EC Sourcing Group

OCTOBER 25, 2022

What is the Best Reverse Bidding Process and Strategy? It also gives them more transparency in their contracting process and reduces administrative costs associated with traditional bidding processes. Benefits for buyers include reduced manual labor costs and greater time efficiency. Manufacturing.

Price Reduction 52

Price Reduction Sourcing Strategies Cost Reduction Strategies Negotiating Skills 52

EC Sourcing Group

OCTOBER 4, 2022

Strategic Sourcing Solutions to Enhance Your Bottom Line. Strategic sourcing is vital to procurement and the supply chain overall, as it allows companies to gain the lowest cost of a good or service while minimizing supply chain risk. What Is Strategic Sourcing?

Negotiating Skills 52

Negotiating Skills Purchasing Skills Sourcing Strategies Procurement Solutions 52

EC Sourcing Group

FEBRUARY 8, 2023

Legacy sourcing methods work against you. From lost opportunities to higher costs, outdated sourcing methods and traditional sourcing strategies can impede your success and the growth of your business. Sourcing Strategies in Procurement: What Is Traditional Sourcing?

Optimal Sourcing 52

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EC Sourcing Group

DECEMBER 5, 2022

Contract Compliance and Strategic Sourcing. Contract sourcing and strategic sourcing are two different strategies that ensure you are able to get the best deals from your suppliers while still adhering to company policy. The two must work together to keep the source-to-contract process flow working effectively. .

Negotiating Skills 52

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EC Sourcing Group

OCTOBER 19, 2021

However, those who regularly use them as part of their strategic sourcing methodology understand the relationship between reverse auctions and success in strategic sourcing. . The Importance of Strategic Sourcing : Why Are People Scared to Use Reverse Auctions? The Importance of Strategic Sourcing: What Are the Benefits?

Sourcing Strategies 52

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EC Sourcing Group

DECEMBER 7, 2021

eSourcing stands for electronic sourcing, so it is the process of inviting suppliers to an RFx, collecting information about the suppliers, holding eAuctions for the procurement of goods and services, inviting a supplier to a contract, and evaluating the supplies afterward. They allow you to find new suppliers at a potentially lower cost.

Procurement 52

Procurement EC Sourcing Sourcing Strategies Analytics Software 52

EC Sourcing Group

SEPTEMBER 7, 2021

If you’re executing your procurement strategies efficiently, you’re also continually running spend analysis reports. At its most basic, the following is a solid explanation of how the supply chain works: Source raw materials or goods from suppliers. Spend Analysis in Supply Chain Management : Reducing Costs to the Supply Chain.

Analysis 52

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EC Sourcing Group

AUGUST 9, 2022

Sourcing is an integral part of procurement management and an upstream part of the supply chain, affecting its overall success. Sourcing is the acquiring of goods and services needed to run a business or make a product. . But, what makes the best sourcing software for your strategic sourcing solutions ? . Cost-effective.

Optimal Sourcing 52

Optimal Sourcing Sourcing Strategies Sourcing Supply Chain Software 52

EC Sourcing Group

SEPTEMBER 6, 2022

A green supply chain reduces the harm that may occur at any stage of the procurement cycle—production, purchasing, logistics, material management, or distribution. It also contributes to reducing a company’s carbon footprint, which makes it more attractive to consumers. Key questions to ask include: How much waste am I producing?

Material Savings 52

Material Savings Waste Reduction Supply Chain Software Vendor Strategies 52

EC Sourcing Group

OCTOBER 12, 2021

Much of your optimization will be accomplished through the strategic sourcing process, one of the best ways to keep things optimized and seamless. Procurement Optimization Solutions : What Does Strategic Sourcing Mean? It can help you make more confident, informed decisions on how to proceed as a company when sourcing.

Optimal Sourcing 52

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EC Sourcing Group

NOVEMBER 9, 2021

If you’re still participating in a manual sourcing process, it’s likely time-consuming and frustrating at times. Over time, most aspects of sourcing and procurement have become digital (aptly named “eSourcing”), which has improved efficiency and cost for all of the supply chain. Cost Reduction: An Advantage of eTendering.

EC Sourcing 40

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EC Sourcing Group

DECEMBER 1, 2021

Demystifying Transportation Sourcing. If you are like me, transportation sourcing is a mind boggling and complex field. This article is about creating value in transportation sourcing. This article is about creating value in transportation sourcing. Applying sound sourcing principles will enable you to unlock value.

Optimal Sourcing 52

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EC Sourcing Group

SEPTEMBER 2, 2021

Demystifying Transportation Sourcing. If you are like me, transportation sourcing is a mind boggling and complex field. This article is about creating value in transportation sourcing. This article is about creating value in transportation sourcing. Applying sound sourcing principles will enable you to unlock value.

