What is Artificial Intelligence (AI)? Definition
What is Artificial Intelligence (AI)? Definition Artificial intelligence is a process of programming a computer to make decisions for itself. This can be done through a number of methods, but the most common is through the use of algorithms. Algorithms are a set of rules that are followed in order to complete a task. They are what allow us to …
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What is Best Practice? Definition
What is Best Practice? Definition Best practice is defined as doing something the way it is supposed to be done. It is based on the knowledge and experience of those who have gone before us. In order to achieve best practice, we must constantly strive to learn and improve. We must also be willing to share our knowledge so that …
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What is Direct Spend? Definition
What is Direct Spend? Definition Direct spend is a term used in supply chain management that refers to the total amount of money that a company spends on goods and services that are directly related to its production process. This includes raw materials, components, and labor. In other words, direct spend is the money that a company spends on the …
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What is an Expression Of Interest? Definition
What is an Expression Of Interest? Definition Are you interested in applying for a job, but not sure how to get started? An Expression of Interest (EOI) may be just what you need. An EOI is a short document that shows your intent to apply for a particular job or project. It’s usually one page long, and includes your contact …
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What is a Key Performance Indicator? Definition
What is a Key Performance Indicator? Definition A key performance indicator (KPI) is a metric used to evaluate an organization, business unit, or individual’s performance. A KPI measures progress and success in relation to stated objectives. There are many different types of KPIs, and each organization will have different KPIs based on their specific goals and objectives. However, all KPIs …
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What is Competitive Procedure With Negotiation? Definition
What is Competitive Procedure With Negotiation? Definition Competitive procedure with negotiation is a type of public procurement procedure, under EU law, whereby the contracting authority (CA) conducts a negotiated procedure after having conducted a competition among potential contractors. The main difference between this procedure and the other types of procedures is that, after the competition has been conducted, the CA …
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What is a Key Supplier? Definition
What is a Key Supplier? Definition In business, the term “key supplier” is used to describe a company that provides an essential product or service to another company. A key supplier is typically a strategic partner that is essential to the success of the business. A key supplier may be a producer of raw materials, a manufacturer of finished products, …
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What is Machine Learning (ML)? Definition
What is Machine Learning (ML)? Definition Machine learning is a subset of artificial intelligence (AI) that provides computers with the ability to learn and improve from experience without being explicitly programmed to do so. The term “machine learning” was coined in 1959 by Arthur Samuel, an American computer scientist who pioneered the field of AI. Machine learning algorithms build models …
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What is a Request For Quote (RFQ)? Definition
What is a Request For Quote (RFQ)? Definition In business, the request for quote, or RFQ process, is when a company solicits bids from vendors for a product or service. The RFQ usually follows an RFP (request for proposal), in which the company has already determined its needs and is now looking for the best possible price. RFQs are commonly …
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What is a Request For Proposal (RFP)? Definition
What is a Request For Proposal (RFP)? Definition A request for proposal, or RFP, is a document that solicitations from suppliers in order to obtain pricing and other important information about products or services. The RFP process is used by businesses in many industries, including advertising, architecture, construction, and information technology. In order to create an effective RFP, businesses must …
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What is a Purchase Order Form? Definition
What is a Purchase Order Form? Definition A purchase order is a request that initiates the buying process of goods or services. It’s a formalized request that includes all the important details of the transaction, such as what’s being bought, how much it costs, and when delivery is expected. A purchase order form is the document that outlines all these …
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What is Selection Criteria in Procurement? Definition
What is Selection Criteria in Procurement? Definition The world of procurement is filled with jargon and technical terms that can be difficult to understand. In this blog post, we will demystify one of these terms: selection criteria. In the most basic sense, selection criteria are the guidelines that a procurement team uses to choose between different suppliers. But there is …
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What is RFx? Definition
What is RFx? Definition RFx stands for Request for (anything). It’s a generic term used in procurement for the process of inviting suppliers to submit a proposal or quotation for the supply of goods or services. The RFx process is used to help organizations select the best supplier to meet their requirements. It can be used for both simple and …
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What is Stakeholder Engagement? Definition
What is Stakeholder Engagement? Definition What is stakeholder engagement? It’s a term that you might have heard thrown around but what does it actually mean? In business, a stakeholder is anyone who has an interest in the company or who can be affected by the company’s actions. This includes but is not limited to shareholders, employees, customers, suppliers, and the …
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What is Supplier Benchmarking? Definition
What is Supplier Benchmarking? Definition Supplier benchmarking is the process of comparing a company’s performance against other companies in the same industry or market. The aim is to identify areas where the company can improve its performance and become more competitive. This process can be applied to any area of a company’s operations, from manufacturing to customer service. It is …
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What is Supplier Importance? Definition
What is Supplier Importance? Definition In business, the term “supplier” is used to describe a company or individual that provides goods or services to another company. A supplier can be an important part of a company’s operations, and the relationship between a company and its suppliers can have a significant impact on the company’s bottom line. In this article, we …
