Procurement Tactics

MAY 30, 2023

ChatGPT & AI in Procurement Course Unleash the power of ChatGPT & AI within procurement Duties and Responsibilities of a Procurement Manager The duties and responsibilities of a procurement manager can vary depending on the size and nature of the organization they work for.

Management 178

Management supply chain budgeting Procurement Negotiation 178

Procurement Templates

APRIL 15, 2024

This can be beneficial in procurement when building relationships with suppliers, negotiating deals, and resolving conflicts. Communication: Good communication skills are often associated with extraversion, which can aid in conveying requirements clearly to suppliers and understanding their offerings effectively.

Influencing 130

Influencing Negotiation Risk Innovation 130

Procurement Tactics

JUNE 28, 2023

Compliance and Risk Management Throughout the procurement process, monitoring compliance with the applicable legislation and regulations is crucial. This includes checking standards of ethics, legal requirements, supplier diversity, and minimizing any risk that may arise in connection with the procurement activities.

Supply Chain Efficiency 178

Supply Chain Efficiency Procurement supply chain software solutions supply chain budgeting 178

Una

NOVEMBER 16, 2022

The centralized procurement team scopes out the project, approaches the market, evaluates suppliers , negotiates a volume discount, and awards the contract to a single supplier. Better communication and relationships with suppliers. Improved supplier risk management.

Procurement 98

Procurement Purchasing Procurement team Supplier negotiation 98

Una

MARCH 30, 2023

That being said, here are some areas for procurement to consider focusing upon beyond cost reduction: Supplier relationship management (SRM) Procurement can focus on building strong relationships with suppliers to improve communication, collaboration, and transparency.

Procurement 104

Procurement Supply Chain Efficiency Procurement team Sustainability 104

Procurement Insights

DECEMBER 6, 2024

This lecture focuses on best practices in preparing for supplier negotiations, emphasizing the importance of cost transparency and strategic negotiation techniques. For a more in-depth understanding of Rod Sherkin’s insights on supply chain management and procurement, you can watch his interview on Supply Chain Now.

Supply Chain Efficiency 52

Supply Chain Efficiency supply chain software solutions supply chain budgeting Supply Chain Optimization 52

Una

APRIL 13, 2023

Help suppliers understand your organization’s goals and strategy by inviting them to strategy days – this will enable them to come up with innovative ways to help you meet your goals.

Suppliers 98

Suppliers Supplier relationship management Agile and Lean Supply Chain Supply Chain Optimization 98

Procurement Templates

MARCH 3, 2024

Risk Management : Market intelligence helps in identifying and mitigating various risks associated with procurement, such as supply chain disruptions, price volatility, geopolitical instability, and regulatory changes.

Strategic sourcing 130

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 130

Una

APRIL 25, 2023

While this should always be a core concern, an over-focus on cost can result in a significant portion of the week being spent on negotiating with suppliers, leaving little time for other activities. This involves vetting suppliers, conducting due diligence, and ensuring that all contracts are compliant with relevant regulations.

Procurement 94

Procurement supply chain budgeting Supply Chain Efficiency Contract 94

SCMDOJO

MARCH 19, 2024

Risk Management The department can proactively identify and address potential risks in the supply chain, such as material shortages, natural disasters, or political instability. These functions include procurement, production planning, inventory management, logistics, and customer service.

Supply Chain Optimization 98

Supply Chain Optimization Supply Chain Efficiency supply chain budgeting Agile and Lean Supply Chain 98

Arkestro

OCTOBER 10, 2023

AI helps companies ensure that procurement processes adhere to industry regulations and compliance standards, reducing the risk of legal and financial penalties. Supplier Negotiations: Natural Language Processing (NLP) streamlines supplier negotiations, answers inquiries, and facilitates communication with suppliers.

Agile and Lean Supply Chain 52

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

World of Procurement blog

MAY 8, 2024

Metrics : Procurement tracks savings, efficiencies, supplier performance, and risk. Procurement is strategically important because it: Drives significant cost savings through economies of scale, supplier negotiations, and process efficiencies. Avoid suppliers linked to human rights abuses or unsafe working conditions.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supply Chain Efficiency 52

SCMDOJO

DECEMBER 11, 2023

Through detailed analysis of procurement processes, expenditures, and supplier negotiations, organizations can identify opportunities for cost reduction. This may involve negotiating better terms with suppliers, consolidating purchasing volumes, or identifying more cost-effective alternatives, ultimately leading to significant savings.

