ProcurePort

MARCH 6, 2023

In today’s competitive business landscape, it’s essential to ensure that your procurement process is streamlined and efficient. A smooth procurement process can help your organization save money, reduce risk, and enhance collaboration with suppliers. However, simplifying and streamlining procurement is often easier said than done. In this blog post, we’ll discuss six ways to simplify […] The post 6 Ways to Simplify & Streamline Your Procurement Process appeared first

Procurement 59

Procurement Trends 59

ProcurePort

NOVEMBER 13, 2022

Over the last 36 months, the world of procurement has faced challenges like no other. The COVID-19 pandemic and the geo-political instability in Eastern Europe have resulted in production disruptions and price distortions. There are important lessons to be learnt on resilience that will shape procurement trends in the immediate future. Most surveys of procurement […].

Procurement 64

Procurement Trends How To Europe 64

ProcurePort

OCTOBER 11, 2022

• The procurement process in any organization is a combination of several functions that require expertise ranging from sourcing, data collection and analysis, negotiation, accounting, risk management, project management, and many more. Though not set in stone, the procurement process can be understood through five phases. Needs Recognition– Needs are recognized at the department level […].

Procurement 64

Procurement Risk Management Analysis Sourcing 64

ProcurePort

OCTOBER 6, 2022

• Efficient and well-ordered suppliers are worth their weight in gold. In an increasingly competitive world, establishing favorable relationships with such high-caliber suppliers is imperative for good business. • But who or what are suppliers? And why are they so important? • In this post, we are going to answer two major questions: What are […].

Supply Chain 52

Supply Chain Supplier Management 52

ProcurePort

OCTOBER 5, 2022

• Quality and timely supplies lead to business process efficiency, increased accuracy, and improved productivity. Unfortunately, you cannot have quality and on-time supplies from your vendors without a well-defined, streamlined, and effective procurement and requisition strategy. • Selecting the best suppliers is the first step to getting quality, affordable, and timely deliveries.

Metrics 72

Metrics Procurement Quality Strategy 72

ProcurePort

OCTOBER 4, 2022

• There is a lot of work that goes into a company’s sourcing and buying activities beyond just the transaction. In many cases, the nature of the transaction and the intended frequency of purchase will dictate the sourcing process. • The fact that information is available and firms can source globally also complicates the sourcing […]. The post Supply Chain Sourcing and Buying 101 appeared first on ProcurePort Blog.

Supply Chain 59

Supply Chain Sourcing Global 59

ProcurePort

SEPTEMBER 30, 2022

• Procurement is the business of sourcing goods and services from vendors. Depending on the size of the organization and the unique needs of the business, procurement can be quite complex. • And, a complex operation that takes money out of the company is one that requires a truly efficient management process if costs are […]. The post The Procurement Management Process: Managing the Bottom Line appeared first on ProcurePort Blog.

Procurement 52

Procurement Sourcing Company 52

ProcurePort

SEPTEMBER 28, 2022

• In today’s business environment, a strategic sourcing strategy is critical for optimal operations. Businesses need to formalize the manner in which they gather and use information that informs their procurement activities. • Strategic sourcing takes a long-term and proactive view of a company’s purchasing activities. It seeks to consolidate purchasing power, develop useful relationships […].

Sourcing 52

Sourcing Trends Procurement Strategy 52

ProcurePort

SEPTEMBER 20, 2022

• In procurement, the balance of power can shift towards the suppliers for many reasons. First, suppliers can eliminate competition by applying a loss-leadership strategy that drives other companies out of business. • In other cases, demand far outweighs supply, making it hard for buyers to negotiate. Such circumstances make it important for procurement teams […].

Strategy 98

Strategy Procurement Company 98

ProcurePort

SEPTEMBER 13, 2022

• Businesses today understand the need to be competitive not only in the prices they offer customers but also in the way they carry out their operations. The procure-to-pay process represents one of the ways for businesses to streamline internal operations. • Prime steps for automating procure to pay process including purchase requisition, purchase orders, […].

Procurement 52

Procurement 52

ProcurePort

SEPTEMBER 7, 2022

• Contracts are legally binding documents. As such, the process that governs their creation, execution, and reviewal – i.e. contract management is an integral function of any organization. • An efficient contract management process can mitigate contract administration costs by 40%, facilitate contract renewals with better terms and conditions, and improve relations with your vendors. […].

Government 52

Government 52

ProcurePort

SEPTEMBER 6, 2022

• Procurement is a complex undertaking for organizations and requires a careful strategy to ensure it aligns with and supports the overall corporate strategy. The importance of procurement has increased over the past few decades, as demands for firms to be more efficient have increased. • The fact that firms can now source globally and […]. The post How To Build an Effective Procurement Strategy appeared first on ProcurePort Blog.