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What is Supplier Performance Management? Definition
What is Supplier Performance Management? Definition Supplier performance management (SPM) is the process of assessing, measuring, and improving supplier performance. The goal of SPM is to ensure that suppliers are meeting all requirements and expectations in terms of quality, cost, delivery, and service. There are many different methods for assessing supplier performance, but the most important factor is setting clear …
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What is Supplier Performance? Definition
What is Supplier Performance? Definition Supplier performance is a measure of how well a supplier meets the requirements specified in the contract. The requirements can be quality, delivery, cost, or other measures. A supplier’s performance is important to the customer because it can affect the quality of the product, the price, and the delivery time. It is also important to …
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What is a Request for Information (RFI)? Definition
What is a Request for Information (RFI)? Definition A request for information (RFI) is a type of procurement process in which a company or individual solicits information from potential suppliers about certain products or services. This process is often used when a company is seeking bids for a project or contract and wants to learn more about what potential vendors …
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What is Benchmarking? Definition
What is Benchmarking? Definition Have you ever wondered what goes into the design of a product? How do companies know if their products are meeting customer expectations? The answer is quality benchmarking. Quality benchmarking is the process of comparing your product’s performance against similar products in the market. The goal is to identify areas where your product can improve and …
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What is a Supplier? Definition
What is a Supplier? Definition In business, the term “supplier” is used a variety of ways. Sometimes it’s used to describe the company that provides the raw materials for your product. Other times, it’s used interchangeably with “vendor,” meaning the company you buy finished goods from. In this article, we will explore the different types of suppliers and how they …
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What is Total Quality Management (TQM)? Definition
What is Total Quality Management (TQM)? Definition Total Quality Management, or TQM, is an approach to management that seeks to integrate all aspects of an organization in order to improve quality and performance. The essential idea behind TQM is that quality is everyone’s responsibility and that all employees need to be involved in the quest for excellence. In a TQM …
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What is a Supplier Portal? Definition
What is a Supplier Portal? Definition A supplier portal is an online system that connects suppliers with buyers. It allows suppliers to list their products and services, and buyers to browse and compare different suppliers. A supplier portal can also provide other features and tools, such as a request for proposal (RFP) system, contract management, and payments. What is a …
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What is Vendor Onboarding? Definition
What is Vendor Onboarding? Definition Introduction Vendor onboarding is the process of onboarding new vendors and suppliers to your company. This process can be time-consuming and complicated, but it’s essential to ensure that your new vendor partners are a good fit for your business. There are a few key steps in vendor onboarding, including: 1. Defining your company’s needs and …
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What is Vendor Lifecycle Management? Definition
What is Vendor Lifecycle Management? Definition Many organizations struggle to manage their vendor relationships effectively. In fact, according to a study by Forrester, “63% of enterprises struggle to keep track of which vendors they use and only 26% have a centralized view of all vendor contracts.” Vendor lifecycle management (VLM) is a process for assessing, onboarding, and monitoring vendors throughout …
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What is Value For Money? Definition
What is Value For Money? Definition The phrase ‘value for money’ is one that is used often, but what does it actually mean? In this blog post, we will explore the definition of value for money and how it can be applied in different scenarios. We will also look at some examples of how value for money can be achieved. …
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What is a Vendor Portal? Definition
What is a Vendor Portal? Definition In the business world, a vendor portal is a website or web application that allows vendors to securely access information and conduct transactions with an organization. The term “vendor” can refer to suppliers, contractors, or any other type of business partner. A vendor portal is typically used to streamline interactions between an organization and …
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What is a Vendor Performance Scorecard? Definition
What is a Vendor Performance Scorecard? Definition A vendor performance scorecard is a tool used to compare and contrast the relative performance of different vendors. The scorecard can be used to track any number of performance indicators, from customer satisfaction to on-time delivery. The benefits of using a vendor performance scorecard are many: by taking an objective look at vendor …
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What is a Vendor? Definition
What is a Vendor? Definition A vendor, also known as a supplier, is a person or company that provides goods or services to another person or company. The term can be used in a number of different ways, but most commonly it refers to someone who provides raw materials, components, or finished products to manufacturers, retailers, or other businesses. In …
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What is Post Tender Negotiation (PTN)? Definition
What is Post Tender Negotiation (PTN)? Definition Post Tender Negotiation (PTN) is the process of negotiating with suppliers after the completion of a tender process. It is a way to get the best possible terms and conditions for your company, and can be used for both commercial and non-commercial contracts. PTN can be used to negotiate on price, delivery terms, …
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What is Spend Analysis? Definition
What is Spend Analysis? Definition Spend analysis is the process of collecting and analyzing data about an organization’s spending patterns. The goal of spend analysis is to understand how an organization is spending its money and to identify areas where savings can be achieved. Spend analysis can be performed at different levels, such as departmental, functional, or organizational. It can …
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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 be viewed externally. Peter Drucker, …
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