Optimal Sourcing 52

Optimal Sourcing Manufacturing Procurement Sourcing Strategies Sourcing 52

EC Sourcing Group

FEBRUARY 16, 2021

As the pandemic surges on, your sourcing and contract management strategies may still be struggling. . Provided everyone has access to the sourcing and supply chain management software, there should never be a misstep in the contracting process. Contracts and Procurements : Spend Analysis and Opportunity Assessments .

Optimal Sourcing 52

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EC Sourcing Group

JULY 26, 2022

Read on to better understand of advanced analytics, their benefits, and how they will improve your sourcing outcomes. A well-designed sourcing dashboard helps the CPO move projects ahead and view all events in one place using graphs, charts, and tags as guides/alerts. Lowers costs and oversee production.

Optimal Sourcing 52

Optimal Sourcing Analytics Software Predictive Analytics Sourcing Strategies 52

EC Sourcing Group

NOVEMBER 16, 2021

With the right analytical tools, you can cut costs, find rogue spend, and make better decisions based on this data. It makes global sourcing in supply chain management more possible and efficient. Supply Chain Management Cloud Software: Vendor Management Portal. We want you to reimagine the way you think about procurement.

Procurement Solutions 52

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EC Sourcing Group

JULY 7, 2020

This type of software is a small but very imperative part of the overall Sourcing process. Using eSourcing software reduces costs , saves time and maximizes your efficiency, offers you detailed supplier information so you can make a more educated choice, and helps ensure compliance. pre-purchase questionnaire. evaluation.

Manufacturing Procurement 52

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EC Sourcing Group

APRIL 7, 2020

Single source suppliers. If you would like to know more ways to reduce costs without changing the way you do business, simply give me a call or send me an email with your contact information and the best time to reach you. See additional perspective specific for SUPPLIER RISK MANAGEMENT PROGRAMS here. .

Material Savings 52

Material Savings Cost Reduction Strategies Sourcing Strategies Supply Chain Strategy 52

EC Sourcing Group

NOVEMBER 17, 2020

Provided that you have the best software to meet your company’s needs and your needs at the supply chain and procurement level, the main benefits have to do with reducing costs and saving time, both of which are often related.

Procurement Solutions 52

Procurement Solutions Supply Chain Software Supply Chain Planning Software Forecasting Software 52

EC Sourcing Group

JULY 21, 2020

Another benefit of E-procurement is reduced cost. E-procurement software also reduces the amount of paperwork involved (by quite a bit) and increases productivity for not just you, but also for your team, and even for your supplier. . With everything on your procurement dashboard, it helps protect against duplicate spending.

Procurement Solutions 52

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EC Sourcing Group

APRIL 26, 2022

One advantage is time- and cost-saving, which contributes to the importance of eTendering. Tangible benefits include: Reduced cost of purchases. Reduced cost of operations. Reduction and elimination of maverick spend. Reduced turnaround time. Measure business risk, costs, and objectives.

Optimal Sourcing 52

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EC Sourcing Group

SEPTEMBER 21, 2021

While there are very slight differences, in essence, they hold the same meaning: electronic tendering or electronic sourcing. Communication is usually top-notch, and costs are often reduced because you’re partnering with a familiar supplier, and together you can find ways to reduce costs on both sides of the table.

Negotiating Skills 52

Negotiating Skills Negotiate Pricing EC Sourcing Sourcing Strategies 52

EC Sourcing Group

JANUARY 26, 2021

When looking at a reverse auction vs. regular auction , a reverse auction is a viable option in sourcing and procurement, particularly if you’re working with new suppliers. Because reverse auctions are a strategy , you don’t want to use them all the time, and want to make sure you use them at the right time. When to Use It.

EC Sourcing 40

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EC Sourcing Group

NOVEMBER 8, 2023

With deeper learning capabilities and more nuanced decision-making algorithms, AI is streamlining the most complex sourcing tasks, offering a significant competitive advantage to early adopters. Sustainable and Ethical Sourcing Sustainability and ethics are taking center stage in procurement processes. Why Act Now? Why Act Now?

Optimal Sourcing 52

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EC Sourcing Group

MAY 3, 2022

As a procurement professional, you want to develop processes based on strategic sourcing and ensure proper supplier evaluation and selection. Every company will characterize value differently, but most define success as reducing costs, saving time, and building a robust and sustainable supply chain that supports growth.

