Procurement Insights

MARCH 23, 2025

The early results from a poll asking, “As a procurement professional, how interested are you in the ORO Labs purchase of ProcureTech 100 news?” This could involve more aggressive supplier consolidation, advanced digital procurement tools, or strategic renegotiation of contracts across multiple categories.

Supplier consolidation 52

Supplier consolidation Supply Chain Optimization Logistics Strategic sourcing 52

Una

OCTOBER 25, 2022

Procurement was once known for imposing clunky purchasing processes. Consolidate your supplier lists. There are several benefits associated with supplier consolidation. It enables procurement teams to leverage economies of scale and improve the quality of products and services purchased.

Supply Chain Efficiency 105

Supply Chain Efficiency Procurement Purchase orders Real-time Visibility 105

Una

JULY 26, 2022

In turn, this opens the door to huge cost savings through the identification and management of maverick spend , supplier consolidation, and the ability to spot patterns and extract insights that will lead to better purchasing decisions. Do you have questions about group purchasing? Get in Touch. Contact us to learn more.

supply chain software solutions 98

supply chain software solutions Supplier consolidation Purchasing Contract 98

SCMDOJO

DECEMBER 11, 2023

From the Purchase Order (PO) Status Report to the RFQ Performance Report, each report is dissected to provide a clear definition and a deeper understanding of its significance. Through detailed analysis of procurement processes, expenditures, and supplier negotiations, organizations can identify opportunities for cost reduction.

Supply Chain Efficiency 21

Supply Chain Efficiency Purchase orders Procurement Bidding 21

Una

AUGUST 17, 2022

In practice, this would mean that employees are authorized to make sub-threshold purchases such as booking a hotel , but if they need to make an above-threshold purchase such as a $10,000 photocopier, the task will be handed over to procurement. That isn’t to say that sub-threshold purchases are completely uncontrolled.

Real-time Visibility 98

Real-time Visibility Spend management Procurement team Purchasing 98

Procurement Heads

JUNE 28, 2022

What I think has changed more recently is organisations that have previously been more of a purchasing or buying function – as opposed to a proper procurement organisation – have come to realise that purchasing and buying are much more than that.

Chief Procurement Officer 130

Chief Procurement Officer Supply Chain Optimization supply chain budgeting Innovation 130

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. Integrating these platforms takes more than just purchasing software though, you’ll also need to invest in your staff.

Procurement strategies 90

Procurement strategies Strategy Procurement supply chain budgeting 90

NLPA (Next Level Purchasing Association)

MAY 8, 2024

By examining past purchases, spend analysis helps identify high spending areas, categorize suppliers, and uncover hidden costs. This data can then be used to negotiate better deals with suppliers, consolidate purchases, and streamline procurement processes.

Real-time Visibility 52

Real-time Visibility Supplier consolidation Suppliers supply chain software solutions 52

Supply Chain Game Changer

JANUARY 9, 2019

Procurement, or Purchasing, is an area of Supply Chain that involves and requires very specific skills and expertise. Regardless of your position or situation it is highly valuable to understand the type of interview questions, and answers, appropriate for Procurement and Purchasing professionals. Subscribe Here! Email Address.

Procurement 68

Procurement Purchasing Negotiation supply chain software solutions 68

Una

FEBRUARY 22, 2023

How to Use GPOs as a Cost Savings Strategy Discover how procurement leaders can join a GPO and use group purchasing as a cost savings strategy to deliver continued value. Joining a group purchasing organization (GPO) is like gaining access to a whole new level of cost savings that was potentially out of reach before.

Strategy 52

Strategy Purchasing Supply Chain Efficiency Supplier consolidation 52

Jaggaer

OCTOBER 24, 2024

It’s vital to ensure that you have the tools and technology needed to optimize your consolidated purchasing power across various centers. Consolidating Suppliers: A Pathway to Cost Reduction Supplier consolidation is another avenue procurement leaders often explore to reduce costs.

