The What, Why and How of Total Procurement Orchestration
Download this must-read overview of how total procurement orchestration can help meet the needs of procurement and non-procurement users.
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Streamline Accounts Payable with Invoice Matching
July 02, 2024 | Procurement Software
For procurement and purchasing professionals, invoice matching can feel like a never-ending chase. Stacks of invoices need to be compared against purchase orders and receiving reports, a process that's not only time-consuming but also prone to errors. And with large enterprises often generating thousands of POs and invoices per year, those errors can add up quickly.
How Additive Manufacturing Revolutionizes the Procurement Process
July 02, 2024 | Procurement Strategy
Every manufacturer strives to be efficient in procurement and shorten production cycle times. That is why we are seeing many manufacturing leaders explore the potential of additive manufacturing.
Additive manufacturing is a group of technologies that create three-dimensional (3D) objects – building up one layer at a time. Objects can either be made of plastic, metal or other materials.
Beyond the Box: How Smart Packaging is Reshaping Product Journeys
July 02, 2024 | Packaging
The evolution of smart packaging technology represents a major shift in the understanding of how packaging can bring value to a product.
Across the course of the product’s lifecycle — the focus on value generation can be traced to the 4Ss – Safety, Stability, Scope (of Use) & Sustainability. The 4Ss are synergized using the elements of smart packaging.
A variety of sensing, monitoring, and communication capabilities in modern-day packaging offer increased functions, better consumer experiences, and insightful data for the companies.
Understanding Hybrid Procurement and How to Implement it
July 01, 2024 | Procurement Strategy
Supply chain or procurement professionals are already familiar with the fundamental shifts underway in their field.
Yet, in the pursuit of continuous improvement and competitiveness, the concept of hybrid procurement is rapidly gaining traction.
Hybrid procurement represents the fusion of traditional procurement practices with digitally enabled technologies to support a company’s procurement processes, its internal stakeholders, employees, suppliers and customers. Organizations are leveraging this distributed approach to procurement to improve outcomes, speed and scale.
Why Getting Supplier Diversity Right is Vital for Procurement
July 01, 2024 | Procurement Strategy
How important is it for procurement leaders to promote diversity while choosing suppliers? Do they understand the significance of promoting supplier diversity in procurement?
But first, who is a diverse supplier?
A diverse supplier is one who is at least 51% owned and operated by an individual or group that is part of a traditionally underrepresented or underserved group.
While working with diverse suppliers may be a key priority for procurement in one enterprise, it may not be a part of the supplier checklist for another.
Purchase Order Process Optimization: Best Practices for Efficiency and Savings
June 28, 2024 | Procurement Strategy
Purchase order (PO) process optimization allows procurement teams to achieve substantial savings. It can identify cost-saving opportunities through volume and bulk-ordering discounts, extended supplier payment terms, and mitigating maverick and tail spend. It can also provide insights into the performance of suppliers in terms of delivery timeliness, order accuracy and product quality.
Looking to Procure at the Best Prices? Choose From These 6 Procurement Methods
June 24, 2024 | Procurement Strategy
Who among a vast pool of potential suppliers is the most suitable for your business? Can suppliers deliver goods on time and at the best prices? What does their track record show?
You may have come across this situation many a time. Have you figured out the right way to go about selecting a vendor?
From clearly stating the requirements of goods and services to shortlisting the most suitable supplier for the job, procurement plays a crucial role in business operations.
The Differences Between Procurement and Acquisition
June 19, 2024 | Procurement Strategy
Procurement and acquisition are sometimes used interchangeably. But these two distinct strategies that help businesses meet different needs.
Knowing the differences can help understand the nuanced aspects of business operations like process and execution, resource allocation, strategic implications, regulatory requirements, associated risks and benefits and more.
This short guide will run you down the key differences between the two.
Procurement in Manufacturing: Challenges & Best Practices
June 18, 2024 | Procurement Strategy
Procurement is an essential part of a manufacturing company’s operations, enabling it to conduct a timely and efficient supply of materials, components or services.
With manufacturing becoming extremely competitive, improving procurement practices is vital to sustaining the business and maximizing cost efficiency, and product and service quality.
Here's how subpar procurement can cripple your operations:
Production Bottlenecks:
A single part delayed by a supplier can cost you a long downtime. It can also lead to a shutdown of the entire assembly line.
