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…
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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…
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 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…
Spend Visibility and It’s Importance
Do you know what your company is spending on? The fact remains that many organizations aren’t aware of their own company’s spendings. Businesses, unfortunately, don’t understand the importance of spend visibility but it actually plays a huge role in the organization. It allows businesses to know how money is being spent, and how to avoid…
Benefits of Easy-To-Use Procurement
The introduction of procurement into the business world has eased and simplified the process of organizations’ acquiring products and services from the best suppliers. Procurement also has the ability to get the right product at the lowest price with the right quantity, it is able to cut the company’s cost. Often organizations don’t understand the…
Spend Analysis: Understanding Your Spend Segments
Spend analysis is key when it comes to reviewing and improving your business’ expenditure. While spend data is commonly generated into spreadsheets, the visualization of spend data is reflected in a spend analysis graph. Understanding your business’ spend analysis graph can help you identify opportunities to decrease cost while managing your company’s spend in order…
What Is e-Procurement?
The extreme search for efficiency has led to the digitalization in all means. Hence, even everyday communication has been altered due to technology. The advancement of technology has also led to the digitalization of procurement. Communication in e-Procurement When communication is mentioned in e-Procurement it does not necessarily mean social, but rather sharing of data…
What Is Procurement and Why Does It Matter?
Does your company have its own procurement team? If the answer is no then they might be wasting a lot of time and resources. Procurement can be a confusing topic for many businesses. Hence, they they tend to avoid the whole concept of it, but in fact, be a great convenience to companies. So, the…