Knowledge Hub > FAQ > Procurement Posts

How does backflushing manufacturing help improve production processes? Manufacturing processes are constantly being refined in order to meet the demands of an ever-changing market. As such, it can be difficult for production managers to keep up with best practices and find ways to improve efficiency and reduce costs. Enter backflushing manufacturing. Backflushing is a technique […]

What are the benefits of B2B Connectivity? Introduction Businesses of all sizes are increasingly turning to digital networks to improve their operations and stay competitive. B2B connectivity involves connecting businesses with one another in order to exchange data, products, and services. This type of digital transformation can have huge benefits for businesses, from reducing costs […]

How is Average Rate Of Return calculated? Introduction Average rate of return (ARR) is an important metric used to measure the performance of a given investment. It is calculated by dividing the total expected return of an investment over a specified period of time by the amount invested. This metric provides investors with valuable insight […]

How does backwardation affect the commodities market? The commodities market is a complex one, but it’s important for anyone who wants to invest in the stock market to understand it. One key factor of the commodities market is backwardation, and this concept can affect trading in a big way. To make sure you fully understand […]

What is a balloon payment and how does it work? Are you thinking of taking out a loan and looking for more information on the different types available? Or, maybe you already have a loan but want to learn more about different features? If so, then you may have come across the term balloon payment. […]

What is Background Intellectual Property and how can it be used to protect businesses? As technology and the internet increasingly shape our world, the need to protect intellectual property has become more important than ever. Whether you’re a small business or a large company, understanding what Background Intellectual Property (BIP) is, and how it can […]

What is backhaul and how does it work? Backhaul is an important part of any logistics network. It is responsible for ensuring that the most efficient and cost-effective route is taken, allowing delivery to happen quickly and safely. But what exactly is backhaul and how does it work? In this blog post, we will explore […]

How do businesses use balance sheets to track their financials? If you’re in business, or considering starting a business, it’s important to understand the value of tracking your financials. One of the most important tools for this is the balance sheet. A balance sheet is a financial statement that lists and measures assets, liabilities, and […]

What is the difference between bailment and ownership? Understanding the difference between bailment and ownership is essential in legal transactions involving property. Bailment and ownership are two distinct legal concepts, each having different implications for parties involved in a transaction. In this blog post, we’ll explore the differences between bailment and ownership in detail. We’ll […]

How can businesses utilize their bargaining power to achieve better outcomes in negotiations? Introduction Negotiations are a key part of business operations, as they often determine the outcome of deals. However, in many instances, businesses have not yet taken advantage of their bargaining power in order to get the best possible result from negotiations. The […]

What is the bargaining mix and how does it affect negotiations? Negotiations are complicated and require a lot of hard work. To make sure you’re able to get the best deal for everyone involved, it’s important to have an understanding of the bargaining mix and how it can affect negotiations. The bargaining mix is a […]

How are bar codes used in retail operations? Bar codes are a familiar sight for shoppers and retailers alike. They’re used to identify products and make checkout easier. But what else do bar codes do in retail stores? In this blog post, we will explore the many ways bar codes are used in retail operations […]

How does a baseline help to measure progress in a contract? A baseline is an important tool when it comes to measuring progress in a contract. It helps to establish a benchmark against which the performance of a contract can be measured and compared. A baseline provides the starting point from which any changes in […]

How does barter work and what are its benefits? Bartering is an ancient practice of trading goods and services without the use of money. It’s been around since the earliest days of human civilization, when people exchanged goods and services for resources they lacked. Today, bartering is still around and even gaining in popularity as […]

What is the purpose of a base year in a contract agreement? When it comes to a contractual agreement, no element is more important than the base year. The base year outlines the terms of the agreement, as well as any changes that may occur in the future. It helps protect both parties involved in […]

What must be included in a basic NDA and what are the advantages of using one? Non-disclosure agreements, or “NDAs”, are a necessary part of business. They help protect companies from the possibility of harm caused by the disclosure of confidential information. But what exactly must be included in a basic NDA and what are […]

