Procurement Tactics

APRIL 3, 2023

18 Must-Have Negotiation Skills For Procurement Professionals Download Course Details →  Or receive our famous weekly newsletter How Companies Can Benefit From Sustainable Procurement Many businesses are shifting towards sustainability due to the perceived benefits when applied to the actual processes in procurement and supply chain.

Sustainability 183

Sustainability Procurement Supply Chain Efficiency Procurement strategies 183

Procurement Tactics

APRIL 5, 2023

18 Must-Have Negotiation Skills For Procurement Professionals Download Course Details →  Or receive our famous weekly newsletter Sustainable Procurement Business Drivers — Embracing Sustainability Sustainable procurement business drivers are the factors why many businesses embrace sustainability within their operations.

Sustainability 187

Sustainability Procurement Supply Chain Efficiency Procurement strategies 187

Procurement Tactics

SEPTEMBER 7, 2022

Want to take your negotiation results to the next level? The total cost of ownership. Life cycle costing. Organizations can also be saved from the economic costs of disruptions in sustainable procurement such as noncompliance with environmental organizations. Cost reduction. Editor's note: Hi there!

Sustainability 163

Sustainability Procurement Cost of ownership Supply Chain Efficiency 163

Procurement Tactics

SEPTEMBER 21, 2022

Want to take your negotiation results to the next level? Cost reduction. Businesses of all sizes need to save money and reduce costs as much as possible. Businesses of all sizes need to save money and reduce costs as much as possible. Negotiation Gamechanger Certificate Program. Editor's note: Hi there!

Sustainability 188

Sustainability Procurement Cost of ownership Suppliers 188

Planergy

FEBRUARY 24, 2025

Educational leaders use strategic procurement to negotiate favorable contracts, explore innovative solutions, and drive institutional efficiency. Contract Negotiation Skilled negotiation helps educational institutions secure favorable terms, competitive pricing, and flexible agreements that adapt to changing institutional needs.

Procurement 52

Procurement Supply Chain Efficiency supply chain budgeting Budget 52

Procurement Tactics

SEPTEMBER 15, 2022

Want to take your negotiation results to the next level? Negotiate sustainability with your suppliers. Use the Total Cost of Ownership (TCO) approach when buying. A total cost of ownership assessment adds the financial costs over a product or service’s life cycle. Editor's note: Hi there! ENROLL NOW.

Purchasing 130

Purchasing Sustainability Cost of ownership Supply Chain Efficiency 130

Una

NOVEMBER 1, 2022

Also called supply chain management, this big-picture perspective focuses on more “upstream processes” such as sending out Requests for Proposals (RFPs), bid evaluation and selection, and contract negotiations. TCO takes into account the long-term costs and expenses incurred during a product’s useful life and eventual disposal.

Strategic sourcing 98

Strategic sourcing Strategic sourcing Sourcing Cost of ownership 98

Jaggaer

FEBRUARY 5, 2025

They instantly compare bids based on predefined criteria, such as the lowest bid, pricing tiers, or total cost of ownership, and rank the suppliers accordingly. Negotiation & Contract Award – Once a supplier is selected, the process of finalizing the award and drawing up the contract begins.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Strategy 52

Jaggaer

FEBRUARY 5, 2025

That means negotiating a medium to long-term contract to support security of supply and having a contingency plan in place in the event of problems. Typically, there are few suppliers, so you are likely to source from a vendor that you can be sure is reliable and you negotiate long-term contracts to support security of supply.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Supply Chain Efficiency Sourcing 52

Jaggaer

FEBRUARY 5, 2025

Total cost analysis (how much does it cost to provide those goods or services?) Negotiation with suppliers implies direct human interactions: face-to-face, by phone or email etc. We also now break down the negotiation stage into sourcing and final negotiation of contracts.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing supply chain software solutions 52

Arkestro

NOVEMBER 12, 2024

Today’s procurement challenges go far beyond cost negotiations and sourcing. Businesses must now navigate sustainability, risk management, and total cost of ownership (TCO)—which now are shifting more spend into the “defer” or “ignore” buckets.

Procurement 52

Procurement Bidding Procurement team Supply Chain Efficiency 52

Procurement Tactics

MARCH 29, 2023

18 Must-Have Negotiation Skills For Procurement Professionals Download Course Details →  Or receive our famous weekly newsletter Pillars of Sustainability — Everything About Sustainability The pillars of sustainability should be embedded into an organization’s strategy to achieve sustainability. However, what are these pillars? Enroll now!

