Procurement Knowledge Sharing

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

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

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

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

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

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,

There is a great number of reports, articles, and studies done on Intelligent Procurement. This is indeed a rapidly evolving science. For context, it is prudent to define the Concept of Value, Value Chains, and Value Streams. Value has 3 components: Value Streams are Supply Chain and are: The degree

The effective management of contract management is a major responsibility of the Procurement Function. Procurement Professionals are expected to protect their organizations from risks related to spend management and the support of operations. The identification of Critical Points of Failure (CPFs), mitigation strategies, and tactics deployed to protect our supply

The relationship between finance and procurement is critical. Yet tension between the two teams still plagues many organizations – and as procurement’s role in the executive suite grows, tensions may boil over. At the heart of the issue: today’s procurement teams are tasked with more bottom-line responsibilities than ever. In

What do your procurement people get paid to do? It’s the sort of question that often prompts Procurement Head’s to quote back their team’s job descriptions. So far so good, at least to the extent that the job description has kept pace with reality and the demands of the business.

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

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,

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

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?

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

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

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

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.

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

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

While purchasing general or professional services, agreements can generally be categorised as being either manpower-based or outcome-based. What are manpower-based contracts? Manpower-based contracts provide buyers with clarity on the scope of work to be completed and how it needs to be done. All they buyers need is staff to fulfil