EC Sourcing Group

MAY 3, 2022

Many CPO’s don’t realize that a reverse auction strategy can play an important role in overall procurement strategy, allowing for access to a larger supplier base, more opportunities for cost savings, reduced cycle times, and improved relationships with suppliers, just to name a few. Multi-currency capabilities.

Material Savings 52

Material Savings Optimal Sourcing Price Reduction Waste Reduction 52

EC Sourcing Group

DECEMBER 28, 2021

Underneath the umbrella of supply chain management are procurement and the sourcing of goods and materials. When this is performed electronically through the internet, it is known as eSourcing or electronic sourcing. 5 Things to Look for in eSourcing Software. Features of eSourcing Software: eRFX Management.

Analytics Software 52

Analytics Software Optimization Software Supply Chain Software Optimal Sourcing 52

EC Sourcing Group

DECEMBER 28, 2021

Underneath the umbrella of supply chain management are procurement and the sourcing of goods and materials. When this is performed electronically through the internet, it is known as eSourcing or electronic sourcing. 5 Things to Look for in eSourcing Software. Features of eSourcing Software: eRFX Management.

Analytics Software 52

Analytics Software Optimization Software Supply Chain Software Optimal Sourcing 52

EC Sourcing Group

AUGUST 24, 2021

Category management in procurement is an integral part of the procurement strategy in which procurement managers take specific products or services and divide them into certain categories. To hear more about optimizing category management in procurement or requesting a software demo, contact EC Sourcing Group today at 973-936-9672.

Optimal Sourcing 52

Optimal Sourcing Optimization Software Price Mitigation Strategies Supply Chain Optimization 52

EC Sourcing Group

APRIL 26, 2022

A bid is a document that outlines the quantities and materials needed for a project, while a tender is a request for proposal (RFP) to solicit bids from suppliers. One advantage is time- and cost-saving, which contributes to the importance of eTendering. Tangible benefits include: Reduced cost of purchases. Improved visibility.

Optimal Sourcing 52

Optimal Sourcing Material Savings Cost Reduction Strategies Procurement Solutions 52

EC Sourcing Group

OCTOBER 4, 2022

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. Strategic sourcing is often easily confused with eProcurement itself. Strategic Sourcing Solutions : Your Sourcing Tactics.

Negotiating Skills 52

Negotiating Skills Purchasing Skills Sourcing Strategies Procurement Solutions 52

EC Sourcing Group

FEBRUARY 8, 2023

From lost opportunities to higher costs, outdated sourcing methods and traditional sourcing strategies can impede your success and the growth of your business. With the new sourcing methods and strategies available in 2023, you can eliminate those hassles and focus on what matters most—growing your business.

Optimal Sourcing 52

Optimal Sourcing Purchasing Skills Sourcing Strategies Negotiating Skills 52

EC Sourcing Group

OCTOBER 26, 2021

Cost reduction. Your software should be able to reasonably predict both procurement and production demand for both raw materials and finished goods. You want the ability to be able to manage your inventory, which includes your stocked parts, raw materials, and spare parts, along with your asset management. Inventory management.

Supply Chain Software 40

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

EC Sourcing Group

DECEMBER 5, 2022

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. . Decide on a sourcing strategy.

Negotiating Skills 52

Negotiating Skills Sourcing Strategies Purchasing Skills Sourcing 52

EC Sourcing Group

AUGUST 30, 2022

The endless back-and-forth could take days, sometimes weeks or months to source the needed service or materials. With the best eSourcing software, you’ll see significant time savings here by automating this process. However, the “analog” way of negotiations is long gone, thanks to reverse bidding and eAuction software.

Buyer Training 52

Buyer Training Negotiate Pricing Negotiating Skills Material Savings 52

EC Sourcing Group

JANUARY 19, 2023

Discover Opportunities for Savings with Spend Analysis The decisions your procurement team make have a significant impact on your bottom line. Another important benefit of the spend analysis process is discovering hidden savings opportunities. For instance, the ability to share transaction data can help reduce delivery delays.

