Procurement

This blog explores the post-contract negotiation process that is essential in ensuring that financial gains are achieved.

Discover how purchasing teams can better control costs and mitigate risks with a strategic sourcing approach.

In this blog post, we elaborate on three cost optimization strategies Gartner recommends and discuss four ways these strategic goals can be translated into reality.

As a procurement professional, you make dozens of decisions every day concerning vendor selection, contractual terms, supply chain risk, technology implementation, and stakeholder management. You’re often forced to manage conflicting objectives and make important choices under pressure, while always being cautious to balance risk. With this in mind, here are 5 priorities procurement can’t ignore as they navigate the 'new normal'. 1. Delivering value The primary goal for a procurement...

Procurement teams operate in a very volatile environment. During the early stages of the pandemic, stakeholders saw real responsiveness from procurement teams: a sense of urgency, business problem solving and far less process demands. Now, the risk for procurement is that stakeholders will want this level of service all the time, not just during a crisis. In order for procurement to be more responsive to changing business needs, they need to become agile – to have the knowledge and ability...

The COVID-19 pandemic posed significant challenges for supply chains globally, forcing business leaders to quickly shift from a posture of growth to survival. As a result of the disruption, cost management and supply continuity were suddenly top of the agenda and all eyes turned to the procurement to help companies reach their goals and form a strategy. However, there is a perception among business leaders that procurement is only required when exclusively aligned with cost management and...

Procurement professionals are always looking for the “perfect” supplier. The one that is going to communicate effectively, provide insightful performance metrics, and offer the best deals. But all of this is not possible without clear trust and transparency - a formidable challenge faced by procurement teams today. Because deals are often renegotiated and inventory levels are always changing, supplier data can come through in vast amounts. Unfortunately, not all this data is accurate and...

Procurement is a strategic function critical to an organization’s business objectives, with the right processes in place they can make sure operations continue as smoothly as possible all year round. Strong procurement processes can not only help you through challenging times, but also create a competitive advantage for your organization by allowing them to reduce costs and produce more for less. With the unprecedented supply chain disruption caused by COVID-19, procurement have moved to...

The procurement role is consistently evolving from a clerical back office function to a strategic business function. Procurement is more than just purchasing goods and services; it has moved to managing and deriving value from the supplier relationship. In rebate management their role involves identifying the right supplier, evaluating supplier performance, and negotiating trading agreements that can provide the highest value at minimum cost. Procurement also has a major influence on the...

In business, procurement and finance are two separate departments, working alongside one another within the organisation. The procurement function is about spending the money well and driving more for less from suppliers, and the finance team is all about keeping the balance sheet in check and driving profitability. While this relationship works for some companies’ others not so much, which isn’t the most efficient and effective way to handle business operations especially when vendor rebates...