Remove Suppliers Remove supply chain budgeting Remove White paper
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Understanding Spend Management Perspectives: CFO, CEO, Procurement Director & Procurement Manager

NLPA (Next Level Purchasing Association)

Spend Management is a critical function within an organization, and it involves the strategic management of the company’s spending to reduce costs, improve efficiency, and enhance profitability. We should also monitor the actual expenses against the projected spend to ensure that we are staying within our budget.”

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The Importance of Supply Chain Visibility for Procurement

NLPA (Next Level Purchasing Association)

Supply chain visibility is essential for successful procurement, as it enables businesses to proactively manage risks and optimize their supply chain. By having a clear view of their entire supply chain, businesses can identify potential issues and take steps to mitigate them. million, up from $1.9

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Release Your AP Team with Invoice-to-Pay

ivalua

Increased outsourcing has made businesses increasingly dependent on suppliers to drive innovation. A recent study by Forrester found that the single greatest factor in increasing a supplier’s willingness to collaborate with and share innovations with a customer was timeliness of and visibility into payments.

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Procurement Strategy: Optimizing Your Path to Success

NLPA (Next Level Purchasing Association)

This strategy unlocks benefits like cost reduction, risk management, and strong supplier relationships. Are you focused on cost reduction, innovation, sustainability, or a combination? Value engineering (finding alternatives) and reducing waste can also contribute. Diversifying suppliers avoids a single point of failure.

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Top Competencies of Procurement Professionals

NLPA (Next Level Purchasing Association)

To succeed in this field, procurement professionals must possess a variety of competencies, ranging from negotiation and supplier management to risk assessment and financial analysis. It involves optimizing procurement processes and reducing costs while maintaining the quality of goods and services.

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A Gameplan for Procurement Transformation

NLPA (Next Level Purchasing Association)

The Future of Procurement Technology Supplier Relationship Management (SRM) Enhancement: Justification : Strengthening supplier relationships through SRM initiatives fosters collaboration, innovation, and mutual growth. This results in better negotiation outcomes, improved quality, reduced costs, and enhanced overall value delivery.

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What CPOs Need to Know About Predictive Procurement Orchestration

Arkestro

Yet challenges like the COVID-19 pandemic, global supply chain disruptions, and the economic downturn have all limited and slowed down the next phase in procurement transformation. As an increasing number of companies prioritize cost containment, the pressure is on for procurement.