Material Savings 52

Material Savings Optimal Sourcing Price Reduction Waste Reduction 52

EC Sourcing Group

OCTOBER 26, 2021

In modern times, you’ll see many cases of global sourcing in supply chain management, which has been made possible through the use of information technology in supply chain management. Cost reduction. The Use of Information Technology in Supply Chain Management: What Role Does IT Play?

Supply Chain Software 40

Supply Chain Software Logistics Network Optimization Software Inventory Management Software Analytics Software 40

EC Sourcing Group

JULY 20, 2023

The energy sector faces several unique procurement challenges, such as complex supply chains, volatile commodity prices, strict regulatory requirements, and the need for sustainable and socially responsible sourcing. Cost Optimization : Commodity prices in the energy sector can be highly volatile.

Optimal Sourcing 52

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EC Sourcing Group

MAY 17, 2023

Spend classification can often go unnoticed, despite its critical influence over successful procurement strategy. Accurate classification of products, services, and suppliers forms the foundation for improved decision-making, cost optimization, and enhanced supply chain management. Want to learn more?

Optimal Sourcing 52

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EC Sourcing Group

JUNE 28, 2022

“Tail Spend” refers to all of the high-volume, low-cost expenses a company incurs that aren’t typically managed, let alone optimized. Once you’ve run analytics, choose one area to work on first by categorizing it and implementing a spend management strategy around it. Reduced risk. Increased productivity per FTE.

Optimal Sourcing 52

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EC Sourcing Group

FEBRUARY 1, 2022

eSourcing refers to a buyer’s ability to collect different bids from suppliers using an online sourcing solution. Sourcing electronically instead of leaving a paper trail saves time, money, and is a much more efficient way to procure goods and services. A Municipalities Guide to eSourcing. Seamless communications. Online bid analysis.

Supply Chain Software 52

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EC Sourcing Group

FEBRUARY 1, 2022

eSourcing refers to a buyer’s ability to collect different bids from suppliers using an online sourcing solution. Sourcing electronically instead of leaving a paper trail saves time, money, and is a much more efficient way to procure goods and services. A Municipalities Guide to eSourcing. Seamless communications. Online bid analysis.

Supply Chain Software 52

Supply Chain Software Optimal Sourcing Buyer Training Price Reduction 52

EC Sourcing Group

SEPTEMBER 13, 2019

Elimination or reduction of transaction costs. Elimination of nuisance suppliers. Reduced maverick spending. All these benefits translate into hard cost savings and operational efficiency. P-cards – eliminating purchase orders for recurring purchases saves significant time and money.

Procurement Solutions 45

Procurement Solutions Procurement Analytics Supply Chain Software Optimal Sourcing 45

EC Sourcing Group

MAY 31, 2022

It’s estimated that approximately 90 percent of businesses use some procurement strategy to acquire goods and services. However, not everyone is using eSourcing software — a cost-effective, efficient way to source. Previously, an analog sourcing method would take days or even weeks. eSourcing Software: Robust Features.

Supply Chain Software 52

Supply Chain Software Software Sourcing Strategies Optimal Sourcing 52

EC Sourcing Group

JULY 5, 2022

The process of spend analysis has specific goals of efficiency and saving money by increasing visibility into spend, which can decrease overall procurement costs. Transform and integrate source spend data from key systems into one data set. However, these are important to achieve cost-effectiveness and savings. RFQ, RFI, etc.).

Analysis 52

Analysis Analytics Software Supply Chain Design Software Supply Chain Planning Software 52

EC Sourcing Group

SEPTEMBER 27, 2022

Not long ago, sourcing was still an “analog” process, with a lot of back-and-forth communication via phone calls, emails, and meetings in person. Technology has finally caught up with sourcing and procurement—evolving processes by leaps and bounds in a relatively short amount of time. It also helps cut back on repetitive questions.

Analytics Software 52

Analytics Software Procurement Solutions Supply Chain Software Procurement Analytics 52

EC Sourcing Group

JUNE 7, 2022

Everyone in the procurement and purchasing fields knows that sourcing is generally a process of getting the best product from top suppliers with good terms and price. When using advanced eSourcing tools, you’ll have a comprehensive eSourcing dashboard, a web-based, online platform where you’ll advertise sourcing needs.

Procurement Solutions 52

Procurement Solutions Optimization Software Supply Chain Software Optimal Sourcing 52

EC Sourcing Group

JUNE 14, 2022

The right technology offers a more precise spend cube but also increases supplier compliance, severely reducing procurement costs. This also heavily ties in with mitigating risk—with this information, you can employ strategies to consolidate spend where appropriate, using eSourcing. Full Visibility with a Spend Analysis.

Analysis 52

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