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 Templates

SEPTEMBER 14, 2023

Procurement, often considered the gateway between an organization and its suppliers, plays a central role in this transformation. It has the potential to drive change throughout the entire supply chain, influencing how products are sourced, manufactured, and distributed.

Sustainability 130

Sustainability Supply Chain Efficiency Procurement Ethics 130

Procurement Tactics

SEPTEMBER 7, 2022

Sustainable procurement, also known as green procurement, refers to the process of integrating environmental, social, and governance goals into the procurement and supply chain. . In simple terms, sustainable procurement refers to how businesses can identify and reduce the environmental impacts in their supply chain.

Sustainability 163

Sustainability Procurement Cost of ownership Supply Chain Efficiency 163

Jaggaer

FEBRUARY 5, 2025

Strategic Sourcing Simplified: Best Practices for Maximizing Value Strategic sourcing goes beyond cost savings its about making informed decisions that drive long-term value. A successful approach requires careful assessment of supplier bids, followed by structured onboarding, continuous monitoring, and performance measurement.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Strategy 52

Planergy

FEBRUARY 24, 2025

How AP can improve relationships with your key suppliers. The Four Types of Procurement in Education Key Steps in the Education Procurement Process Who Benefits from Efficient Procurement? Educational leaders use strategic procurement to negotiate favorable contracts, explore innovative solutions, and drive institutional efficiency.

Procurement 52

Procurement Supply Chain Efficiency supply chain budgeting Budget 52

Arkestro

NOVEMBER 12, 2024

However, as supply chains have evolved into complex, global systems, the demands on procurement, and associated workload have increased significantly. 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

SCMDOJO

APRIL 3, 2022

They are far more convenient than conventional discussions and negotiations, providing procedural integrity and transparency while also lowering final prices owing to enhanced supplier competitiveness. Digital bidding, or eAuctions, are a more efficient way of negotiating with vendors in the international market.

Supply Chain Efficiency 141

Supply Chain Efficiency Bidding Procurement team supply chain software solutions 141

Procurement Tactics

SEPTEMBER 15, 2022

However, this kind of purchasing is important, especially in the supply chain. . Once you are done reading this article, you will have a deeper understanding of why companies are adopting sustainability not just in purchasing but also in the supply chain. Negotiate sustainability with your suppliers.

Purchasing 130

Purchasing Sustainability Cost of ownership Supply Chain Efficiency 130

Jaggaer

FEBRUARY 5, 2025

Strategic Sourcing Success: Best Practices and Key Strategies Of course, there are many definition s of source-to-pay but put simply, strategic sourcing is a data-driven approach to securing the best value for your organization from its strategic suppliers. Total cost analysis (how much does it cost to provide those goods or services?)

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing supply chain software solutions 52

Una

NOVEMBER 1, 2022

These “back-office” workers were seen primarily as clerical support, entering and tracking purchase orders and researching suppliers. Strategic sourcing is a holistic approach to developing supply channels that consider all activities within a procurement cycle to secure the best goods and services for the business.

Strategic sourcing 98

Strategic sourcing Strategic sourcing Sourcing Cost of ownership 98

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

JULY 29, 2022

The objectives and advantages of Economic Order Qty (EOQ) are to minimize inventory carrying costs and ordering costs while simultaneously limiting the probability of stock out to avoid any lost sales or customer loss. Like safety stock calculations , EOQ is one of the most important equations in supply chain planning.

Quantity 131

Quantity Supply chain management Supply chain management Supply Chain Efficiency 131

Spend Matters

JANUARY 8, 2024

This is where AI can come into its own, allowing procurement to establish full price transparency and scrutinize vendor requests to determine whether price increases were overly inflated. Index-linked clauses with key suppliers can also be used to ensure fairness and balanced exposure for all parties.

Procurement solutions 99

Procurement solutions Supply Chain Optimization Procurement Supply Chain Efficiency 99

Procurement Tactics

MARCH 29, 2023

Transparency In every decision and activity that impacts the environment, society, and economy, there should be transparency when it comes to sustainability goals and objectives. Transparency is the basis for stakeholders to collaborate to achieve sustainability. Frequently asked questions + What is Sustainability?

