Purchasing Vs. Procurement: What Is The Difference?
Purchasing and procurement are two words that we often seen used interchangeably. This mostly occurs among non-professionals, where the word procurement is used instead of purchasing and vice versa. While the two might appear to share the same meaning, they have different functions. The inability to identify the differences between the terms may lead businesses…
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How e-Procurement Platforms Enhance Supply Chain Management
In this day and age, companies are exploring various ways to optimise their supply chain management and actualise cost saving in the management process. One of the ways this is done is by incorporating e-Procurement solutions to ensure a seamless workflow. e-Procurement is software-based automation that automates procurement and user processes to allow for simplified…
Managing Suppliers and Availing Cost Reductions
An ultimate goal for any business is to make profits that can contribute to the company’s probability of enlarging its scale and impact. To achieve this by delivering its products or services, a business involves an interplay of several parties that are part of its supply chain. The suppliers are one such party of importance….
Procurement Compliance: Control Spend & Increase Gains
In general, the term “compliance” is thought to be the overlooked devil that disables you from turning a blind eye over a pushy salesperson or forces you to do things, simply because they are on trend. However, in business, the term takes a rather serious tone as it is immediately associated with following rules and…
Coronavirus: What Can It Teach Us About Procurement?
The COVID-19 pandemic has affected the way employees worldwide work. With social distancing measures including working from home in place, businesses had to adapt to the new reality of working remotely. Working from home (WFH) prompted businesses to heavily rely on technology further underscoring the need for digitalisation across industries and departments, procurement teams included….
Efficient Procurement During Chinese New Year
The Lunar New Year marks the beginning of the Chinese Lunar calendar. Like other festivities, the B2C market is rampant with activity during the Chinese New Year (CNY) period. The B2B market also gets into the CNY action. With Chinese New Year signifying prosperity, gifts are sent between businesses to wish them good fortune. Given…
e-Procurement Systems: Why Businesses Need It?
Digital transformation has been one of the top buzzwords across industries and their respective leaders, including those spearheading procurement. Similar to digitally transforming other business areas, the digitalisation of procurement provides businesses with the opportunity to reduce inefficiencies and inaccuracies that may stem from manual procurement methods. Most businesses digitalise their procurement by adopting e-Procurement…
What Is Guided Buying and Why Does It Matter?
So you’ve met the right supplier and sat through price negotiation meetings which resulted in a contract pricing agreement. How do you translate your contract pricing efforts into actions that bring better savings, compliance and drive the right policies? The answer is through guided buying. What is guided buying? Guided buying is one of the…
Procurement Documents 101
The two most basic entities involved in the procurement process is a buyer, the procurement department of a business and a seller, or a vendor. Throughout the procurement process, a lot of communication happens between these two parties all the way from source to pay, as well as internal parties namely users and approvers. To…
Getting to The Core of Your Vendor Management Challenges
A key external party that plays a big factor in the success of procurement is vendors. Procurement teams may be directing their personal attention to other activities in the procurement process such as requisition and payment but leave vendor management in the back burner. Effective supplier collaboration has the ability to derive long term value…