Navigate Contracts with Supplier Contract Management Software
Navigate Contracts with Supplier Contract Management Software Are you tired of drowning in a sea of contracts and paperwork? Managing supplier contracts can be a daunting task, especially when you’re dealing with multiple vendors and complex agreements. But fear not! There is a solution that can help streamline your contract management process and bring order to the chaos – supplier …
Continue Reading Vendor Sourcing and Procurement: Best Practices
Vendor Sourcing and Procurement: Best Practices Introduction In today’s fast-paced business world, effective vendor sourcing and procurement can make all the difference in a company’s success. But what exactly is vendor sourcing and procurement? And why is it so important? In this blog post, we’ll delve into the ins and outs of this critical process, exploring its benefits, challenges, and …
Continue Reading What is Accounts Payable Automation? Definition
What is Accounts Payable Automation? Definition Accounts payable automation is the use of technology to streamline the process of paying invoices. With accounts payable automation, businesses can save time and money by automating repetitive and manual tasks related to invoice processing. Accounts payable automation can be used to schedule and make payments, track spending, and reconcile accounts. By automating these …
Continue Reading What is Accounts Payable? Definition
What is Accounts Payable? Definition Accounts payable is a broad term that refers to the money a company owes to its creditors. This can include suppliers, lenders, utilities, and other businesses. Accounts payable is considered a current liability on a company’s balance sheet. An account payable is created when a company purchases goods or services on credit. The supplier or …
Continue Reading What is an Appraisal? Definition
What is an Appraisal? Definition An appraisal is a professional opinion of value. Appraisals are most commonly associated with real estate, art, and antique furniture. However, an appraisal can be performed on any item that has value. The purpose of an appraisal is to provide a value for an item that can be used for insurance, tax, or estate purposes. …
Continue Reading What is Best-Of-Breed in Business? Definition
What is Best-Of-Breed in Business? Definition The term “best-of-breed” gets thrown around a lot in business. But what does it actually mean? In short, best-of-breed refers to a company or product that is the best in its category. This can be determined by a number of factors, including but not limited to: * Innovation * Quality * Customer satisfaction * …
Continue Reading What is an Approved List in Supplier Management? Definition
What is an Approved List in Supplier Management? Definition A supplier approved list (SAL) is a list of vendors or suppliers that have been vetted and approved by a company to provide goods or services. The approval process can vary from organization to organization, but typically includes a review of the supplier’s financial stability, quality control procedures, and ability to …
Continue Reading What is a Blanket Order? Definition
What is a Blanket Order? Definition A blanket order is a standing purchase order with a supplier for a predetermined quantity of goods over a period of time. A key difference between a blanket order and a regular purchase order is that the buyer pays for goods only as they are received, rather than in one lump sum. This type …
Continue Reading What is Business Process Outsourcing? Definition
What is Business Process Outsourcing? Definition Business process outsourcing (BPO) is the contracting of non-primary business activities and functions to a third-party service provider. BPO services include payroll, human resources, accounting, customer/call center relations and services, marketing campaigns, IT services, and financial processing. BPO is commonly referred to as “outsourcing,” but there is a big difference between the two. Whereas …
Continue Reading What is BME Business? Definition
What is BME Business? Definition BME business refers to black and minority ethnic businesses. These businesses are defined as those that are owned and operated by people from black and minority ethnic backgrounds. The term “BME business” is relatively new, only coming into use in the last few years. However, the concept of black and minority ethnic entrepreneurship is not …
Continue Reading What is Certificate Of Origin (Coo)? Definition
What is Certificate Of Origin (Coo)? Definition Introduction A Certificate of Origin is a document that is used in international trade. It is a formal statement that certifies that the goods in a particular shipment originated from a certain country. The Certificate of Origin is issued by the Chamber of Commerce in the exporter’s country. It must be signed by …
Continue Reading What is Compliance In Procurement? Definition
What is Compliance In Procurement? Definition In the business world, the term “compliance” is used a great deal. But what does it actually mean? In short, compliance in procurement refers to the process of adhering to all relevant laws, regulations, and standards when procuring goods and services. This includes everything from ensuring that suppliers are qualified to receiving the best …
Continue Reading What is Collaboration? Definition
What is Collaboration? Definition Collaboration is a process where two or more people work together to complete a task or achieve a goal. It is often thought of as working together, but it can also be achieved by working separately on different aspects of the same project. Collaboration can be between individuals, teams, or organizations and can happen in person …
Continue Reading What is a Contractor? Definition
