Procurement

Managing Suppliers and Availing Cost Reductions

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

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?

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

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?

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?

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

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

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…

This Could Be Why Your Company is Losing Money

This Could Be Why Your Company is Losing Money

Do you know what your company is spending on? This is an essential question for all companies to ask themselves. There are four common ways in which companies can easily leave money on the table which will be explored further on in the article. How companies leave money on the table The concept of “leaving…

The Best Practices of Successful Procurement Teams

The Best Practices of Successful Procurement Teams

The function of procurement teams is more than just procuring goods and services relevant to a business. The procurement role is considered to be fundamental towards achieving sustainable cost management for a business. With the procurement activity being one of the main drivers behind savings and a business’s operation, it’s key for the procurement team…