Insights and strategies for effective sourcing, contract, supplier, and savings management in procurement
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 […]
What is Self-Service Supplier Information Management (SIM)? Procurement can be a challenging task, especially when it comes to managing supplier information. It is essential to keep track of your suppliers’ data, such as their location, contact details, certifications and compliance documents. Fortunately, technology has simplified the process with Supplier Information Management (SIM). But have you […]
The RFP process: Everything You Need To know RFPs (Request for Proposals) play a critical role in the success of any business. They are a key component in determining the success of any project, from vendor selection to contract negotiations. Choosing the right partner is necessary to ensure that the project is completed on time […]
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 […]
Cost Savings vs Cost Avoidance: What’s the Difference? When it comes to controlling costs, the terms “cost saving” and “cost avoidance” are often used interchangeably. But, there is a distinct difference between these two cost-reduction strategies. Cost savings is the practice of reducing expenses; whereas cost avoidance seeks to reduce future or potential expenses. In […]
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 […]