Procurement Insights

JANUARY 3, 2025

20152020: Procurement Gains Strategic Recognition Emergence of Strategic Sourcing : CFOs began to recognize procurement’s role in driving long-term value through strategic sourcing, supplier relationships, and risk management. Emphasis shifted from pure cost savings to total cost of ownership (TCO) and value creation.

Agile and Lean Supply Chain 52

Agile and Lean Supply Chain supply chain budgeting Supply Chain Efficiency Procurement 52

Procurement Tactics

SEPTEMBER 7, 2022

The total cost of ownership. Life cycle costing. Risk reduction. Organizations that follow sustainable procurement practices and decisions reduce the risk of facing a financial impact on their brand value. Cost reduction. Manage reputation and minimize business risks. Governmental Pillar.

Sustainability 163

Sustainability Procurement Cost of ownership Supply Chain Efficiency 163

Procurement Tactics

SEPTEMBER 21, 2022

Sustainability in procurement helps reduce the total cost of ownership through the reduction of energy costs, minimized consumption, over-specification, and environmental and social compliance cost. Risk reduction. Risk is linked with all the suppliers of an organization it chooses to partner with.

Sustainability 188

Sustainability Procurement Cost of ownership Suppliers 188

Jaggaer

FEBRUARY 5, 2025

Complete Source to Pay cycle and Strategic Sourcing Guide An optimized Source-to-Pay (S2P) process helps businesses enhance procurement efficiency, reduce costs, and improve supplier collaboration. Strategic sourcing plays a critical role in this transformation, ensuring organizations secure the best value while mitigating risk.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Real-time Visibility 52

ivalua

JULY 15, 2015

Strategic sourcing requires an intense focus on the total cost of ownership, while incorporating customer needs, organizational goals, and market conditions. Since its inception in the late 1980s, strategic sourcing has always been about getting the best value for the goods and services purchased from third party suppliers.

Strategic sourcing 147

Strategic sourcing Strategic sourcing Sourcing Cost of ownership 147

Procurement Tactics

APRIL 5, 2023

Sustainability helps improve the financials and future-proof the organization against a range of risks that can disrupt supply chains. Thus, companies must start working on managing these risks by integrating sustainability that can help their procurement processes to be robust. What is its importance?

Sustainability 187

Sustainability Procurement Supply Chain Efficiency Procurement strategies 187

Procurement Tactics

MAY 2, 2023

The most efficient way to ensure that sustainability risks are incorporated into procurement decision-making is to integrate sustainability features within these documents. They should be clearly defined without any risk of bias and should allow fair competition among the suppliers who will take part in the bidding.

Sustainability 204

Sustainability Procurement strategies Negotiation Ethics 204

Supply Chain Game Changer

AUGUST 4, 2020

These are the Critical Supply Chain lessons we discuss in our latest video: The Importance of Supply Chain Talent Designing in Supply Chain Flexibility Taking Total Cost of Ownership Seriously Mission Critical and Strategic Inventory Positioning Disaster Planning Taken Seriously Exhaustive End to End Supply Chain Mapping Design Your Supply Chain for (..)

Supply chain 128

Supply chain Cost of ownership Supply Logistics 128

Procurement Tactics

APRIL 3, 2023

Economic Benefits Businesses can increase their profits by adopting a total cost of ownership approach to life-cycle cost. Thus, you reduce the risk of injury, absenteeism, and worker error which can cost your company greatly. By adopting sustainability you can provide your workers with a safe environment.

Sustainability 183

Sustainability Procurement Supply Chain Efficiency Procurement strategies 183

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. While this approach saves time and effort, it also comes with inherent risks.

Procurement 52

Procurement Bidding Procurement team Supply Chain Efficiency 52

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. Moreover, the negotiation phase often involves delicate discussions around terms, risk allocation, and contingencies, which are better handled by human intelligence.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Strategy 52

Una

MAY 10, 2023

Highlights In this interview, Cory shares his knowledge about leading packaging innovations: What other materials – in addition to corrugated cardboard – come up frequently in conversations with experts How sustainable packaging intersects with corporate sustainability/ESG efforts The metrics and KPIs used to measure improvements in packaging (..)

Sustainability 98

Sustainability Cost of ownership Supply chain Sourcing 98

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. Best Practices: Use weighted financial models instead of lowest-price-only selection. Conduct sensitivity analysis to assess price reasonability.