What are the essential elements of a basic contract? A basic contract is a legally binding agreement between two or more parties. It is the foundation for any business relationship and can provide the necessary protection should a dispute arise. Because the terms of a contract are of such importance, it is essential that they […]

How does a basic contract agreement differ from other types of contracts? For any business relationship, having a contract agreement in place is essential. A contract agreement is the legal document that defines the terms and conditions of a business relationship, and it helps protect all parties involved from misunderstanding or legal disputes. But not […]

What are the advantages of batching for businesses? Batching is a workflow process that involves grouping similar tasks together for completion. It’s not a new concept, but it’s becoming increasingly popular as businesses realize the advantages of batching over other conventional work strategies. Putting more thought and effort into how you manage your resources and […]

What are the key components of a basic agreement contract? No matter the size of your business or the scope of the project, it is essential to have a contract in place before beginning any kind of work. A basic agreement contract outlines the expectations, obligations, and responsibilities between two parties involved in an arrangement […]

How does batch quantity affect the production process? Introduction Manufacturing production is a complex and intricate process, with many factors influencing the success of an operation. One of the variables that plays a key role in determining production efficiency is batch quantity. This concept refers to the number of parts or components that must be […]

What is the meaning of the bathtub curve and why is it important? The bathtub curve is a visual representation of a product’s life cycle, from production to failure. It is an important concept in engineering and risk management because it helps identify points in the cycle where maintenance and repair are most likely to […]

What is a battle of the forms and what are its implications for businesses? Many small businesses are unaware of the legal implications that can occur when engaging in a battle of the forms. What is a battle of the forms, and why should businesses be aware of it? This article will explain what a […]

What is a basis point and how is it used in financial markets? A basis point is a unit of measure used to describe the percentage change in the value of financial assets or instruments. It is equivalent to one-hundredth of one percent (0.01%), and is used by financial professionals to measure the changes in […]

How does a bear market differ from other types of markets? Introduction Markets come in all shapes and sizes, and each one has its own specific characteristics. When it comes to bear markets, things get a little tricky. A bear market is when the stock prices generally go down for a prolonged period of time, […]

How does a bear market differ from other types of markets? Introduction Markets come in all shapes and sizes, and each one has its own specific characteristics. When it comes to bear markets, things get a little tricky. A bear market is when the stock prices generally go down for a prolonged period of time, […]

How does belongingness shape our identity and relationships? Introduction Belongingness is a core need for humans, it shapes our identity and relationships in profound ways. But how does it shape our identity and relationships? In this blog post, we will explore the psychological forces at play when we seek out belongingness, such as the creation […]

What does it mean to be bearish in finance and investing? Bearishness in finance and investing is an attitude that involves being pessimistic about the prospects of success. It means believing that a particular security or the market as a whole will decline in value. It can also mean that you believe the economy is […]

What strategies are used in behavioural negotiation When faced with a difficult negotiation, you may feel like you’re at a loss for words. But in reality, it doesn’t have to be that way. There are strategies you can use to shift the behavior of your opponent and gain an advantage during the negotiation process. Behavioral […]

How can understanding consumer behaviour help businesses make better decisions? When it comes to running a successful business, understanding consumer behaviour is essential. It allows companies to develop the right strategies and tactics to reach their target audience. But what exactly is consumer behaviour? How can this knowledge be used to influence decision making within […]

What is bench strength and how is it used in business? Bench strength is an important concept for any business to fully understand. It’s the ability of the organization to maintain key personnel, or “bench”, who can step into positions if and when necessary. In this blog post, we’ll explore what bench strength is, why […]

What is beneficiary value and how can it be used to increase profits? It’s no secret that the key to success in the business world is finding ways to increase profits. But, with so many competing strategies out there, it’s difficult to know which one will work best for you. Enter beneficiary value: a way […]

What are benchmarked prices, and what factors determine them? When it comes to buying or selling commodities in the markets, the benchmark price is an important factor to consider. Benchmarked prices refer to the average price of a commodity that is used as a reference point when setting prices for similar products. By understanding what […]

