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

Empowering CPO

JUNE 20, 2023

This might involve negotiating better pricing with suppliers, consolidating purchases to take advantage of volume discounts, or switching to alternative materials or suppliers that offer better value for money. Our analysis revealed that they were sourcing similar components from multiple suppliers at varying prices.

Supplier consolidation 40

Supplier consolidation Negotiation Suppliers Spend management 40

Empowering CPO

JUNE 27, 2023

It helps identify opportunities for inventory management, pricing negotiations, and demand planning. Cost Variations: Analyzing spending patterns within specific categories reveals cost variations across suppliers, geographies, or time periods.

Procurement 40

Procurement Supply Chain Optimization Supplier consolidation Suppliers 40