Insights and strategies for effective sourcing, contract, supplier, and savings management in procurement
Avoid Missing Contract Notice Periods A mistake that many of us make is not giving the correct notice on a supplier contract. As a result, either a contract rolls over automatically or an out-of-contract rate is applied. The cost of forgetting to give notice will vary depending on the value of the contract, the supplier and what kind of […]
What Are The Benefits Of eSourcing Software? When we purchase goods and services, we use a process that has either been taught to us or developed by us from experience with the goal of getting the best value. While the best value process is often effective on a day-to-day basis, it usually fails to consider a business’s […]
The Time Benefits Of Using A Procurement Software In every area of their businesses, companies are increasingly implementing digital solutions to drive business efficiencies. These solutions often provide significant financial savings in procurement – often by delivering both cost reductions and cost avoidance against actual baseline spend. In addition to saving money, these digital procurement solutions also deliver substantial time-savings across every phase of the procurement process. eSourcing […]
How To Improve Profitability by Managing Third-Party Spend Profitability is the goal of every business. For companies to achieve this, they invest in marketing and sales to increase turnover, which results in increased profitability. There is another way to increase profitability, and that is by managing the spend of third-party suppliers. In addition to saving […]
What Values Are Important To Your Suppliers? When choosing a good or service, the first two things we usually consider are the quality and the price. Our perception of both tells us if what we are purchasing represents value for money. The concept of value for money varies from person to person and therefore from company […]
Cost Avoidance Vs Cost Reduction: What’s The Difference? When it comes to business, cutting any costs and avoiding any unnecessary expenditures is obviously key to improving profitability. Your profits will be higher if you can maintain a higher level of revenue and cash flow. Employees are often required by their employers to classify the financial benefits of capital investments or organisational […]