Bidding 59

Bidding Contract Contract management Price 59

Jaggaer

FEBRUARY 5, 2025

The process creates efficiencies across all spend categories, minimizes supply chain risks through improved supplier selection and awards, while giving visibility into pricing and forecasting. Analysis should be focused on risks and opportunities while factoring in all costs and sources of added value. And in what sense?

Strategic sourcing 52

Strategic sourcing Strategic sourcing Supply Chain Efficiency Sourcing 52

Una

NOVEMBER 1, 2022

The initial cost of goods is important, but strategic sourcing takes several other factors into account, which can include: Total Cost of Ownership Innovation Security of supply Quality Social responsibility Sustainability Total Cost of Ownership (TCO) shows how strategic sourcing goes beyond an item’s short-term purchasing pricing.

Strategic sourcing 98

Strategic sourcing Strategic sourcing Sourcing Cost of ownership 98

Procurement Templates

SEPTEMBER 14, 2023

Companies that fail to align their operations with sustainability goals risk not only reputational damage but also financial losses as consumer preferences shift toward eco-friendly products and services. Risk Mitigation: Sustainable procurement reduces the risk of supply chain disruptions caused by environmental or social issues.

Sustainability 130

Sustainability Supply Chain Efficiency Procurement Ethics 130

ivalua

MAY 28, 2014

The Cloud: Gartner stated that in 2013 cloud adoption rose by 40%, driven by the low total cost of ownership, which reduced both infrastructure and overall maintenance costs. In many cases, the cloud presents less risk, as cloud services are run by those whose sole focus and core competence are running the systems in the cloud.

Supply Chain Optimization 100

Supply Chain Optimization Innovation Supply chain Cost of ownership 100

SCMDOJO

SEPTEMBER 19, 2024

If you graduated from a program focusing on supply chain management or completed professional certification in procurement, the coursework and educators always say that piece price isn’t the total cost of ownership of the item purchased. Everyone agrees with this view, including executives and boards.

Price 98

Price Suppliers Cost of ownership Quality 98

Jaggaer

FEBRUARY 5, 2025

It is a process that creates efficiencies across all spend categories, minimizes supply chain risks through improved supplier selection and awards, while giving visibility into pricing and forecasting. Total cost analysis (how much does it cost to provide those goods or services?) Tactical Versus Strategic Sourcing.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing supply chain software solutions 52

Procurement Templates

JUNE 18, 2023

Sharing market insights and cost-saving ideas can lead to cost optimization and better pricing agreements. Total cost analysis: Procurement should focus not only on the initial purchase price but also on the total cost of ownership. This ensures compliance and minimizes the risk of unexpected price increases.

Procurement 130

Procurement Supply Chain Efficiency supply chain budgeting Raw materials 130

NLPA (Next Level Purchasing Association)

OCTOBER 17, 2022

Continuous Improvement and Risk Management Systems have long been essential to realizing supply chain and organizational success. This is especially true at a time when organizations are preoccupied with ensuring reliable supply lines, cost reduction, risk mitigation, business continuity, and so on. .

supply chain budgeting 52

supply chain budgeting Risk Agile and Lean Supply Chain Risk management 52

ivalua

MARCH 18, 2021

Ultimately, the buyer can efficiently compare offers and select the optimal supplier(s) according to a best value/best price logic or lower total cost of ownership. This greatly increases the company’s agility, allowing highly efficient purchasing operations. Ivalua is a leading provider of cloud-based Spend Management solutions.

Strategic sourcing 130

Strategic sourcing Strategic sourcing Sourcing Buyers 130

Planergy

FEBRUARY 24, 2025

Prioritize Total Cost of Ownership (TCO) TCO goes far beyond the initial purchase price, considering the entire lifecycle of an asset or service. Measuring Procurement Effectiveness Key performance indicators for educational procurement include: Cost Savings Percentage: Its not about spending less but the value for money.

Procurement 52

Procurement Supply Chain Efficiency supply chain budgeting Budget 52

ivalua

OCTOBER 28, 2015

Suppliers generate incremental value by supporting innovation, product design, cost management programs, and even taking on market risk as part of growing the relationship. This includes total cost of ownership data, detailed supplier profiles, and external business intelligence. Create a specific data map.

Suppliers 100

Suppliers Cost of ownership Collaboration Price 100

Spend Matters

JANUARY 8, 2024

There has also been a growing appreciation that, when done intelligently, buying closer to home can not only ensure greater reliability of supply and higher flexibility, but also be more cost-effective in terms of Total Cost of Ownership.