How can businesses maximize their benefit from investments or contracts? Introduction Investing in business is one of the key elements to success. Whether it’s an investment in a new product, service, or process, the right investments can make all the difference. But simply investing isn’t enough; businesses must also make sure they are getting the […]

What is a bilateral contract and how does it differ from other types of contracts Contracts are legally binding agreements used to ensure that all parties involved fulfill their obligations. Knowing the different types of contracts and when to use them can be essential when signing an agreement. One type of contract that is often […]

How do benchmarking techniques help companies measure performance? Companies of all sizes are constantly trying to find ways to continually improve their performance. But how can they measure what improvements have been made? The answer is benchmarking. Benchmarking is the process of measuring a company’s performance against industry standards and external competitors. It helps organizations […]

How does Big I help businesses make better use of their data? In today’s digital age, data is essential to the success of any business. But what if your business isn’t using its data to its full potential? Enter Big I, a technology company that helps businesses make the most of their data by providing […]

Who qualifies as a beneficiary of an investment or contract? Investing and contracting are two of the most common ways to make money. But who exactly can be a beneficiary of such transactions? While it might seem like a simple answer, there are actually some important criteria that must be met in order to become […]

What is big data and how can it be used to make better decisions? In today’s digital age, big data is more than just a buzzword—it’s a powerhouse of potential. It has the power to inform decision-making processes, support insights, and provide real-time solutions for better business operations. But what is big data? And how […]

What is bid rigging and why is it illegal? Bid rigging is a type of fraud that occurs when companies collude to manipulate the bidding process in order to obtain contracts or services at an unfairly low price. This practice is illegal in most countries, and can have devastating effects on the economy and on […]

How does bilaterally work and what are its advantages for businesses? Bilateral trade is the exchange of goods and services between two countries or economies. It’s a key part of international business, and it can provide businesses with important advantages. But what is bilateral trade, and how does it work? And what benefits can it […]

What is bias and how does it affect decision making? We’ve all heard the phrase ‘bias’ thrown around in everyday life, but what does it actually mean? Put simply, bias is a prejudice that influences our decisions and opinions. It can be based on any number of factors such as race, gender, age or even […]

What are bill materials and how do they help companies track their expenditures? When it comes to understanding a company’s financial performance, bill materials are often overlooked. Bill materials help companies to track their expenditures and help to ensure that they remain compliant with the relevant laws. They also provide an accurate record of any […]

What is a binding agreement? When it comes to legal matters, a binding agreement is one of the most important documents you can have. A binding agreement is a legally enforceable promise between two or more parties that is intended to be upheld and followed by all involved. It’s important to understand the ins and […]

What is a bilateral agreement and how does it help companies cooperate? Bilateral agreements are a way to formalize mutual cooperation between two parties. They provide a framework and guidelines for businesses, governments, or other organizations to work together and benefit from each other’s services or products. From reducing tariffs and taxes on imports and […]

What is billing reconciliation and what are its benefits for businesses? Billing reconciliation can be a tedious task for businesses, but it is an essential part of their financial health. Reconciliation ensures that billing customers are charged the correct amount and that costs to the business are accurately tracked and managed. The process of reconciling […]

What is a Bills Of Material? In today’s manufacturing environment, the bills of material are an essential component. A bill of materials (BOM) is a list of all the components and raw materials used to create a product. It also includes information about each component’s quantity, cost, and supplier. BOMs can be used to track […]

What is a black swan event and how can it be prevented? A black swan event is an unpredictable and potentially catastrophic incident that can significantly impact the market, economy, or even entire industries. This type of event is often difficult to detect until after it has already happened—but with the right understanding and preparation, […]

What are the essential elements of a binding contract? Contracts are a necessary part of life and business, but many don’t understand all that goes into a binding contract. It’s important to know what elements are essential in order to make sure your contracts are legally binding and that you’re not leaving yourself open to […]

What are blank purchase orders and how are they used in business? For any business or organization, having a purchase order system in place is essential for keeping track of purchases. A purchase order is an official document that confirms a buyer’s intent to purchase goods or services from a seller at specified prices and […]

