Insights and strategies for effective sourcing, contract, supplier, and savings management in procurement
What is Electronic Procurement (eProcurement) What is e-procurement? Requisitioning, ordering, and purchasing goods and services online is known as electronic procurement (also known as e-procurement or supplier exchange). These are processes between businesses. While e-commerce uses a public system, e-procurement uses the closed system of the supplier and is only accessible to registered users. Using […]
What Is eTendering? E-Tenders are an integral part of the procurement process, designed primarily to facilitate an effective method of procuring goods and services online. With E-Tendering, businesses can find the most cost-effective suppliers for upcoming purchases. Suppliers compete to win sales or provide business services in response to procurement opportunities. The etendering process can […]
The Ultimate 7 Step Guide To Strategic Sourcing As the business climate becomes more competitive, many professionals are constantly looking for ways to keep costs down while still maintaining the highest quality of goods and services. The pursuit of that involves constantly improving and reevaluating a company’s purchasing activities, also known as Strategic Sourcing. What is Strategic […]
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 […]