Procurement solutions 101

Procurement solutions Supply Chain Optimization Procurement Supply Chain Efficiency 101

Una

MARCH 16, 2023

With plenty of warning, the sourcing team could have taken a more holistic view of value, analyzed vehicle demand, dug into historical spend data, examined total cost of ownership, and moved the conversation beyond cost to align with other company goal such as sustainability or social outcomes.

Influencing 105

Influencing Procurement Cost of ownership Supplier relationship management 105

IBM Supply Chain Blog

AUGUST 1, 2023

Risk-based application patching helps IT pros discover vulnerable apps and automatically patch them based on the criticality of the situation. ” What is risk-based application patching? Modern unified endpoint management (UEM) solutions include laptop management.

Risk 54

Risk Management Real-time Visibility e2e 54

IBM Supply Chain Blog

JUNE 12, 2023

As public cloud technology and hybrid multicloud architectures are being adopted in financial institutions at an increasing rate, we’re observing that their counterparts in the public sector— central banks—are a long way behind, due at least in part to a profoundly risk-averse approach.

Strategy 85

Strategy Cost of ownership Risk Data 85

World of Procurement blog

APRIL 23, 2024

This process emphasizes not just cost savings but also value creation, supplier performance, and risk management. Adopt a Total Cost of Ownership (TCO) Approach Evaluating purchases based on the total cost of ownership rather than just the initial price can lead to significant savings.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement supply chain budgeting 52

World of Procurement blog

APRIL 23, 2024

This process emphasizes not just cost savings but also value creation, supplier performance, and risk management. Adopt a Total Cost of Ownership (TCO) Approach Evaluating purchases based on the total cost of ownership rather than just the initial price can lead to significant savings.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement supply chain budgeting 52

IBM Supply Chain Blog

MAY 13, 2024

Mitigate risks : Relying on a single model or a limited selection can be risky. A diverse portfolio of models helps mitigate concentration risks, helping to ensure that businesses remain resilient to the shortcomings or failure of one specific approach.

Cost of ownership 70

Cost of ownership Ethics Risk Innovation 70

Jaggaer

APRIL 22, 2019

Germany introduced its CSR Directive Implementation Act in response to the EU Directive 2014/95/EU, which requires companies to report on environmental, social, and labor and human rights risks and practices not only in their own operations, but also in the supply chain. Clear steps to sustainable procurement.

Sustainability 91

Sustainability Supply Chain Efficiency Procurement supply chain software solutions 91

SCMDOJO

JULY 29, 2022

That the only relevant costs are holding costs, setup and ordering costs : [3]. We recommend taking a very detailed course by SCMDOJO Expert Corey Weekes on T otal Cost to Ownership & Serve.

Quantity 131

Quantity Supply chain management Supply chain management Supply Chain Efficiency 131

Procurement Tactics

MARCH 29, 2023

An ESG strategy can help a company to reduce risks such as adapting manufacturing processes to meet future environmental legislation which can benefit in the long run. Although we call it ESG, we used the three P’s of sustainable procurement for you to understand the 3 pillars better.

Sustainability 130

Sustainability Supply Chain Efficiency Ethics Cost of ownership 130

SCMDOJO

APRIL 26, 2023

Category Management as a Strategic Procurement Function Category management is regarded as a strategic procurement function as it helps drive value for the organization, such as reduced prices and costs, supply chain risks and timescales and focusing on building supplier relationships. Market forces determine supply risks.

Category management 108

Category management Management Supplier relationship management supply chain software solutions 108

Skill Dynamics

MARCH 12, 2024

Making informed decisions, supporting profitability objectives, and aligning with strategic priorities are all positive impacts of cost optimization tools. This iterative process enables businesses to mitigate risks, optimize resource allocation, and maximize the effectiveness of procurement strategies over time.

Cost optimization 69

Cost optimization Cost of ownership Procurement Strategy 69

SCMDOJO

APRIL 11, 2023

The course covers Activity Based Costing, Working Capital, the Cash-to-Cash cycle, and Discounted Cash Flow Analysis. Supply Risk and Sustainability Management’ by NLPA In the NLPA’s “Supply Risk and Sustainability Management” course, participants will receive comprehensive training on supply disruption management.

Supply chain management 116

Supply chain management Supply chain management supply chain software solutions Supply chain 116