Collaboration 52

Collaboration Suppliers Supply Chain Efficiency supply chain budgeting 52

Empowering CPO

JUNE 26, 2023

Spend analysis refers to the process of examining and categorizing an organization’s spending patterns, supplier relationships, and purchasing behavior to identify opportunities for cost reduction, process improvement, and strategic decision-making.

supply chain budgeting 52

supply chain budgeting Supply Chain Optimization Supply Chain Efficiency Supplier consolidation 52

Empowering CPO

JUNE 22, 2023

On the other hand, Sustainable Procurement is an ethical purchasing and supply chain strategy that integrates environmental, social, and economic aspects to add overall value. This can include purchase orders, invoices, and payment data from various departments and systems. Spend Analysis offers numerous benefits to businesses.

Sustainability 52

Sustainability Procurement Supplier consolidation Supply Chain Efficiency 52

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

Planergy

MARCH 2, 2023

The process of tail spend analysis involves analyzing data from various sources, including supplier invoices, purchase orders, contracts, and other financial documents. Defining Tail Spend Tail spend is a term used to describe the small, often overlooked purchases made by an organization.

supply chain budgeting 52

supply chain budgeting Supply Chain Efficiency Real-time Visibility supply chain software solutions 52

TYA Suite

OCTOBER 6, 2024

Purchasing KPIs are measurable values that help procurement professionals track and evaluate the effectiveness of their. These purchasing KPIs provide valuable insights into various aspects of procurement, such as cost savings, , purchasing efficiency, and compliance with procurement policies.

Procurement 40

Procurement Purchase orders supply chain budgeting Procurement team 40

Planergy

JANUARY 19, 2023

This is an example of how the Pareto Principle can be applied to spend analysis; by focusing your efforts on reducing costs associated with stationery purchases, you could potentially save more money than if you were trying to reduce all office supply costs equally. How Pareto Analysis Works?

supply chain budgeting 52

supply chain budgeting Procurement Supply Chain Efficiency Supply Chain Optimization 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 21, 2023

Suppliers: These are the businesses or individuals providing goods or services to your company. In a spend analysis, you track the money spent with each supplier to assess your reliance on them and identify opportunities for negotiation or supplier consolidation. Transaction Date: The date when the transaction took place.

Purchase orders 52

Purchase orders Data Purchasing Suppliers 52

Procurement Software

MAY 30, 2023

Understanding the total number of vendors across any indirect purchasing category is a good place to start. Once you have a decent spend taxonomy in place, you can easily categorise your suppliers per category. What is the average spend per purchase order? In most cases, a workshop with stakeholders is the best approach.

Procurement 52

Procurement Procurement team Purchase orders Contract 52

Una

FEBRUARY 18, 2025

Partnering with a group purchasing organization (GPO). Search for Cost Savings - spend analytics software can be used at the category level to identify waste, duplication, or supplier consolidation opportunities. One of the best ways to supercharge your strategy?

Category management 40

Category management Strategy Management Procurement team 40

Supply Chain Game Changer

JANUARY 30, 2019

“Relying on too few suppliers and not diversifying your sources creates a high risk of dependency, and potential further problems if one of them pulls out at the last moment” ( Schlosser 2018 ). procurement #purchasing #metrics #highperformance. Customer Satisfaction. Procurement Transformation Delays – The Role of Personality!

Procurement team 56

Procurement team Procurement Sustainability Suppliers 56

Empowering CPO

JUNE 20, 2023

Definition of Tail Spend and Its Importance in Procurement Tail spend, or non-strategic spend, typically refers to the approximately 20% of a company’s purchases that account for about 80% of its suppliers. It involves categorizing these purchases, identifying patterns, and detecting areas of inefficiencies or potential risk.

Real-time Visibility 40

Real-time Visibility supply chain budgeting Spend management Risk 40

Empowering CPO

JUNE 27, 2023

This transformative practice enables organizations to delve deep into their purchasing data, gaining invaluable insights that can revolutionize their supplier relationship management (SRM) strategies. It enables organizations to identify potential savings, negotiate better pricing, and implement cost-effective procurement strategies.