How does a blanket order differ from other types of orders? It’s no secret that companies need to manage their inventory efficiently. After all, having too much stock leads to higher costs and wasted resources. On the other hand, having too little means customers won’t be able to get what they need when they need […]

What is the Definition of Blue-Washing? Have you ever heard of “blue-washing”? If not, you’ve come to the right place. Blue-washing is a term used in the marketing sector. It refers to companies that use deceptive marketing tactics to make their products appear more environmentally friendly than they really are. The goal of blue-washing is […]

How does blockchain technology benefit procurement processes? Blockchain technology has taken the world by storm and is changing the way we do business. It’s become clear that blockchain technology has the potential to revolutionize many industries, and procurement processes are no exception. By leveraging blockchain technology, procurement professionals can streamline their processes, reduce costs, and […]

What is Blue Ocean strategy? The term “Blue Ocean Strategy” has become increasingly popular in business circles. It refers to an innovative and creative business model that allows companies to capture uncontested market space and create new demand. The goal of a Blue Ocean Strategy is to push companies away from the ever-competitive Red Sea […]

How does a bond work and what are its benefits? You may have heard of bonds in the past, but do you really understand how they work and what some of their benefits are? Bonds can be a great way to grow your money over time, and understanding them is key to taking full advantage […]

What is the difference between a boilerplate NDA and a traditional NDA? A boilerplate non-disclosure agreement (NDA) and a traditional non-disclosure agreement (NDA) have a lot of similarities, both of which exist to protect confidential information. However, there are some subtle differences between the two that can be important when trying to decide which one […]

What is book value and how is it calculated? Book value is an important concept in accounting and finance that can help a company or individual make better decisions. Book value is essentially what a company is worth when all of its liabilities are subtracted from its assets. It’s used to evaluate the overall financial […]

How can businesses take advantage of booming markets? Booming markets can be fantastic opportunities for businesses to take advantage of and make huge profits. Whether they’re in the stock market, the real estate industry, or any other field, there are always ways to take advantage of these markets. But how do you know when is […]

What are the potential causes of a bottleneck in a business process? Every business has its processes, but certain challenges can sometimes come up and slow them down. Bottlenecks are an especially common organizational problem that can cause serious delays in business operations. But what exactly is a bottleneck and what could be causing it? […]

What is the definition of Bound By Contract? We often hear the term “bound by contract” but do we really know what this means? In this blog post, we will explore the definition of what it means to be bound by contract, as well as its implications. We will also discuss how contracts can help […]

What are bottleneck items and how do they affect production efficiency? Bottleneck items are parts, components or machines that are integral to the production process, yet can’t keep up with the demand of the rest of the production system. In short, they’re limiting factors that slow down production and reduce efficiency. From supply chain issues […]

What is Brand Equity? It’s no secret that strong brands are essential for any successful business. Every savvy entrepreneur knows that a good brand is worth its weight in gold, but what exactly does this mean? Brand equity is the value that a brand adds to a company, product or service. It represents the perceptions […]

What are the legal consequences of breaching an agreement or contract? When entering into a contract, it’s important to make sure that all parties involved understand the terms and conditions of the agreement. But what happens when someone breaches the contract? What are the legal consequences? In this post, we’ll explore the legal consequences of […]

What constitutes a breach of agreement? When entering into a contract, it is essential to understand the obligations that each party is agreeing to. But what happens when one of these obligations is not met? This can be considered a breach of contract and can have serious legal implications. It’s important to understand exactly what […]

What constitutes a breach in an agreement or contract? Agreements and contracts are a critical part of any business transaction. Whether you’re signing an employment agreement, renting an apartment, or entering into a business partnership, it’s essential to understand the potential legal implications should either party fail to fulfill their obligations as specified in the […]

What remedies are available to parties who have been breached in an agreement or contract? Having a written agreement or contract can be the difference between success and failure in a business relationship, but what happens when one party breaches it? What remedies are available for those who have been wronged? In this blog post, […]