Procurement 52

Procurement Strategy How To Sourcing 52

ProcurePort

AUGUST 31, 2022

• The use of data for decision-making has grown extensively over the last decade. Leaps in data use and data leverage are courtesy of new technological developments in spheres like cloud computing, big data, analytics, and automation platforms. • Procurement analytics simply relates to how organizations use big data in terms of procurement spend analytics […].

Procurement 52

Procurement Analytics Big Data Data 52

ProcurePort

AUGUST 25, 2022

• In most industries, the power equilibrium has shifted from buyers to suppliers. A classic example is the railroad industry. In the 1900s, North America had 35 suppliers of cast railroads, and companies could choose among these. • A century later, no one has this essential comfort of suppliers because the number of suppliers has […]. The post How Anyone Can Lead a Successful Procurement Negotiation appeared first on ProcurePort Blog.

Procurement 52

Procurement North America America Industrial 52

ProcurePort

AUGUST 24, 2022

• Supplier quality management is the proactive and often collaborative approach to ensure that a supplier delivers goods and services of the highest quality. • Quality is evaluated using predetermined specifications about the product and service itself, but it also encompasses other variables. These include the timeliness of delivery, quantities, and price.

Quality 52

Quality Supplier Management 52

ProcurePort

AUGUST 23, 2022

• In the business world today, delivering the highest possible value from the supply chain depends a lot on the kind of supplier relationships an organization can maintain. • Relationship management begins from vendor prequalification, to contracting, and eventually to performance and evaluation. The contracting process is often a complex one and understandably so.

Procurement 52

Procurement Supply Chain 52

ProcurePort

AUGUST 17, 2022

• Procurement is a complex undertaking that demands time and effort. Procurement teams spend time managing contracts, handling invoicing, and conducting matching processes. • Automation provides an easy way to handle invoices. The almost overnight transition that organizations and employees have had to deal with has been challenging, physically, emotionally, and even psychologically. • Thus, […].

Software 52

Software Procurement Sourcing 52

ProcurePort

AUGUST 15, 2022

• Vendor management is the sum of all activities a company undertakes to maximize the value of the relationship they have with its vendors. This includes but is not limited to listing probable vendors, comparing prices, quality checks, cost control, and risk management. • Effective vendor management takes combined efforts across departments and therefore purchasing […].

Risk Management 52

Risk Management Quality Company 52

ProcurePort

AUGUST 4, 2022

• An organization’s long-term growth and sustainability are hinged on strategic management of organizational expenditures. • An organization’s spending determines how much money goes to suppliers and how much remains to pursue other strategic growth objectives. • Strategic spend management is a renewed outlook on spending management entailing careful planning of your expenditure – overheads, […].

Sustainability 52

Sustainability Analysis 52

ProcurePort

AUGUST 3, 2022

• The latest trends in the procurement sector for the last two years have been informed by the disruptions that came about in 2020 during the height of the COVID-19 pandemic. • The events of 2020 exposed weakness in supply chains, especially the lack of visibility and agility. Companies that couldn’t adjust fast enough ended […]. The post 9 Latest Trends That Will Shape Procurement in 2022 and Beyond appeared first on ProcurePort Blog.

Procurement 52

Procurement Trends Supply Chain Company 52

ProcurePort

JULY 26, 2022

• Project management refers to the process of applying managerial practices, skills, and knowledge to manage a project from beginning to end. Project managers work with a team of players or personnel to meet project goals. • Project managers further establish project deliverables: deliverables refer to ‘what needs to be accomplished at every stage of […].

Meeting 52

Meeting Procurement 52

ProcurePort

JULY 19, 2022

• Contract management or contract management process cycle is the process of handling and carrying out obligations set out in agreements with third parties. • As a procurement manager, contract management is at the heart of everything you do. At any point, you will be drafting new contracts, scrutinizing proposals, overseeing approvals, following up on […].

Procurement 52

Procurement 52

ProcurePort

JULY 12, 2022

• A request for a quote is a formal document sent out to vendors asking them to submit pricing quotes based on a particular brief. A request for proposal (RFQ) is an objective way to compare vendors. • Normally, your RFQ will go out to vendors after or as part of a request for proposal […]. The post 5 Simple Steps to Writing the Perfect Request for Quote (RFQ) appeared first on ProcurePort Blog.

52

52

ProcurePort

JULY 7, 2022

• Lean procurement or lean purchase is seen as a principle in the procurement of achieving more with less. Lean procurement seeks to acquire the least number of inputs to achieve the desired outcomes or results. • In lean procurement, procurement teams may reduce inventories, look for ways to cut supply costs, or reduce the […]. The post What Is Lean Procurement or Lean Purchasing?

Lean 52

Lean Procurement Inventory 52

ProcurePort

JULY 5, 2022

• A year ago, a gallon of gas in the United States set you back around $3. Today, the same gallon costs $5. The long and short is that inflation and supply chain shortages are rearing their ugly head and making its effects felt far and wide. • For businesses, the consequences are manifesting themselves […]. The post In the Face of Inflation, and Supply Chain Shortages, How Can Businesses Cut Corporate Travel Costs and Spend Less?

