Insights and strategies for effective sourcing, contract, supplier, and savings management in procurement
RFI, RFQ, RFP: How to Differentiate When it comes to procurement and supply chain activities, the terms RFI, RFQ, and RFP are often used interchangeably. But even though they all may look similar, they each have distinct differences that can impact decisions made in the business process. In this article, we’ll discuss what an RFI […]
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 […]
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 […]
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 […]
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 […]
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 […]