How can parties to an agreement prevent a breach of the agreement? Introduction When parties enter into an agreement, they are doing so with the understanding that all parties will uphold their end of the bargain. Unfortunately, there is always a risk that one or more parties may fail to keep up their end of […]

How does break bulk affect contractual agreements? Break bulk is an important factor to consider when looking at contractual agreements. Although the term may sound unfamiliar, it is actually quite common in international trade and can affect a number of aspects of a contract. This article will explain what break bulk is and how it […]

What types of contracts can be broken? Contracts are an important part of business and personal relationships. They serve as a legal binding agreement to ensure that both parties involved fulfill their obligations. However, what happens when one or both parties don’t hold up their end of the deal? That’s when contract breaches come into […]

What are the legal consequences of breaching a contract? It’s no secret that contracts are an essential part of any business transaction. They provide legal protection and form a binding agreement between two or more parties to ensure that everyone is on the same page when it comes to rights, obligations and expectations. However, what […]

What is the break even point in business contracts? Have you ever wondered what the break even point is in business contracts? This concept is often overlooked by entrepreneurs who are too focused on the immediate gains or losses of a contract. However, understanding this critical point can help you make more informed decisions and […]

What is the definition of Breaking a contract? A contract is an agreement between two or more parties that is enforceable by law. It’s a legally binding document that outlines the terms and conditions of an agreement. Breaking a contract, then, is when one party does not fulfill their obligations as outlined in the contract. […]

What is a blanket P.O. and what advantages does it offer businesses? Blanket purchase orders (P.O.) are becoming increasingly popular in a large number of industries, offering businesses a host of benefits that go beyond cost savings. The primary purpose of a blanket P.O. is to streamline the purchasing process for companies by allowing them […]

How do business owners protect themselves from breach of agreement? As a business owner, you face the risk of breaching agreements with your partners, vendors, customers and other stakeholders at any given time. It’s important to protect yourself from these potential breaches of contract, as they can cost you dearly in terms of both money […]

How do you determine if there has been a breach of contract? If a contract is not fulfilled, then there may have been a breach of contract. This can result in legal consequences for both parties involved. But how do you determine if a breach of contract has occurred? In this blog post, we’ll explore […]

How does bribery affect businesses? Many businesses are faced with the challenge of corruption, bribery and other forms of unethical practices in order to stay competitive or remain in operation. While bribery may be a way to get things done quickly and efficiently, it can also lead to long-term consequences and negative impacts on the […]

What are the key components of Breakthroughs? Have you ever found yourself standing at a crossroads? Maybe it’s an actual physical location, or it could be a figurative place you find yourself in your life. When you are stuck in this position, how do you break through the barriers and make progress? The secret is […]

What is a Breakthrough Result? We’ve all heard the phrase “breakthrough result” used in a variety of contexts, but what does it actually mean? The term is often used when discussing business, marketing and product development, but what does it actually refer to? In this blog post, we will explore the definition of a breakthrough […]

What are the legal implications of a broken contract? Contracts are an essential part of any business relationship. They provide a way to manage expectations, protect both parties involved and help ensure that both individuals get what they need out of the deal. When a contract is broken, however, the consequences can be severe. In […]

How do broad category-based definitions help organizations? Businesses of all sizes, from small local operations to global conglomerates, need to define their operational boundaries. Research has shown that the best way to do this is through the use of broad category-based definitions. But what is a broad category-based definition and how can it help an […]

What is Breakpoint and how does it work? Breakpoint is a powerful technology that enables developers and engineers to test their code in real-time by running automated tests on any given set of variables. This helps to quickly identify bugs and flaws, allowing for faster and more reliable software development. In this blog post, we […]

Who are the members of the Brics countries? The Brics countries—Brazil, Russia, India, China, and South Africa—are five of the most influential economic powers in the world. Together, they account for around a quarter of global GDP and have nearly three billion people between them. But who are the individual members that make up this […]

