Insights and strategies for effective sourcing, contract, supplier, and savings management in procurement
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 […]
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 […]
How Does eSourcing Work? Our everyday lives involve making purchases, which we also do in business on a regular basis. We learn to do it when we’re young, and then generally follow the same simple procedure throughout our lives. Depending on the cost and complexity of the purchase, we put in different amounts of time […]
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, […]
How Do You Measure Procurement Savings? Procurement savings are key as each company prepares their 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 […]
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 […]