What to Look for in a Good e-Procurement System?
Over the years, digital technology has given mankind the power to conquer the impossible. It continues to solve man’s greatest challenges, making lives easier. In-fact several businesses thrive on these technological developments and many are gradually gravitating towards digital advancements for its advantages. Discoveries, inventions and innovations always began with a question or a problem…
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Getting Stakeholders on Board With Procurement
The role of procurement is constantly changing and new approaches are needed. Procurement leaders transform the old process and replace it with the new ethos, method, and technology. However, the adjustment also requires work from all departments across the organisation to building good relationships with the stakeholders. There is no textbook answer to swiftly transform…
Procurement Risks & Ways to Reduce Them
There might be a general conception in business that risk-taking gives you the chance of success. Perhaps, this is true as business and political leaders in heights of their success quote risk-taking in such positivity. For instance, Thomas Jefferson once said “ with great risk comes great reward”. In support, a research shows that risk-takers…
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…
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…