Sustainability 130

Sustainability Supply Chain Efficiency Ethics Cost of ownership 130

SCMDOJO

APRIL 3, 2022

Procurement specialists can use eAuctions to engage and negotiate with more vendors utilizing an organized approach which thus eliminates any need for cumbersome one-on-one meetings. Digital bidding, or eAuctions, are a more efficient way of negotiating with vendors in the international market. What is Total Cost of Ownership?

Supply Chain Efficiency 141

Supply Chain Efficiency Bidding Procurement team supply chain software solutions 141

Procurement Templates

JUNE 18, 2023

Here are some strategies and practices that can be implemented: Long-term contracts: Procurement teams can negotiate long-term contracts with suppliers that include price adjustment mechanisms. These mechanisms can be tied to inflation indices or specific cost drivers, allowing for adjustments in prices based on changes in inflation.

Procurement 130

Procurement Supply Chain Efficiency supply chain budgeting Raw materials 130

SCMDOJO

JUNE 6, 2024

Start with the Basics: Master the procurement fundamentals with introductory courses in this procurement training covering key concepts like sourcing strategies, negotiation tactics, and contract management. Whether you’re a complete beginner or a seasoned professional seeking to upskill, we have courses tailored to your needs.

Procurement 105

Procurement Supply Chain Optimization Supply Chain Efficiency Ethics 105

Skill Dynamics

NOVEMBER 17, 2022

These can take many forms, for example implementing a new process or tool that will help with supplier negotiations, being involved earlier by the stakeholder in an RFP process, or using total cost of ownership (TCO) analysis to select a supplier.

supply chain budgeting 96

supply chain budgeting Cost of ownership Supplier negotiation Supply chain 96

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. Lotting Strategy is designed when negotiation is conducted using Reverse Auction tools. What is Lotting Strategy?

Strategy 52

Strategy Cost of ownership Strategic sourcing Strategic sourcing 52

Skill Dynamics

JULY 19, 2024

This might seem straightforward, but a thorough assessment can uncover areas where you can consolidate purchases, standardize specifications or negotiate better terms. Before beginning, set clear procurement objectives, focusing on areas such as cost reduction, quality improvement, fostering innovation and risk management.

Procurement strategies 90

Procurement strategies Strategy Procurement supply chain budgeting 90

SCMDOJO

FEBRUARY 13, 2023

The procurement department encompasses all steps in acquiring goods, services, and works from external suppliers and performs various functions such as managing the procurement process, developing strong relationships with internal stakeholders, and negotiating contracts. Research other options to source the best value products and services.

Procurement 87

Procurement Chief Procurement Officer supply chain budgeting Supply Chain Efficiency 87

Empowering CPO

DECEMBER 9, 2020

Baseline can be defined as the total cost of ownership for the set of goods or services as defined in the RFP scope. The underlying hypothetical condition is that the RFP is not conducted or negotiation are not conducted and the contract is extended with the incumbent at the same pricing rate as currently applicable.

Data 52

Data Cost of ownership Strategic sourcing Strategic sourcing 52

Empowering CPO

FEBRUARY 20, 2023

As is true the objective of every strategic sourcing project is to reduce the total cost of ownership. When designing the pricing worksheet attempt should be made to collect breakup across as many cost components as possible, this helps in further analysis and is very useful at the negotiation stage.

Price 52

Price Cost of ownership Strategic sourcing Strategic sourcing 52

Empowering CPO

DECEMBER 14, 2020

If the feedback is positive an attempt should be made to negotiate with the incumbent before the RFP is published. They help clients reduce total cost of ownership and achieve higher savings. Learn more about EmpoweringCPO’s strategies for reducing total cost of ownership. Contact us today.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Cost of ownership 52

SCMDOJO

MARCH 14, 2025

Identify the Lowest Evaluated Bidder / Best Value Proposal Select based on cost and additional benefits. Consider total cost of ownership (TCO) rather than just initial cost. Key Activities: Open Negotiation Ensure a fair-handed approach to negotiations.

Bidding 52

Bidding Contract Price Negotiation 52

Una

FEBRUARY 8, 2023

As a result, the GPO unlocks access to pre-negotiated savings you otherwise wouldn’t be able to get on your own. Reverse auctions aren’t the only way to skip lengthy negotiations with suppliers. Evaluating the total cost of ownership for a product or service, rather than just the upfront price.

Procurement 59

Procurement Negotiation Contract Strategic sourcing 59

Skill Dynamics

MARCH 12, 2024

Identifying Opportunities: The course requires working with the members of the Strategic Cost Management team with specialist expertise to identify opportunities to reduce the key cost areas. Typical examples of common cost-saving opportunities include process improvements, supplier negotiations, and efficiency enhancements.

