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Procurement plays a pivotal role in most organizations due to the major influence it has on the overall costs of the business. According to the Deloitte Global CPO Survey 2016, the majority of chief procurement officers agree that cost reduction is their number one priority this year. However, 62 percent expressed dissatisfaction with the execution of their […]

Contract management plays a crucial role in the procurement process, as it helps ensure compliance, mitigate risks, and optimize supplier relationships. By effectively managing contracts, organizations can maximize the value of their procurement activities and minimize potential issues. In this guide, we will explore the key benefits and importance of contract management in procurement and

Supplier negotiation is the most critical skill in the world of procurement. Effective supplier negotiations are not limit to the best price but a mutually beneficial agreement from both parties that can have a profound impact on the company. It is a skill that needs a strategic approach and it is not something anyone can do. It

Every company knows what they sell. Sales departments know, finance know, even the CEO knows the top level numbers. Compare that with how many companies truly know and understand what they’re buying. It’s shockingly few. And yet, especially in many manufacturing industries, goods and services associated with the cost of production can account for over

You need to sharpen a pencil. It is not optional. The rules say you have to have a very sharp pencil. But why are you using a Swiss Army knife? Good software will allow you to do virtually anything but it’s amazing how often businesses find the limits of what’s possible. It is true, you

Traditional procurement processes can be characterized by manual and resource-intensive activities. Even where some automation is in place, there can be unacceptable levels of manual transactions and activity to address exceptions, ad-hoc purchases or specific project requirements. Plus, many companies still use very traditional tools, such as to engage with their suppliers. This activity, not

Correcting poor supplier performance is the other side of rewarding good supplier performance. When it is evident through your rating methodology that a supplier’s performance is inadequate, you need to meet with that supplier to improve performance. Some things to keep in mind when taking corrective action include: Resolution Setting An example of the formalization

Preparing for the purchasing job interview can be daunting. Many candidates still commit a lot of mistakes during their purchasing job interviews. Ensuring that your resume does not get lost in the shuffle is an accomplishment in itself—the volume of people looking for work and bombarding job postings with their resumes. If you get a rare purchasing

Purchase to Pay risks is the enemy of any P2P project. Understanding them and knowing how to tackle them increases your chance of success.Sweep them under the carpet. Cross those bridges when you get to them. Leave it for another day. This is exactly what your consultants will do. And this is why implementation projects

Every company knows what they sell.Sales departments know, finance know, even the CEO knows the top level numbers.Compare that with how many companies truly know and understand what they’re buying.It’s shockingly few. And yet, especially in many manufacturing industries, goods and services associated with the cost of production can account for over 50% of a