What is the BSI/ISO 20400 standard and how does it relate to contracts? If you’re in the business of procuring goods and services, you may have heard of the BSI/ISO 20400 standard, but what exactly is it? The BSI/ISO 20400 standard is a set of guidelines that provide guidance on how contracts should be managed. […]

How can a budget be used to set expectations and manage contractual obligations? Without a budget, it can be difficult to manage expectations and contractual obligations. A budget is a great way to set realistic goals and determine how best to allocate resources in order to meet those goals. In this blog post, we will […]

What is Built-To-Order (BTO) Supply Chain and how does it affect contractual agreements? As the global economy has become increasingly complex and interdependent, supply chains have also become more complex. Companies now require greater flexibility in the way they manage their supply chains in order to meet customer demands for product customization and responsiveness. This […]

What is a bull market and how does it differ from other markets? A bull market is a financial market in which prices are rising or are expected to rise. It is the opposite of a bear market, which is when prices fall over a period of time. In a bull market, investors may be […]

How can a broker help in contract disputes? When contracts are involved, they act as a legal agreement between two or more parties. It is meant to protect both parties’ interests, so that each one gets what was agreed upon. But sometimes, things don’t go according to plan and disputes arise. When this happens, it […]

How does the Build, Operate and Transfer (BOT) model work in relation to contracts? In the modern business world, contract management is essential for any company looking to stay competitive and up-to-date. One of the more popular methods is known as the Build, Operate and Transfer (BOT) model. This model is a contractual agreement between […]

What is buffer stock and how is it used in contract negotiations? Buffer stock is a term used in contract negotiations, but what does it mean? What are the benefits and limitations of buffer stock and how can it be used as part of an effective negotiation strategy? In this blog article, we will explore […]

What are the key elements of a business agreement contract? When signing business agreements with another party, it is essential to ensure that all the terms and conditions are clearly outlined in a contract. Such an agreement safeguards both parties involved between the duration of their relationship. A contract also sets out the expectations and […]

What is the difference between bullish and bearish market trends? The stock market is often seen as an unpredictable beast; some days the market rises and other days it falls. But there are certain trends at play that help to explain what is going on in the markets. Two of the most common terms used […]

How does bureaucracy impact businesses? For better or worse, bureaucracy is an integral part of the business world. At its best, bureaucracy can streamline processes, provide structure, and ensure that all stakeholders involved in a business endeavor are kept in the loop. At its worst, however, bureaucracy can be a frustrating and time-consuming process with […]

What are the benefits of having a business confidentiality policy in place? A business confidentiality policy is an important element of any business, large or small. It ensures that sensitive information is kept secure and not shared with third parties. As the world has embraced technology and digital transformation, the need for a comprehensive confidentiality […]

What is a burning platform and how can it be used in business? In the business world, a burning platform is an expression used to describe a situation in which a company or organization needs to take drastic action in order to survive. It refers to the idea that “if you don’t do something immediately, […]

How can a business case be used to make informed decisions? Making informed decisions in business is absolutely essential for success. As such, it’s important to have a system in place that provides all the necessary information to help you make the right decision. One of the best systems out there for this is called […]

How do business agreements protect companies from legal risks? Companies of all sizes face the potential risk of legal liability. Whether it’s a claim of discrimination, violations of intellectual property rights, or a breach of contract, businesses need to prepare for the possibility that they could be the target of a lawsuit. One way companies […]

What measures should businesses take to ensure business continuity and disaster Introduction As a business, you’re responsible for keeping your employees, customers, and other stakeholders safe. But when disaster strikes, it can be difficult to know what measures to take in order to ensure business continuity and effectively prepare for the future. In this article, […]

How is a business contract agreement different from a business contract? Many people are familiar with the concept of a business contract, but often don’t know the difference between a business contract agreement and a business contract. Though both types of documents can be used to protect businesses and their partners, they have different focuses. […]

How does Business Intelligence (BI) help businesses make better decisions? Business Intelligence (BI) is increasingly becoming an integral part of the decision-making process for businesses, large and small. It is a powerful tool that enables companies to collect, analyze and interpret data in order to gain insights that drive their decision making process. In this […]