Cost optimization 69

Cost optimization Cost of ownership Procurement Strategy 69

Barkers Procurement

FEBRUARY 20, 2023

This includes identifying and evaluating potential suppliers, negotiating favourable terms, and maintaining ongoing communication and collaboration. This includes considering factors such as the overall cost of ownership, the quality of the goods or services, and the level of service the supplier provides. A focus on value.

Procurement 52

Procurement Cost of ownership Supplier negotiation Quantity 52

Una

SEPTEMBER 22, 2022

The procurement process involves strategy, research, negotiation, and implementation to ensure your company is running efficiently and cost-effectively. Be weary of the risk of receiving little value for your large IT spend due to a perceived lack of solutions and the high cost of enterprise tools. Look Beyond Cost.

Procurement 98

Procurement Real-time Visibility Contract Purchasing 98

SCMDOJO

APRIL 26, 2023

This approach can help organizations streamline their procurement processes, negotiate better deals with suppliers, and ultimately save money. Consider contract renegotiation in high-spend categories Leverage relationships with key suppliers that account for high spending to negotiate more favorable terms and avoid costs.

Category management 108

Category management Management Supplier relationship management supply chain software solutions 108

NLPA (Next Level Purchasing Association)

APRIL 5, 2023

To succeed in this field, procurement professionals must possess a variety of competencies, ranging from negotiation and supplier management to risk assessment and financial analysis. In this case, the root of the problem was the company’s lack of negotiation skills when dealing with regulators.

Procurement 52

Procurement Negotiation supply chain budgeting Supply Chain Optimization 52

Supply Chain Game Changer

NOVEMBER 23, 2018

Supply Chain is about much more than just negotiating lower materials costs. Commodity Management includes responsibility for Supplier sourcing, relationship management, industry and market analysis, quotations, terms and conditions, negotiation strategy, and business awards. Total cost of ownership (TCO).

Category management 61

Category management Strategy Raw materials Management 61

Skill Dynamics

OCTOBER 19, 2023

There’s also the potential for saving costs with this sourcing model, because you may be able to negotiate better pricing by consolidating volumes with a single supplier. Next, consider the total cost of ownership instead of solely the purchase price – such as transportation, maintenance, and inventory carrying costs.

Supply Chain Optimization 52

Supply Chain Optimization Strategy Procurement Vendor management 52

Jaggaer

OCTOBER 24, 2024

Bundling Spend Across Multiple Production Centers One of the most effective methods of achieving cost savings is bundling spend across multiple production centers or operational units. By consolidating orders from various departments or facilities, companies can leverage economies of scale, thereby negotiating better pricing from suppliers.

Collaboration 52

Collaboration Suppliers Supply Chain Efficiency supply chain budgeting 52

Empowering CPO

FEBRUARY 11, 2024

Our strategic sourcing outsourcing emphasize the importance of developing strong ties with suppliers, creating a win-win scenario that goes beyond short-term cost savings. The concept of Total Cost of Ownership (TCO) considers not only the purchase price but also factors in operational, maintenance, and end-of-life costs.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sustainability Sourcing 52

Supply Chain Game Changer

NOVEMBER 13, 2018

Strategic Sourcing is a proven approach to understanding and delivering significant cost reduction based on Total Cost of Ownership (TCO), building a sustained value – creating relationship with the suppliers and category spend reduction in order to create and sustain a competitive advantage.

Strategic sourcing 73

Strategic sourcing Strategic sourcing Procurement supply chain budgeting 73

World of Procurement blog

APRIL 23, 2024

This can range from competitive bidding to direct negotiations. This involves not just the immediate cost reductions but also long-term savings through better contract terms, reduced waste, and enhanced efficiency. Market Analysis: Understand the market dynamics, supplier landscape, and trends affecting your procurement needs.

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. This involves not just the immediate cost reductions but also long-term savings through better contract terms, reduced waste, and enhanced efficiency. Market Analysis: Understand the market dynamics, supplier landscape, and trends affecting your procurement needs.

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

Empowering CPO

MAY 4, 2023

E-sourcing tools: Platforms that facilitate online bidding and negotiation, streamlining the supplier selection process. Adopt a Total Cost of Ownership Approach A. Develop a TCO model: Create a TCO model that incorporates all cost components, enabling the calculation of the total cost of ownership for each option.

Procurement 52

Procurement Procurement strategies Cost of ownership Supply Chain Efficiency 52