Spend Matters

JANUARY 23, 2025

This, given the productivity constraints of modern strategic sourcing teams, means that they often must choose between refining the assumptions and calculations in their model and doing other things, like studying the broader market, building supplier relationships or solving tactical challenges like shortages.

Price 104

Price Negotiation supply chain software solutions Supply Chain Optimization 104

Jaggaer

JULY 10, 2024

It applies bonuses, or penalties, based on answers provided by bidding suppliers on factors such as risk and sustainability. A supplier bidding for the contract that meets your carbon emissions baseline would earn a bonus. For example, we could apply a baseline for carbon emissions.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Bidding 52

ivalua

JULY 21, 2021

“Partnering with Consus Global and our successful deployment of Ivalua will accelerate our progress in supply chain optimization at REV Group by applying a powerful toolset of data, supplier management, and competitive bidding capabilities to our team,” says Rob Vislosky, Chief Supply Officer of REV Group. “We

Supply Chain Efficiency 130

Supply Chain Efficiency Supply Chain Optimization Supply chain Competitive bidding 130

Una

OCTOBER 9, 2023

How to Implement a Strategic Sourcing Process A play-by-play manual showing how to implement a strategic sourcing process that aligns with your organization’s goals, optimizes spend, and creates long-term value. At its core, strategic sourcing formalizes the process of finding, assessing, and choosing suppliers.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

Procurement Insights

MARCH 16, 2025

AI-Powered RFP & Bid Management When issuing an RFP (Request for Proposal) , procurement professionals interact with AI that understands past procurement criteria and scoring methods. MCP ensures that AI remembers preferred bid evaluation metrics , supplier preferences, and prior negotiations.

Supply Chain Optimization 52

Supply Chain Optimization supply chain budgeting Supply Chain Efficiency Bidding 52

Procurement Tactics

JANUARY 13, 2023

Additionally, procurement can be done through direct purchase, competitive bidding, or tendering process while ensuring that the delivery of supplies is on time. Strategic sourcing manager. The strategic sourcing manager is responsible for high-value purchases. Procurement consultant.

Procurement 171

Procurement Chief Procurement Officer Strategic sourcing Strategic sourcing 171

Procurement Tactics

MARCH 23, 2023

In short, the source-to-contract encompasses the whole procurement cycle that contributes to the acquisition and final delivery of goods and services of a company. Steps in the Source-to-Contract Process The source-to-contract process varies from different companies.

Contract 156

Contract Sourcing Purchase orders Bidding 156

Arkestro

DECEMBER 26, 2024

By automating routine work, procurement professionals can focus on high-impact tasks like strategic sourcing and relationship building with key suppliers. Strategic sourcing prioritizes developing long-term, value-driven relationships with suppliers rather than just chasing the lowest price.

Supply Chain Efficiency 52

Supply Chain Efficiency Procurement Supply Chain Optimization supply chain budgeting 52

Arkestro

NOVEMBER 12, 2024

By using predictive methods, these solutions are able to automate a large portion of the sourcing process to reduce the time and resources required to such a degree that companies can address more spend more effectively without increasing headcount. Arkestro introduces a templatized, embedded approach to sourcing events.

Procurement 52

Procurement Bidding Procurement team Supply Chain Efficiency 52

TYA Suite

NOVEMBER 25, 2024

What is strategic sourcing and how does it work? Strategic sourcing is a method used by businesses to buy goods and services in a way that focuses on long-term value, not just short-term savings. Strategic is about building strong, lasting relationships with suppliers that deliver the best overall value.

Strategic sourcing 40

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 40

SCMDOJO

APRIL 3, 2022

Digital bidding, or eAuctions, are a more efficient way of negotiating with vendors in the international market. The highest bid might contribute to greater commerce because most customers will go to their current vendors for ‘non-core’ commodities. Introduction to Strategic Sourcing. . Macfarlane, 2017).

Supply Chain Efficiency 141

Supply Chain Efficiency Bidding Procurement team supply chain software solutions 141

World of Procurement blog

MAY 8, 2024

Sourcing : Procurement uses competitive bidding, e-sourcing, and supplier development. Leverage e-procurement tools and online auctions to obtain competitive bids and pricing. Cost Savings - The total cost reduction achieved through strategic sourcing, price negotiations, product rationalization etc.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

SCMDOJO

DECEMBER 29, 2024

However, it covers key differences between purchasing and procurement, explores common contract types, and emphasizes the importance of strategic sourcing, supplier relationships, and risk management. Read In Detail About Procurement Department Here 2.