What is a Contractor? Definition A contractor is a professional who provides services to businesses or individuals. They are usually self-employed and work on a project basis. There are many different types of contractors, ranging from those in the construction industry to those in the IT industry. In most cases, contractors are hired to do specific tasks that the client …
Continue Reading What is a Consultant? Definition
What is a Consultant? Definition A consultant is an expert or professional who provides advice in a particular area of expertise, such as business, management, law, finance, human resources, marketing, information technology, engineering, or public relations. Consultants typically work with businesses or organizations to help them improve their operations, grow their revenue, or make better use of their resources. In …
Continue Reading What is a Continuity Plan? Definition
What is a Continuity Plan? Definition A continuity plan is a document that outlines how a business will continue to operate during an interruption in service. The plan should include procedures for how to keep the business running, how to protect employees and customers, and how to maintain or resume operations. A continuity plan is essential for any business, as …
Continue Reading What are Direct Labour Costs? Definition
What are Direct Labour Costs? Definition In accounting and business, direct labour costs are those that are incurred in relation to the production of goods or services. In other words, these are the costs associated with the workers who are directly involved in the production process. Direct labour costs can include wages, benefits, and other forms of compensation. They can …
Continue Reading What is Corporate Social Responsibility (Csr)? Definition
What is Corporate Social Responsibility (Csr)? Definition What is corporate social responsibility (CSR)? Put simply, it’s a business model that takes into account the social and environmental impacts of a company’s activities. More and more, consumers are interested in buying from brands that have a positive social and environmental impact. In fact, 66% of consumers are willing to pay more …
Continue Reading What is a Credit Note? Definition
What is a Credit Note? Definition A credit note, also known as a memo credit, is a document that reduces the amount your customer owes you for goods or services. There are many reasons why you might issue a credit note to a customer. Maybe they returned some of the merchandise they bought from you, or perhaps you made a …
Continue Reading What is an Incumbent Supplier? Definition
What is an Incumbent Supplier? Definition An incumbent supplier is a company that has been supplying goods or services to another company for a period of time. The length of time can vary, but the important thing is that the incumbent supplier has an existing relationship with the customer. The customer may be happy with the incumbent supplier, or they …
Continue Reading What is Nearshoring? Definition
What is Nearshoring? Definition Nearshoring is a business strategy that involves moving production or services closer to the company’s home market. The goal of nearshoring is to reduce costs and improve quality by taking advantage of lower-cost labor and other resources in nearby countries. Nearshoring has become increasingly popular in recent years as companies look for ways to reduce costs …
Continue Reading What is Delivery Time in Business? Definition
What is Delivery Time in Business? Definition In business, delivery time is the elapsed time between the start of work on an order and the completion of work on that order. Delivery time can be affected by many factors, such as the complexity of the product or service being produced, the availability of raw materials and inputs, manufacturing processes, transportation …
Continue Reading What is a Letter Of Credit? Definition
What is a Letter Of Credit? Definition A letter of credit is a document that a bank issues to guarantee payment on behalf of its customer. The customer is usually an importer who is buying goods from an exporter. If the importer does not pay the exporter, the bank will cover the costs. A letter of credit is often used …
Continue Reading What is an Official Order in Business? Definition
What is an Official Order in Business? Definition In business, an official order is a request or command that is given by a superior to those under them in the organizational hierarchy. The purpose of an official order is to ensure that specific tasks are completed in a timely and efficient manner. While official orders are typically given by managers …
Continue Reading What is Onboarding Suppliers? Definition
What is Onboarding Suppliers? Definition Onboarding suppliers is the process of incorporating new suppliers into your company’s process and workflows. This usually includes creating and maintaining supplier accounts, defining roles and responsibilities, and establishing communication protocols. Onboarding can be a lengthy and complicated process, but it’s essential for ensuring that your company has the resources it needs to run smoothly. …
Continue Reading What is Outsource? Definition
What is Outsource? Definition Outsourcing has become a popular business model for many companies in recent years. But what is outsource? In short, outsource is the process of hiring another company or individual to complete a specific task or project. This can be done for a variety of reasons, such as saving on costs or accessing skills and resources that …
Continue Reading What is a Supplier Performance Review? Definition
What is a Supplier Performance Review? Definition A supplier performance review (SPR) is a process used by organizations to assess and provide feedback to their suppliers. It is a continuous improvement tool that can be used to monitor supplier performance against predetermined criteria, identify areas for improvement, and mitigate risks. The SPR process should be conducted on a regular basis, …
Continue Reading What is Outsourcing? Definition