Supply Chain 52

Supply Chain United States Procurement 52

ProcurePort

JUNE 30, 2022

• In many companies, customer-facing activities have been digitized much faster than supply chain operations. The procurement of maintenance, repair, and operation items for manufacturing enterprises and inventory for trading companies can benefit immensely from digitization. • Other functions such as financial analysis, human resource management, and customer service have improved massively from the insights […].

Supply Chain 52

Supply Chain Procurement How To Inventory 52

ProcurePort

JUNE 23, 2022

• The advancement of global trade over the last few decades has seen an explosion in global trade. Availability of information has led companies to seek to reduce costs by outsourcing processes to countries where the cost of labor is low. • However, the last few years have seen nationalist movements gain pace. The Brexit […]. The post What Does a Successful Domestic Sourcing Plan Entail?

Sourcing 52

Sourcing Global Company 52

ProcurePort

JUNE 21, 2022

• Contract management is the overseeing of a contract throughout its lifecycle. It starts with the creation, and execution, to the evaluation of vendor performance with the goal of maximizing the value an organization gets from such a contract. • Contract management is also a risk mitigation method. Proper management of contracts can help an […].

52

52

ProcurePort

JUNE 16, 2022

• Prior to the pandemic, procurement executives were already trying to keep up with the breakneck changes that were being witnessed in the industry. From new technology and dynamic best practices, change was everywhere and it was inevitable if you wanted to remain competitive and keep spending low. • With the pandemic as the biggest […]. The post What is the Future of Procurement?

Procurement 52

Procurement Industrial Industry 52

ProcurePort

JUNE 15, 2022

• The goal of procurement is to keep up with an organization’s emerging product and supply chain needs to meet the business’s end goals. • Procurement is a strategic process involving identifying, selecting, negotiating, and settling contracts with suppliers. But what is the purpose of procurement? • Procurement aims to purchase the highest-quality products at […].

Procurement 59

Procurement Quality Supply Chain Meeting 59

ProcurePort

JUNE 7, 2022

• Supplier performance concerns primarily the ability to meet specific supply requirements. • The statement of work and the supply contract represent two documents highlighting all the supplier’s expectations and work expectations. • There are many methods (and tools) to assess supplier performance. Some of these tools are paper-based, while others are digital or automated. […].

How To 52

How To Tools Meeting Supplier Management 52

ProcurePort

JUNE 1, 2022

• The global development goals have highlighted the changing role of sustainability. The GDPs seek to ensure that individuals, organizations, and institutions follow the set regulations in protecting and safeguarding the sustainability of future generations. • A special part of global sustainability is new regulations that control industrial and institutional operations and limit the damage […].

Supply Chain 52

Supply Chain How To Sustainability Global 52

ProcurePort

MAY 26, 2022

• The sourcing function within any organization is part of the broader procurement efforts. The sourcing function ensures that the organization is getting its products from the most suitable suppliers. • If possible, the sourcing function should influence the supply market through engagement with suppliers for mutually beneficial relationships. • An effective sourcing strategy considers […].

Sourcing 52

Sourcing Procurement Strategy 52

ProcurePort

MAY 24, 2022

• Manufacturing shop floors convert resource inputs into finished outputs. Finished products are packaged and distributed to wholesalers, hypermarkets, retailers, and consumers. • The procurement function in manufacturing ensures that the right products, services, and supplies are procured at the best price. • The procurement function manages the end-to-end process of procuring materials and resource […].

Supply Chain 52

Supply Chain Procurement Manufacturing Company 52

ProcurePort

MAY 19, 2022

• Effective contract administration and vendor management are not easy to achieve, especially when an organization is dealing with multiple vendors. • There are multiple contracts to be agreed upon, monitored, reviewed, and renegotiated each year. • When done well, contract administration can create win-win situations for a business and its vendors.

52

52

ProcurePort

MAY 18, 2022

• Sourcing is the process of finding the most suitable suppliers of goods and services to a company. When sourcing, a business has to consider the following constraints: cost, profit margins, and competitiveness. • The right supplier must offer a good enough price so that the acquiring business can make a profit margin by trading […]. The post What is Sourcing Process in Procurement – A Complete Guide to Sourcing Processes [2022] appeared first on ProcurePort Blog.

Sourcing 98

Sourcing Procurement Company 98

ProcurePort

MAY 17, 2022

• Strategic sourcing is a combination of activities aimed at aligning a company’s procurement spend with its overall objectives. • It’s about spending money in the wisest ways rather than just angling for the lowest prices of items. The sourcing strategy balances numerous variables in supply chains as well as the various interests of internal […].

Supply Chain Strategy 52

Supply Chain Strategy Sourcing Strategy Supply Chain 52