Supply Chain Efficiency 21

Supply Chain Efficiency Purchase orders Procurement Bidding 21

SCMDOJO

APRIL 29, 2024

Sourcing: Sourcing is all about finding reliable suppliers, negotiating contracts, and managing relationships. It encompasses activities such as procurement, supplier selection, and evaluation. Risk Management: Proactively identifying and managing risks is crucial for supply chain success.

Supply chain management 98

Supply chain management Supply chain management Agile and Lean Supply Chain supply chain budgeting 98

IBM Supply Chain Blog

DECEMBER 13, 2023

Additional goals might be risk management and mitigation, supplier relationship management and sustainability considerations. These objectives should directly support the overarching business goals and provide a clear framework for the procurement strategy.

Procurement strategies 65

Procurement strategies Strategy Procurement Agile and Lean Supply Chain 65

Empowering CPO

JULY 17, 2023

Key Elements/Components Managed Procurement Services typically encompass several pivotal elements: Spend Analysis: Analyzing procurement data to glean insights, identify cost-saving opportunities, and drive strategic decision-making.

Procurement 52

Procurement Supply Chain Optimization Supply Chain Efficiency Raw materials 52

Una

AUGUST 31, 2023

This constraint can hinder their ability to analyze spend data, discover suppliers, negotiate favorable terms, and find cost savings. Supplier diversity Maintaining a diverse supplier base is important in terms of risk mitigation and ESG.

Strategic sourcing 52

Strategic sourcing Strategic sourcing Sourcing Supplier relationship management 52

Procurement Software

APRIL 23, 2024

Utilising AI, particularly through their Cassian AI system, Spendkey automates spend and contract analytics, providing comprehensive insights that enable cost reductions and efficient supplier negotiations.

supply chain software solutions 52

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

TYA Suite

SEPTEMBER 15, 2024

Additionally, risk management tools help identify potential risks in the allowing businesses to mitigate them before they impact operations. This automation allows procurement teams to focus on strategic tasks like supplier negotiations and spend analysis, leading to more efficient operations.

Procurement 40

Procurement Real-time Visibility supply chain software solutions Supply Chain Efficiency 40

Empowering CPO

JULY 17, 2023

It involves streamlining processes, mitigating risks, managing supplier relationships, and leveraging spend to achieve competitive advantages. Procurement is a complex process involving market research, supplier negotiations, contract management, and risk assessment.

Management 52

Management Procurement Vendor relationships Supply Chain Efficiency 52

SCMDOJO

SEPTEMBER 18, 2023

This may involve measures such as establishing long-term contracts, implementing risk management strategies, and building strong relationships with trusted suppliers. An example of procurement could be a manufacturing company sourcing raw materials from different suppliers to create their final product.

Procurement 105

Procurement Supply Chain Optimization supply chain software solutions Supply Chain Efficiency 105

Arkestro

OCTOBER 10, 2024

The tool helped the team identify new opportunities to gather benchmark data, negotiate with suppliers, and optimize spend across categories they previously didn’t have time to touch. Today, Arm uses Arkestro for up to 80% of its supplier negotiations.

Procurement team 52

Procurement team Innovation Procurement Bidding 52

Empowering CPO

JULY 17, 2023

Risk Management Procurement is inherently fraught with risks, including supplier risks , market fluctuations, geopolitical issues, and natural disasters, among others. Managing these risks is crucial to maintain the stability and reliability of supply chains.

Procurement 40

Procurement Supply Chain Efficiency Real-time Visibility Supply Chain Optimization 40

Empowering CPO

JULY 17, 2023

Risk Management Procurement is inherently fraught with risks, including supplier risks , market fluctuations, geopolitical issues, and natural disasters, among others. Managing these risks is crucial to maintain the stability and reliability of supply chains.

Procurement 40

Procurement Management Supply Chain Efficiency Real-time Visibility 40

Empowering CPO

JUNE 14, 2023

It’s a strategic function that involves understanding market trends, analyzing suppliers, negotiating contracts, and managing relationships, among other tasks. Procurement is central to a business’s operations, with a purpose that encompasses cost-efficiency, quality control, risk management, and strategic sourcing.