Sustainability 130

Sustainability Supply Chain Efficiency Ethics Cost of ownership 130

Strategic Sourceror

JULY 11, 2022

Does your potential supplier have suppliers? Every once in a while, a supplier is the single source for the materials you need. But more often than not, your supplier will also have a supplier. Ideally, however, the vendor you partner with should have multiple suppliers.

Cost of ownership 57

Cost of ownership Suppliers Supply Chain Efficiency Strategic sourcing 57

Supply Chain Game Changer

MARCH 20, 2019

Subscribe to Supply Chain Game Changer. What Supply Chain Management problem does this solve? The biggest problem in the transitional supply chain is lack of open and trustworthy information availability across the supply chain caused by multiple issues – trust, technology and legacy practices being the top ones.

Agile and Lean Supply Chain 79

Agile and Lean Supply Chain Supply Chain Efficiency supply chain software solutions Supply chain 79

Jaggaer

OCTOBER 24, 2024

Maximizing Cost Savings Through Strategic Supplier Collaboration With the growing emphasis on long-term value creation, Chief Procurement Officers are increasingly turning to supplier collaboration as a cornerstone of cost reduction.

Collaboration 52

Collaboration Suppliers Supply Chain Efficiency supply chain budgeting 52

SCMDOJO

APRIL 26, 2023

This approach can help organizations streamline their procurement processes, negotiate better deals with suppliers, and ultimately save money. It involves segmenting spending into areas that contain similar or related products, allowing for a focused approach on categories that offer opportunities for consolidation and efficiencies.

Category management 108

Category management Management Supplier relationship management supply chain software solutions 108

World of Procurement blog

APRIL 23, 2024

Procurement plays a critical role in the operational efficiency and financial health of an organization. By adopting best practices, companies can reduce costs, improve quality, and enhance supplier relationships. This process emphasizes not just cost savings but also value creation, supplier performance, and risk management.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement Strategic sourcing 52

World of Procurement blog

APRIL 23, 2024

Procurement plays a critical role in the operational efficiency and financial health of an organization. By adopting best practices, companies can reduce costs, improve quality, and enhance supplier relationships. This process emphasizes not just cost savings but also value creation, supplier performance, and risk management.

Cost of ownership 52

Cost of ownership Supply Chain Efficiency Procurement Strategic sourcing 52

SCMDOJO

JUNE 6, 2024

Watch Procurement Jobs in Future I The Supply Chain Show video on SCMDOJO YouTube Channel! Ethical and Sustainable Procurement: The curriculum emphasizes the importance of responsible sourcing practices, aligning with the growing demand for ethical and sustainable supply chains. Build Your Skillset: Go beyond theory!

Procurement 105

Procurement Supply Chain Optimization Supply Chain Efficiency Ethics 105

Supply Chain Game Changer

NOVEMBER 19, 2018

In the book, The Living Supply Chain , the authors argue that, “Speeding up the supply chain is at the root of everything that is good: improved revenue, reduced working capital, higher profitability, and less obsolete inventory. Digital transformation of the supply chain will change everything – for the better.

Supply Chain Efficiency 45

Supply Chain Efficiency supply chain budgeting Supply Chain Optimization Supply chain 45

Skill Dynamics

JULY 19, 2024

The Foundation of a Successful Procurement Strategy To put it simply, a procurement strategy is a plan that outlines how an organization optimizes its external spending, manages its various supplier relationships, and maintains streamlined internal processes to support cost-effectiveness and generate efficiency.

Procurement strategies 90

Procurement strategies Strategy Procurement supply chain budgeting 90

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

SCMDOJO

FEBRUARY 13, 2023

To get the most out of any procurement team, all the associated key roles need to be filled with qualified individuals that understand both technology and the principles of supply chain management. Procurement, on the other hand, encompasses all the steps involved in acquiring goods, services, and works from external suppliers.

Procurement 87

Procurement Chief Procurement Officer supply chain budgeting Supply Chain Efficiency 87

World of Procurement blog

APRIL 23, 2024

In an ever-evolving marketplace, businesses are constantly looking for ways to streamline operations, cut costs, and enhance efficiency. It helps in achieving better cost management and savings, improving supplier relationships, ensuring the quality of goods and services, and mitigating risks associated with supply chain disruptions.

