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As the world approaches what will likely be an unprecedented recession, businesses are talking about “innovating out of the crisis” by working more closely with their suppliers. But what does innovation mean in this crisis and what should it achieve? During a roundtable with a cross-industry group of procurement teams, participants insisted that while innovation […]

Currently, China is the world’s largest exporter of goods. Official estimates say Chinese exports amount more than $2 trillion, making the country the largest trading nation on Earth. But with China’s economy running at just 40% capacity amid Coronavirus lockdown, the effects on the global supply chain industry are devastating. Not only for the country’s

It is fair to say that Covid-19 has disrupted businesses and economies in a way, unlike any other global event. Although it is humbling to see communities changing their behaviors in the face of the pandemic to help save lives, it is equally sobering to witness the speed at which certain industries have been crumbling

While no one can know what the future will bring, individuals who actively invest in building their skills in these key areas will be well-prepared come what may. Following are the key skills a procurement professional should possess for delivering KRAs in pressure situations : Business ethics involves the application of ethical principles in the

Almost all companies are involved in buying and selling. Buying raw materials for manufacturing or finished products for distribution, companies seem to be more focused on the selling process than on the buying process. But consider this basic math: A company that spends one million dollars a year on purchasing can add $100,000 to its

The Modern Procurement Department is required to realize procurement savings objectives by utilizing various means. Traditional methods focused on quality, delivery, terms, warranty, negotiations, contracts with a hyper-focus on price. Price has traditionally been the most critical Key Performance Indicator, not the Total Cost of Ownership (TCO). Indeed, TCO has been seen as “theory”, and not

The Modern Procurement Department is required to realize procurement savings objectives by utilizing various means. Traditional methods focused on quality, delivery, terms, warranty, negotiations, contracts with a hyper-focus on price. Price has traditionally been the most critical Key Performance Indicator, not the Total Cost of Ownership (TCO). Indeed, TCO has been seen as “theory”, and not

PRICING DELIVERY & SERVICE LEVELS SHIPPING PAYMENT WARRANTY TERM & TERMINATION GENERAL & INFORMATION REQUIREMENTS SUPPLIER OVERSIGHT LIABILITY & LEGAL MATTERS VALUE‐ADDED SERVICES SOCIAL RESPONSIBILITY

The practice of sourcing materials, labor and expertise for the large-scale production of value-added goods stretches back through recorded history, leaving no doubt as to the importance of procurement and supply chain to the development of complex societies. Beginning with the ancient Greek, Roman, Chinese and Mesopotamian civilizations, leading up to the Middle Ages, the

The role of Procurement is to ensure the cost-effective, timely, risk-free, acquisition of Mission Critical Raw Material Inputs in support of Organizational Goals and Objectives. Procurement Functions are sub-sets of broader Supply Chain Mechanisms and must work in close synergy with Suppliers, Manufacturing, Logistics, Research and Development, Finance, Sales and Operations Planning, Marketing, and Customers. The following