How Technology Can Simplify Supplier Performance Management
June 18, 2024 | Procurement Software
As a procurement professional, how often do you monitor the performance of your suppliers? Who are your best performing suppliers? Do they always deliver on time? Which suppliers haven’t performed well in recent times and need more monitoring and support? Do you have any action plan for these suppliers?
You must have ready answers to all these questions.
If you don’t, there is an immediate need to pay attention to this crucial aspect of procurement operations.
Let’s understand this in some detail.
Master Raw Material Procurement With These 8 Strategies
June 17, 2024 | Procurement Strategy
Raw material procurement, also known as direct procurement, is a vital aspect of supply chain management. Ensuring a continual supply of the necessary raw materials for manufacturing products is a multi-faceted process fraught with challenges.
However, for those organizations that learn how to do it effectively, orchestrating raw material procurement processes can help improve resilience and agility to mitigate risk and drive profitable growth. To get you started, this blog shares eight steps to mastering raw material procurement.
4 Steps to Unlock the Value of SKU Rationalization in the Packaging Industry
June 17, 2024 | Procurement Strategy
When it comes to the packaging category, there is a crucial aspect that often goes unnoticed but holds immense significance. It’s SKU rationalization.
This practice, which involves streamlining and optimizing the number of stock keeping units (SKUs) within a company's packaging portfolio, can have a major impact on procurement processes and overall business success.
Why AI-Powered Technology is Vital for High-Performing Procurement Organizations
June 11, 2024 | Procurement Software
Isn’t it surprising that some businesses have found ways to navigate through prevailing uncertainty while others are still struggling to stay afloat?
The question is: What are businesses in the former category doing differently?
Here’s the answer.
They are building agile procurement and supply chain operations to mitigate risks and ensure supply continuity.
This also means their procurement organizations are now expected to do a lot more and, perhaps more importantly, with lesser resources.
Tackling Inventory Chaos: How Purchasing Systems Empower Businesses
June 11, 2024 | Inventory Management
Procurement and supply chain leaders want seamless inventory management experience -- to boost returns on every single dollar spent. They do not want overstocking or understocking hazards. Properly implemented purchasing systems have the power to transform inventory management – to optimize spend and yet foster business efficiency.
Why Your Business Must Have a Supplier Portal
June 10, 2024 | Procurement Software
For procurement organizations, managing the supplier database is tedious yet crucial. When this is done manually, it requires frequent updating and regular follow-up with suppliers.
In fact, the entire procurement process — from raising a purchase order to products being received and paid for — often requires too many follow-ups as well as a lot of manual work.
As such, there is a lot of back and forth and a high possibility of human error.
Suppliers, on their part, cannot be held accountable for data mismatches.
How Procurement Can Drive Cash Flow Strategy and Optimize Working Capital
June 03, 2024 | Procurement Strategy
Geopolitical conflicts, supply chain disruptions and prevailing uncertainty in the global economic environment have caused a significant shift in business priorities.
As businesses look to navigate this period, they must take steps to identify and mitigate risks as well as improve their overall financial health.
At the same time, they also need a robust cash flow strategy to stay prepared for a downturn.
How can businesses optimize their cash flows and working capital? Where can they cut down on costs?
How to Streamline the Procurement Life Cycle
June 03, 2024 | Procurement Strategy
For enterprises managing a high volume of purchasing across multiple locations and business units, having full control and visibility over the procurement life cycle is essential.
The procurement life cycle encompasses all the processes and stages involved in acquiring goods and services — from identifying requirements and sourcing suppliers to receiving and paying for those purchases.
Efficiently managing this cycle is critical for controlling costs, mitigating risks, ensuring compliance and maintaining a steady supply of the materials needed to run operations smoothly.
Why Your Business Needs a Strategic Procurement Solution
June 03, 2024 | Procurement Strategy
What is the key responsibility of procurement today?
Is monitoring costs the number one priority? Or is it mitigating supply risks? Or having a plan to negotiate favorable terms with suppliers and identify strategic cost-saving opportunities?
What about supplier master data management?
And what about sustainability? Considering the importance of curbing supply chain emissions and procurement’s role in evaluating and shortlisting vendors, it needs to spearhead the sustainability mission.
How Businesses Can Avoid Overspending and Stay Within Procurement Budget
May 28, 2024 | Spend Management
As a business owner, do you often spend more than you had planned at the start of the financial year? This is frustrating, but it’s too late to review all expenses.
Setting a budget and staying within the set budget are two separate things. Why?
Because there isn’t a process to monitor spending, especially with different internal teams engaging in maverick buying and purchasing goods and services from different suppliers. Lack of visibility in this process often leads to overspending.