What is Outsourcing? Definition In business, outsourcing is the process of contracting with another company or individual to provide services or produce goods that are typically performed by in-house staff. Outsourcing is a common practice among small and large businesses alike, as it can save on costs and help to improve efficiency. There are many different types of outsourcing arrangements, …
Continue Reading What is a Preferred Supplier List? Definition
What is a Preferred Supplier List? Definition A preferred supplier list (PSL) is a formalized list of pre-approved vendors that have been carefully selected based on specific criteria and approved to provide goods or services to an organization. The criteria for selection can vary depending on the organization, but they are typically based on quality, price, delivery, and service. A …
Continue Reading What is Quality Control? Definition
What is Quality Control? Definition Quality control is the process of ensuring that products meet certain standards before they are released to the market. This process can be applied to anything from food and drugs to manufactured products. There are a number of different ways to go about quality control, but the basic idea is to ensure that products meet …
Continue Reading What are Stage Payments? Definition
What are Stage Payments? Definition A stage payment is a pre-determined amount of money that is paid out to a contractor or freelancer at specific points during the project timeline. For example, if you’re hiring a web designer to create a new website for your business, you might agree to pay them $500 at the completion of the project, $250 …
Continue Reading What are Small And Medium-Sized Enterprises (Smes)?
What are Small And Medium-Sized Enterprises (Smes)? Small and medium-sized enterprises (SME) are business that has fewer than 250 employees. SMEs are defined in the European Union (EU) as businesses with fewer than 500 employees. In the United States, they are defined as businesses with fewer than 500 employees. There are many benefits to being an SME. They include increased …
Continue Reading What is Supplier Diversity? Definition
What is Supplier Diversity? Definition Supplier diversity is a business initiative that seeks to include businesses owned by marginalized groups in the supply chain of major corporations. This Business Wire article defines supplier diversity and gives an overview of its benefits and challenges. What is Supplier Diversity? Supplier diversity means that companies actively seek to do business with a wide …
Continue Reading What is Supplier Risk Management? Definition
What is Supplier Risk Management? Definition Supplier risk management (SRM) is the process of assessing, monitoring, and managing the risks associated with supplier relationships. It’s a key part of supply chain management and procurement that helps organizations avoid or mitigate disruptions to their supply chains. SRM encompasses all the activities and strategies involved in identifying, assessing, and responding to supplier-related …
Continue Reading What is Supply Base Reduction (Sbr)? Definition
What is Supply Base Reduction (Sbr)? Definition Supply Base Reduction, or SBR, is a corporate strategy employed by many large organizations in order to simplify and rationalize their supplier base. The goal of SBR is to streamline the number of suppliers an organization uses in order to obtain goods and services while also reducing costs. SBR can be achieved through …
Continue Reading What is Supplier Management? Definition
What is Supplier Management? Definition Supplier management is the process of assessing, monitoring and improving supplier performance to ensure they are able to meet the requirements of the business. It’s an important part of any supply chain and can have a significant impact on the quality of products and services, as well as the cost. In this blog post, we …
Continue Reading What is a Supplier/Vendor? Definition
What is a Supplier/Vendor? Definition When it comes to business, there are a lot of terms that get thrown around. And if you’re not in the industry, it can be hard to keep up. But don’t worry, we’re here to help. In this blog post, we’ll be exploring the term “supplier/vendor” and what it really means. In business, a supplier/vendor …
Continue Reading What is Supply Chain Management? Definition
What is Supply Chain Management? Definition Supply chain management (SCM) is the process of planning, implementing, and controlling the operations of the supply chain with the aim of achieving specific goals. It involves coordinating and integrating activities across functions and geographies to deliver a product or service to the customer at the right time, at the right place, and at …
Continue Reading What is a Third Sector Organisation (Tso)? Definition
What is a Third Sector Organisation (Tso)? Definition A third sector organisation (TSO) is a type of organisation that is neither public nor private, but has characteristics of both. TSOs are usually non-profit or charitable organisations, but can also be for-profit businesses that reinvest their profits back into the organisation or the community. There are many different types of TSOs, …
Continue Reading What is Third-Party Logistics (3Pl)? Definition
What is Third-Party Logistics (3Pl)? Definition In business, the term “third-party logistics” (3PL) describes the process of outsourcing logistics and transportation services to a company that specializes in those areas. The decision to outsource these services is usually based on the belief that the 3PL can do it better, faster, and/or cheaper than the company could do it internally. When …
Continue Reading What is Vendor Management? Definition