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

World of Procurement blog

APRIL 23, 2024

In an ever-evolving marketplace, businesses are constantly looking for ways to streamline operations, cut costs, and enhance efficiency. It helps in achieving better cost management and savings, improving supplier relationships, ensuring the quality of goods and services, and mitigating risks associated with supply chain disruptions.

Procurement strategies 52

Procurement strategies Strategy Agile and Lean Supply Chain Procurement 52

Empowering CPO

JULY 16, 2023

Managed procurement services leverage expert knowledge and cutting-edge technology to not only simplify the procurement process but also to identify cost-saving opportunities, ensure supplier compliance, and manage risks. Managed procurement, on the other hand, adopts a proactive, strategic, and holistic approach to procurement.

Supply Chain Efficiency 52

Supply Chain Efficiency Procurement Supply Chain Optimization supply chain budgeting 52

Planergy

SEPTEMBER 8, 2022

How AP can improve relationships with your key suppliers. Supplier Performance Management: How and What To Measure. Best Practices & Tips Supplier Performance Supplier Relationship Management. Best Practices & Tips Supplier Performance Supplier Relationship Management. Download Free Copy. Written by.

Suppliers 52

Suppliers Management Supplier relationship management supply chain budgeting 52

Empowering CPO

FEBRUARY 11, 2024

At EmpoweringCPO, we understand the pivotal role it plays in optimizing the supply chain, reducing costs, and fostering long-term competitiveness. Consulting firms like ours leverage cutting-edge tools and analytics to gain deep insights into market trends, supplier performance, and cost structures.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sustainability Sourcing 52

Positive Purchasing

JANUARY 13, 2023

We are seeing a lot of bottlenecks in supply chains, so we must be thinking far into the future of what energy we need, so we can provide the services that are in demand ahead of this. Another point to consider is where your supplier is sourcing their renewable energy from. New technology.

Procurement 98

Procurement Cost of ownership Supply Chain Efficiency Demand 98

NLPA (Next Level Purchasing Association)

FEBRUARY 29, 2024

In today’s dynamic business landscape, category management in procurement has become an essential weapon for procurement teams seeking to optimize spend, strengthen supplier relationships, and drive growth. To thrive, procurement functions need to become strategic partners within the organization, actively driving growth and efficiency.

Category management 52

Category management Management Procurement Supplier relationship management 52

NLPA (Next Level Purchasing Association)

SEPTEMBER 8, 2023

A successful procurement transformation involves a strategic overhaul of processes, technologies, and approaches to achieve greater efficiency, cost savings, risk management, and value creation. Automation increases efficiency and reduces errors, leading to faster and more accurate procurement cycles.

Procurement 52

Procurement Strategic sourcing Strategic sourcing Supply Chain Efficiency 52

Empowering CPO

MAY 4, 2023

Importance of procurement in modern businesses In today’s fast-paced and competitive business landscape, procurement plays a crucial role in driving efficiency, cost savings, and overall success. Greater transparency: Real-time tracking of procurement activities allows for better monitoring and control of the entire process.

Procurement 52

Procurement Procurement strategies Cost of ownership Supply Chain Efficiency 52

Skill Dynamics

OCTOBER 19, 2023

Numerous platforms and needs, on top of a multi-tiered supply chain, have made origin tracing even more challenging. Nonetheless, there is a whole lot more to opimizing procurement processes than just cutting costs and then increasing efficiencies. As a result, training on how to navigate these complexities is a must.

Supply Chain Optimization 52

Supply Chain Optimization Strategy Procurement Vendor management 52

Jaggaer

OCTOBER 3, 2024

It starts with spend analysis to provide a detailed cost breakdown, providing the information for competitive tendering via auctions using our Sourcing and Advanced Sourcing Optimizer modules, and aggregating spend where it makes sense for better leverage in negotiations. First, organizations need to get full supply chain visibility.

Supply Chain Optimization 52

Supply Chain Optimization Agile and Lean Supply Chain Supply Chain Efficiency Contract 52

TYA Suite

NOVEMBER 25, 2024

It involves carefully selecting suppliers based on several factors like quality, price, reliability, and how well the supplier can meet the company's long-term needs. Unlike traditional sourcing, which usually aims to find the lowest cost option and looks at the bigger picture. moves into the negotiation phase.

Strategic sourcing 40

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 40