Innovation 52

Innovation Procurement Supply Chain Efficiency Sustainability 52

Empowering CPO

JUNE 27, 2023

Negotiating better contracts with spend analysis Utilizing spend data for informed negotiations: Leveraging spend analysis insights: Discuss how spend analysis provides valuable information on historical spending, volume discounts, and pricing trends.

Supplier relationship management 52

Supplier relationship management Suppliers Management Negotiation 52

Empowering CPO

JUNE 20, 2023

In the labyrinth of suppliers, contracts, transactions, and compliance requirements, data serves as the guiding light, illuminating the path to optimized procurement strategies. From selecting suppliers, negotiating contracts, monitoring supplier performance, to identifying cost-saving opportunities, data underpins all these aspects.

Data 52

Data Procurement Supply Chain Efficiency Procurement strategies 52

World of Procurement blog

MAY 23, 2024

Strategies may include temporarily retaining secondary suppliers, safety stock buffers, and identifying backup suppliers as needed. Contingency plans help minimise disruption risk when consolidating suppliers. Risk Management Careful risk management is also essential.

Supplier consolidation 52

Supplier consolidation Suppliers Supply Chain Efficiency supply chain budgeting 52

Arkestro

MARCH 27, 2024

Regardless of industry, procurement buyers fulfill their role by finding the best suppliers, negotiating contracts, and identifying the most cost-effective, timely procurement of goods. The best procurement buyers have a solid understanding of market trends, supplier performance, and ethical sourcing.

Buyers 52

Buyers supply chain budgeting Supply Chain Efficiency Procurement 52

Una

JUNE 6, 2023

Inventory analysis and supplier risk monitoring Predictive analytics to help anticipate demand and optimize inventory levels Helping communicate with suppliers Automating risk management and track supplier performance Keep in mind there is some risk involved in using the tool.

Procurement 52

Procurement Negotiation Suppliers Strategy 52

Una

JUNE 6, 2023

Inventory analysis and supplier risk monitoring Predictive analytics to help anticipate demand and optimize inventory levels Helping communicate with suppliers Automating risk management and track supplier performance Keep in mind there is some risk involved in using the tool.

Procurement 52

Procurement Negotiation Suppliers Strategy 52

Procurement Software

FEBRUARY 20, 2024

It also has an analytics system claiming to focus on risk management rather than retrospective troubleshooting. Digi Proc DigiProc is a Swedish startup offering a platform for automated supplier negotiations. It enables users to easily negotiate with all of their tactial and tail spend suppliers.

Supply Chain Efficiency 59

Supply Chain Efficiency supply chain software solutions Procurement Real-time Visibility 59

Empowering CPO

JUNE 30, 2023

It involves everything from identifying requirements, sourcing suppliers, negotiating contracts, managing orders, ensuring timely delivery, to evaluating supplier performance. Risk Management: Providers have robust systems to monitor and manage supplier risks, from financial instability to supply chain disruptions.

Management 40

Management Procurement Real-time Visibility Supply Chain Efficiency 40

Empowering CPO

JULY 5, 2023

Managed Procurement Services are an integral subset of business operations where an external provider manages and streamlines an organization’s procurement tasks. The objective is to help businesses focus on their core competencies by transferring these complex, time-consuming tasks to experienced professionals.

Supply Chain Efficiency 52

Supply Chain Efficiency Management Procurement Real-time Visibility 52

Empowering CPO

MAY 4, 2023

Supplier segmentation: Group suppliers based on factors such as criticality, performance, and risk, to prioritize resources and efforts accordingly. Risk management plan: Identify potential risks in the procurement process and develop contingency plans to mitigate their impact.

Procurement 52

Procurement Procurement strategies Cost of ownership Supply Chain Efficiency 52

Empowering CPO

JUNE 25, 2023

It’s a strategic function that requires careful planning, selection, and negotiation to ensure that businesses get the best value for their money. It’s a delicate balancing act, where businesses must juggle quality, cost, supplier relationships, and risk management, all while keeping an eye on their bottom line.

Procurement 52

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

Empowering CPO

JULY 2, 2023

Modern procurement services encompass a wide range of activities such as strategic sourcing, category management, contract negotiation, risk management, and supplier relationship management. However, in today’s complex and globalized economy, procurement goes far beyond simple buying.

Management 40

Management Supplier relationship management Procurement Strategic sourcing 40