What is Vendor Management? Definition Vendor management is the process of assessing vendor performance, defining and setting expectations for service levels, and maintaining supplier performance records. It’s a broad term that encompasses many different aspects of working with vendors, including: -Vendor selection -Contract negotiation -Vendor performance monitoring -Risk management In short, vendor management is all about ensuring that you are …
Continue Reading What are Key Suppliers? Definition
What are Key Suppliers? Definition When it comes to manufacturing, there are a lot of different moving parts. And in order for everything to run smoothly, you need to have a strong supply chain. But what exactly is a key supplier? A key supplier is defined as a supplier that provides critical components or services to a company that cannot …
Continue Reading What is a Diverse Supplier? Definition
What is a Diverse Supplier? Definition As the business world gradually becomes more conscious of disparities and inequities, the term “diversity” has become a hot topic in recent years. When it comes to suppliers, there are a number of different types that businesses can choose from. But what is a diverse supplier? In this blog post, we will explore the …
Continue Reading What is Business Questionnaire? Definition
What is Business Questionnaire? Definition A business questionnaire is a research tool used to collect data and information about a target market or specific business. It is usually used in market research or as part of a marketing plan. A business questionnaire can be used to gather data about customer demographics, buying habits, product or service preferences, and opinions about …
Continue Reading What is Catalogue in Procurement? Definition
What is Catalogue in Procurement? Definition The term “catalogue” in procurement can refer to a couple different things. In this blog post, we will explore the definition of catalogue in procurement, as well as its advantages and disadvantages. A catalogue in procurement is essentially a tool that outlines the products or services that a company offers. It can be used …
Continue Reading What are Commodity Prices? Definition
What are Commodity Prices? Definition Commodity prices are the prices at which raw materials or basic foodstuffs are bought and sold. A variety of factors can influence commodity prices, from weather patterns to political upheaval. If you’re interested in investing in commodities, it’s important to understand what drives commodity prices. In this blog post, we will explore the definition of …
Continue Reading What is a Category In Procurement? Definition
What is a Category In Procurement? Definition In procurement, a category is a type of commodity or service that is purchased by an organization. Categories are generally created based on similarities in the commodities or services being purchased, such as price, quality, or supplier. The creation of categories helps organizations to develop and implement procurement strategies that can be applied …
Continue Reading What is a Commodity? Definition
What is a Commodity? Definition A commodity is a basic good used in commerce that is interchangeable with other goods of the same type. commodities are often agricultural products or natural resources such as oil, gold, and silver. While most people think of commodities as being physical things that are traded on commodity exchanges, anything that can be bought or …
Continue Reading What is Minimum Order Quantity (Moq)? Definition
What is Minimum Order Quantity (Moq)? Definition Minimum order quantity or MOQ is the lowest amount of product that a supplier is willing to manufacture or sell. In other words, it’s the fewest number of units that a customer can purchase from a supplier. The purpose of having an MOQ is to ensure that manufacturers don’t produce too little product, …
Continue Reading What is a Pre Qualification Questionnaire in Procurement? Definition
What is a Pre Qualification Questionnaire in Procurement? Definition Before a business can start the process of procuring goods or services, they first need to identify their needs. This is done through a pre-qualification questionnaire (PQQ). A PQQ is a document used by businesses to assess the suitability of suppliers before inviting them to tender for a contract. It allows …
Continue Reading What is a Taxonomy in Procurement? Definition
What is a Taxonomy in Procurement? Definition Taxonomies are a way of classifying things. In the business world, a taxonomy is a classification system for products, services, and other commodities. It’s used to help businesses understand and organize their procurement processes. A taxonomy in procurement can be helpful for a number of reasons. For one, it allows businesses to keep …
Continue Reading What is Evaluation in Procurement? Definition
What is Evaluation in Procurement? Definition Evaluation in procurement is the process of assessing proposals from suppliers and determining which supplier is the best fit for the buyer. The evaluation process can be used to select a single supplier or to shortlist a few suppliers for further negotiation. Evaluation is an important part of the procurement process because it allows …
Continue Reading What is Needs Assessment? Definition
What is Needs Assessment? Definition A needs assessment is a systematic process for determining and addressing needs, or “gaps” in an organization. It is often used in the context of human resources, but can be applied to any area of organizational activity. The purpose of a needs assessment is to identify what an organization needs in order to function effectively. …
Continue Reading What is Third Party Risk Management? Definition
What is Third Party Risk Management? Definition First, let’s start with understanding what risk management is. Risk management is the process of identifying, assessing, and controlling risks. In other words, it’s a way to protect yourself and your business from potential liabilities. Now that we have a general understanding of risk management, let’s talk about third party risk management (TPRM). …