Supplier relationship management 52

Supplier relationship management Suppliers Management Negotiation 52

The Procuretech Podcast

OCTOBER 19, 2021

Instead, Pactum focuses on automating negotiations for tactical purchases where it may not be the best use of a procurement professional’s time, or where the spend would not have been previously managed by anyone in the procurement team because of the value of the transaction. . Henning’s LinkedIn profile. Lhotse website. Stay in touch!

Procurement 40

Procurement Negotiation Sourcing Procurement team 40

Empowering CPO

JUNE 25, 2023

This might include renegotiating contracts with suppliers, consolidating purchases, or eliminating maverick spending. We discovered that a substantial portion of their spend was going towards non-contractual purchases. The potential for cost reduction through accurate spend analysis is tremendous.

supply chain budgeting 52

supply chain budgeting Supply Chain Efficiency Real-time Visibility Data 52

Empowering CPO

JUNE 20, 2023

It helps businesses identify cost-saving opportunities, improve supplier relationships, enhance procurement processes, and ensure compliance with organizational policies and external regulations. It can help identify patterns of maverick spend, areas of unmanaged spend, and potential supplier consolidation opportunities.

Real-time Visibility 40

Real-time Visibility supply chain budgeting Supply Chain Efficiency Data 40

World of Procurement blog

MAY 10, 2024

Some of the key capabilities and use cases for AI in procurement include: Automating repetitive and routine tasks : AI can take over low-value tasks like invoice processing, purchase order creation, expense report auditing, and other administrative workflows. This frees up procurement professionals to focus on high-value strategic activities.

Procurement team 52

Procurement team Procurement Real-time Visibility Supply Chain Efficiency 52

The Procuretech Podcast

OCTOBER 5, 2021

Here, essentially, stakeholders can purchase from whomever they wish. Using technology can also speed up the opportunity for supplier consolidation in indirect procurement on areas of tactical and tail spend, through trained algorithms and data points. Here, essentially, stakeholders can purchase from whomever they wish.

Competitive bidding 40

Competitive bidding Bidding Buyers Procurement 40

Empowering CPO

JUNE 20, 2023

The process of Spend Analysis can be broken down into four key components: Data Collection: This is the initial stage where all the procurement-related data is gathered from various sources including invoices, purchase orders, contracts, and card transactions.

Supply chain management 40

Supply chain management Supply chain management supply chain budgeting Supply Chain Efficiency 40

Empowering CPO

JUNE 16, 2023

This comprehensive visibility into an organization’s spend data is the cornerstone of strategic sourcing and purchasing decisions. It includes information about suppliers, invoices, purchase orders, payment terms, and more. Data Cleansing: Not all collected data is ready for analysis.

Import 52

Import Procurement Supply Chain Efficiency Real-time Visibility 52

Empowering CPO

JUNE 27, 2023

By assessing factors such as pricing, delivery times, quality, and service levels, organizations can identify underperforming suppliers and negotiate better terms or consider alternative suppliers. Consolidating spend with fewer suppliers can lead to volume discounts, improved pricing terms, and streamlined supplier management.

Procurement 40

Procurement Supply Chain Optimization Supplier consolidation Suppliers 40

Empowering CPO

JUNE 27, 2023

Here is a step-by-step breakdown of the spend analysis process: Data Collection: The process begins with collecting data from various sources, such as purchase orders, invoices, contracts, and supplier records. By following a well-defined process, organizations can derive meaningful insights and drive informed decision-making.

Procurement 52

Procurement Real-time Visibility Supply Chain Optimization Procurement strategies 52

TYA Suite

AUGUST 6, 2024

SRM can lead to significant cost savings by optimizing procurement processes and negotiating better terms with suppliers. By leveraging data and analytics, organizations can identify cost-saving opportunities, such as bulk purchasing, long-term contracts, and supplier consolidation.

Supplier relationship management 40

Supplier relationship management Suppliers Import Management 40