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Spend Management is a vital element of Supply Chain Sustenance and Effectiveness. The management of spend in an organization falls under the Mandate of its Finance and Procurement Functions. To elaborate, the mandate of the Procurement Function is threefold: One Key Performance Indicator of the Procurement Function is the Total Cost of Ownership (TCO). TCO is calculated by adding […]

RFP’s should be crafted for maximum response from qualified suppliers. They shouldn’t be written in a way that scares off suppliers who could create value for your organization. Suppliers have limited time, too, ya know! Therefore, it is key to make sure that all questions in your RFP’s are relevant, appropriately timed and necessary.  As

Capital expenditure has always been on the high priority list of every CFO agenda. Globally, the attitude towards capital spending is also taking a leap. The investment decisions regarding CapEx are critical not only because of the size of spend, but also from the point of view of an organization’s strategic goals. It has been

Risk is an inherent factor in supply chains. Organisations that do business with other groups inevitably take on an element of uncertainty that can reflect on a brand – where do sourced products come from? Who’s making it? What are the financial, geopolitical, and legal risks associated with a vendor? After all, consumers don’t differentiate

Above is Pictorial re-presentation of Novation Process: INTRODUCTION:  Doing Business is very challenging, Clients / Owners are finding all best ways to minimize their Cost and Schedule of building Energy Sector Plants. Novation of Contracts / Purchase Order to EPC Contractor is one of the best techniques in Energy Sector to reduce cost and minimize

Procurement teams deal with huge volumes of complex data, which create a considerable administrative burden for the function and take up vast amounts of procurement professionals’ time. The function is among those that stand to benefit most from artificial intelligence (AI), yet it is often the poor relation of innovation – missing out on investments

Knowledge management is becoming critical for organisations as the current generation retires. So how can procurement leverage technology to ensure knowledge isn’t lost? “Knowledge is power,” proclaimed Francis Bacon, the English philosopher whose advocacy of the scientific method fuelled the scientific revolution. Centuries later, Dale Carnegie, the American philosopher and writer, and perhaps the father of corporate

Around 20th February 2018, fast-food chain KFC closed nearly 650 of its outlets in the UK after its new logistics partner failed to deliver the chicken its stores needed.Behind the ’chicken chaos’ headlines are some serious lessons for procurement executives, regardless of the industry or the region in which they work. What happened? On 13 February,

The supply chain and logistics discipline is all about coordinating purchasing, production, logistics, materials and transportation to ensure the supply chain functions smoothly, providing the consumer, customer or user with the company’s products in a timely, efficient and satisfying manner. Keeping a supply chain running effectively requires excellent organization, attention to detail, communication, time management,

There’s an old saying:  “People don’t quit jobs, they quit bosses.” This phrase applies to the procurement workplace as much as it applies to any workplace. In fact, this may apply to the procurement workplace just a teeny-tiny bit more than some other environments. Why’s that? Well, consider how some people become “bosses” in procurement.Many