Supply Chain Efficiency 95

Supply Chain Efficiency supply chain budgeting Supply Chain Optimization Supply chain 95

Procurement Tactics

JUNE 7, 2023

Procurement teams often use these prices as a reference point to evaluate bids. Effective Strategic Sourcing Strategic sourcing can have a positive impact on purchase price variance by helping companies to improve their procurement processes and negotiate better prices with suppliers.

Price 130

Price Purchasing Raw materials Negotiation 130

Jaggaer

OCTOBER 24, 2024

Another benefit is more resilient supply chains that can profitably weather disruptions when the best-laid plans are interrupted. Key Strategies for Enhancing Collaboration From efficiently negotiating terms on a bid to determining supplier capacity in a high-risk category, supplier collaboration works to your advantage.

Collaboration 52

Collaboration Supply Chain Efficiency Suppliers Real-time Visibility 52

Spend Matters

JUNE 19, 2023

What does a Sourcing Optimization solution do? Sourcing optimization is a focused view of sourcing solutions that emphasizes the ability to perform scenario planning, deep cost modeling and strategic sourcing decision optimization on award scenarios for large complex sourcing events.

Sourcing 98

Sourcing Bidding Price Suppliers 98

Arkestro

MAY 28, 2024

Procurement requests are a critical component of strategic sourcing and purchasing initiatives for businesses. Understanding the role of these documents during each phase of the procure-to-pay or source-to-pay process is a key step in designing an optimal and autonomous sourcing workflow.

Competitive bidding 52

Competitive bidding Procurement Strategic sourcing Strategic sourcing 52

Empowering CPO

DECEMBER 3, 2020

If the supplier is offering inconsistent prices, suspiciously high prices or there is a huge difference in price of winning bid and other bids, surprisingly similar prices between bids, fewer bids for a particular market or suspicious subcontracting agreements, then it should trigger an alarm for you.

Bidding 52

Bidding Chief Procurement Officer Strategic sourcing Strategic sourcing 52

Empowering CPO

DECEMBER 9, 2020

Baseline preparation is one of the most important phase during any Strategic Sourcing process. Preparation of Baseline is important because it allows to understand the savings achieved from the Strategic Sourcing process. Using initials bids of vendors currently interacting with client group or first time concept sellers.

Data 52

Data Cost of ownership Strategic sourcing Strategic sourcing 52

Arkestro

NOVEMBER 17, 2022

.” “The sourcing market has far more to it than meets the eye. supplier surveys, risk analysis, bid analysis, contract negotiations/awarding and more,” said Jason Busch, Founder and Lead Research Analyst at Spend Matters. To read more about Arkestro and view the complete SolutionMap rankings, click here.

Bidding 52

Bidding Market analysis Strategic sourcing Strategic sourcing 52

Arkestro

MARCH 13, 2023

They turned to Arkestro strategic sourcing software powered by AI. That is to say that every couple of years, different suppliers are invited into a bidding event, which is then followed by a consensus selection by the different stakeholders to determine the best partner for the specific service or product in question.

Bidding 52

Bidding Procurement Strategic sourcing Strategic sourcing 52

ivalua

MARCH 4, 2016

Recently I attended a conference for Strategic Sourcing in the medical device manufacturing sector. Software that is built for indirect spend will not function in critical areas such as breaking down bids and collaborating with suppliers at the bill of material level.

supply chain software solutions 100

supply chain software solutions Supply Chain Efficiency Supply chain Bill of materials 100

Bonfire

APRIL 3, 2023

Not to mention, ERPs can’t connect you with the vendor communities and networks that sometimes come with a dedicated procurement solution, which means that fewer qualified vendors see and bid on your agency’s solicitations in the first place.

Eprocurement 52

Eprocurement Bidding Strategic sourcing Strategic sourcing 52

Arkestro

MARCH 13, 2023

The client also utilized the Arkestro pre-bid supplier survey feature. Capturing responses to a supplier’s ability to accept payment and lead time terms enabled the sourcing team to view best offers in an apples-to-apples comparison at the conclusion of the bidding event.

