World of Procurement blog

MAY 8, 2024

Procurement differs from purchasing in a few key ways: Strategic focus : Procurement has a strategic, long-term focus on analyzing spend, reducing costs, managing supplier relationships, and mitigating risk. Purchasing is more transactional and tactical. Purchasing focuses specifically on the buying transaction.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

TYA Suite

JULY 17, 2024

Relies on manual processes for sourcing, negotiation, and Focuses on cost reduction through competitive bidding and bulk purchasing. Collaborating closely with key suppliers fosters innovation, reduces lead times, and enhances supply chain resilience. :

Procurement strategies 40

Procurement strategies Strategy Supply Chain Efficiency Procurement 40

Empowering CPO

JUNE 14, 2023

At its core, procurement is the process of finding, agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. These models are often accompanied by practices such as annual rate contracts, bulk buying, and just-in-time purchasing.

Innovation 52

Innovation Procurement Supply Chain Efficiency Sustainability 52