Continue Reading What is a Third Party? Definition
What is a Third Party? Definition A third party is any person or entity that is not a party to a contract or agreement. The term is most commonly used in reference to business contracts, such as when two companies agree to work together on a project. A third party can also be an individual, such as when a person …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading What is Barter? Definition
What is Barter? Definition Barter is an economic system whereby goods or services are exchanged for other goods or services without the use of money. Barter is a direct exchange of goods or services—no money changes hands. In a barter transaction, each participant typically supplies what they have to offer and receives what they need in return. For example, if …
Continue Reading What is Best Alternative To A Negotiated Agreement (Batna)? Definition
What is Best Alternative To A Negotiated Agreement (Batna)? Definition Have you ever been in a situation where you felt like you had no choice but to accept the terms being offered to you? This is a common feeling in many negotiation situations, but it doesn’t have to be this way. By understanding and utilizing your BATNA, you can have …
Continue Reading What is Collusion? Definition
What is Collusion? Definition Collusion is defined as an illegal agreement between two or more people to restrain trade, fix prices, or limit supply. In other words, it’s an agreement to cheat customers, employees, or shareholders by working together instead of competing against each other. Collusion is often found in industries where there are only a few companies that offer …
Continue Reading What is a Business Continuity Plan? Definition
What is a Business Continuity Plan? Definition A business continuity plan is a comprehensive document that outlines how a business will continue to operate during and after an interruption in service. The purpose of a business continuity plan is to keep the business running as smoothly as possible during and after an unexpected event. A business continuity plan should be …
Continue Reading What is Supplier Relationship Management? Definition
What is Supplier Relationship Management? Definition Supplier relationship management (SRM) is a strategic process that enables organizations to manage their relationships with suppliers in a way that maximizes value and minimizes risk. In other words, SRM is all about creating and maintaining mutually beneficial relationships with suppliers. This includes everything from selecting the right suppliers to negotiating contracts and managing …
Continue Reading What is a Consortium? Definition
What is a Consortium? Definition A consortium is a group of two or more individuals, companies, organizations or governments (or any combination of these entities) with the objective of participating in, or managing, a joint venture, project or enterprise. The term can also be used to describe an organization created to provide shared services or develop shared resources, such as …
Continue Reading What is Supplier Viability? Definition
What is Supplier Viability? Definition Supplier viability is the term used to describe the long-term sustainability of a company’s business model and its ability to maintain supplier relationships. In other words, it’s a measure of how likely it is that a company will be able to keep its doors open and continue doing business over the long haul. There are …
Continue Reading What is Supplies, Works & Services? Definition
What is Supplies, Works & Services? Definition In business, the term “supplies, works, and services” (SWS) is used to collectively refer to items or contracts that are necessary for the operation of a company. The term can apply to anything from office supplies to construction projects. In this article, we will provide a definition for the term SWS and explore …
Continue Reading What is Supplier Segmentation? Definition
What is Supplier Segmentation? Definition Segmenting your suppliers is a key part of effective supply chain management. By identifying and classifying different types of suppliers, you can develop appropriate strategies for each and optimize your overall supply chain. But what exactly is supplier segmentation? In this blog post, we will explore the definition of supplier segmentation and its importance in …
Continue Reading What is Supply Chain? Definition
What is Supply Chain? Definition Supply chain management (SCM) is the process of planning, implementing, and controlling the operations of the supply chain with the objective of satisfying customer requirements as efficiently and effectively as possible. In other words, it’s all about managing and streamlining the flow of goods and services from supplier to customer. This process includes everything from …
Continue Reading What is Best Value? Definition
What is Best Value? Definition The term “best value” is often used in the business world, but what does it actually mean? In this blog post, we will explore the definition of best value and how it can be applied in different contexts. We will also look at some real-world examples to better understand this concept. What is value? Value, …
Continue Reading What is Award Criteria? Definition
What is Award Criteria? Definition Award criteria are the standards by which an award is given. They are the guidelines that judge whether an application deserves an award, and if so, how much. The award criteria for a grant may be different from the award criteria for a scholarship, but both will have specific guidelines that must be met in …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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, …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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 …
Continue Reading 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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