Sourcing 52

Sourcing Bidding Procurement team Negotiation 52

World of Procurement blog

APRIL 23, 2024

Leverage Technology and Automation Adopting procurement software and technologies can significantly streamline processes, from e-sourcing to electronic payment systems. Implement Strategic Sourcing Strategic sourcing involves a methodical approach to finding, selecting, and managing suppliers.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement Strategic sourcing 52

World of Procurement blog

APRIL 23, 2024

Leverage Technology and Automation Adopting procurement software and technologies can significantly streamline processes, from e-sourcing to electronic payment systems. Implement Strategic Sourcing Strategic sourcing involves a methodical approach to finding, selecting, and managing suppliers.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement Strategic sourcing 52

Empowering CPO

FEBRUARY 20, 2023

Negotiation is one of the key steps during any Strategic Sourcing process. Procurement organizations and sourcing companies adopt different methods to negotiate prices with vendors. After receiving the responses (pre-bids) it was realized that most of the vendors did not quote for all the SKUs within one specific lot.

Strategy 52

Strategy Cost of ownership Strategic sourcing Strategic sourcing 52

Arkestro

MARCH 13, 2023

Without the ability to work together in the platform amidst an unyielding need to move quickly and efficiently, suppliers struggled to effectively submit bids and stakeholders resorted to using email as their primary mode of communication. Comprehensive data and ease of access are now associated with the entire bid process.

Bidding 52

Bidding Raw materials Procurement team Strategic sourcing 52

Pipefy

JANUARY 31, 2023

B Bid A submission from a supplier or vendor containing a cost estimate for goods or services, usually in response to a business’ invitation to bid. Successful bids often contain the supplier’s past relevant projects as a proven track record of success and a detailed plan to deliver the product in a timely manner.

Procurement 52

Procurement Bidding Supply Chain Efficiency supply chain software solutions 52

Jaggaer

JUNE 28, 2024

Riyadh, Saudi Arabia, 11 June, 2024: JAGGAER, the global leader in strategic sourcing and procurement, has held a series of roundtables in Saudi Arabia and the UAE to address the top priorities for Chief Procurement Officers (CPOs).

Chief Procurement Officer 52

Chief Procurement Officer Strategic sourcing Strategic sourcing supply chain software solutions 52

Supply Chain Collaborator

MAY 23, 2018

These solutions, when properly implemented , routinely achieve automation levels as high as 80-90% for critical logistics processes like rating, routing, tendering, spot bidding, carrier management, freight audit/settlement and more.

Supply Chain Efficiency 17

Supply Chain Efficiency supply chain budgeting Freight Audit Logistics 17

World of Procurement blog

APRIL 23, 2024

This can range from competitive bidding to direct negotiations. Single Source Procurement happens when a company chooses to buy from one supplier, even though there are other suppliers available, usually for strategic reasons. Develop Your Approach: Choose your procurement methods based on analysis.

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

World of Procurement blog

APRIL 23, 2024

This can range from competitive bidding to direct negotiations. Single Source Procurement happens when a company chooses to buy from one supplier, even though there are other suppliers available, usually for strategic reasons. Develop Your Approach: Choose your procurement methods based on analysis.

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

Arkestro

JULY 25, 2024

For example, consider auctions — game theory can predict bidding behavior when suppliers submit bids in a sealed-bid auction. Variables such as number of bids, market conditions, and risk profiles can impact how high or low the bid ends up being. Another example is price negotiations.

Procurement 52

Procurement Bidding Negotiation Price 52

NLPA (Next Level Purchasing Association)

SEPTEMBER 13, 2021

Effective market surveys and analyses are processes that identify whom procurement professionals want to bid on their requirements. The obvious first step in figuring out who can bid on your requirements is determining who you do business with today. If practical, do not allow red flag suppliers to bid. Pre-qualify suppliers.

Supply market 52

Supply market Bidding Supply Suppliers 52

Planergy

AUGUST 8, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Open Tendering Open tendering is a procurement method that allows companies to bid on goods in an open competition or solicitation. It also requires objective evaluation measures to ensure accurate bids.

Sourcing 52

Sourcing Suppliers Procurement Bidding 52

Procurement Software

SEPTEMBER 26, 2023

Source-to-Contract is the end-to-end process which starts with performing due diligence on a supplier, and culminates in a contract being approved, signed and implemented. It is predominantly used for the strategic sourcing of critical goods and services from strategic suppliers. What is Source-to-Pay?

Sourcing 59

Sourcing Contract Competitive bidding Bidding 59