Analysis 52

Analysis Procurement Solutions Analytics Software Logistics Network Optimization Software 52

EC Sourcing Group

FEBRUARY 22, 2023

For most companies, gone are the days of spreadsheets, endless phone calls and emails, and the tediously slow time it can take to source materials or services. eAuction benefits are many—while they’re not the most viable choice for every sourcing process , they are an excellent fit for many industries.

Supply Chain Design Software 52

Supply Chain Design Software Optimal Sourcing Supply Chain Network Software Optimization Software 52

EC Sourcing Group

JULY 26, 2022

Here are some types to consider: CPO Cockpit: Chief procurement officers acquire goods and services and use workflow management systems to meet a company’s organizational goals while reducing costs and increasing profit. This detailed, relevant data creates savings opportunities while streamlining and prioritizing sourcing events.

Optimal Sourcing 52

Optimal Sourcing Analytics Software Predictive Analytics Sourcing Strategies 52

EC Sourcing Group

SEPTEMBER 5, 2019

His suggestions on the best approach and materials were invaluable. What data relating to suppliers, materials, services, contracts, spend etc. Is support technical only or is strategy included? In past years it would have been 2 or 3 times that long. Is there strong support from senior management to drive efficiency?

Supply Chain Software 45

Supply Chain Software Procurement Supply Chain Strategy Material Savings 45

EC Sourcing Group

MARCH 12, 2023

If you want to streamline your supplier evaluation process, increase supply chain efficiency, and reduce costs, building an ideal supplier scorecard is crucial. The supplier is a third-party vendor that provides goods, materials, and services to your organization.

Procurement Analytics 52

Procurement Analytics Purchasing Skills Procurement Solutions Supply Chain Planning Software 52

EC Sourcing Group

APRIL 12, 2022

However, even valuable tools can be improved upon—read on to learn how to improve your reverse auction strategy in 2022. Direct material (vehicles, aluminum castings, wine, tiles and flooring, and many more). Choosing the Right Auction Software. Much of your success with eAuctions will depend on the type of software you’re using.

Supply Chain Software 52

Supply Chain Software Optimal Sourcing Sourcing Strategies Material Savings 52

EC Sourcing Group

NOVEMBER 15, 2022

As of December 2022, there is also a shortage of services and materials that is driving up prices and worsening inflation. Some of the industries most affected are the ones companies rely on the most to produce products— including lumber, truckload freight, nitrogen, cotton, steel, and corrugated materials.

Supply Chain Design Software 52

Supply Chain Design Software Supply Chain Software Supply Chain Design Optimal Sourcing 52

EC Sourcing Group

AUGUST 16, 2022

Bribery may seem like the easiest unethical practice to avoid, but it still occurs, particularly when trying to save money. Every company wants to save money, but the right sourcing software can help you manage spend and save money the right way. Illegal sourcing. Favoritism.

Sourcing 40

Sourcing Procurement Negotiate Pricing How To 40

EC Sourcing Group

MAY 17, 2022

SCM includes all of the processes that transform raw materials into their final products. Opportunities for cost savings. Your supply chain is the backbone of your business, no matter what role you play in purchasing and procurement. Global supply chain optimization requires solid supply chain management (SCM).

Optimal Sourcing 52

Optimal Sourcing Optimization Software Supply Chain Optimization Supply Chain Software 52

EC Sourcing Group

JULY 19, 2022

The right reverse auction software will streamline your procurement strategies, saving time and money. A way to alter bid strategy. A smart tip for using reverse auctions is to only run these auctions for the services and goods you need most often, which will help improve your procurement strategy. Direct materials.

Sourcing Strategies 52

Sourcing Strategies Material Savings Vendor Strategies Cost Reduction Strategies 52

EC Sourcing Group

JULY 20, 2021

Without having online reverse auction solutions and optimizations and running an eAuction or reverse auction without some direction, you may not be getting the results you want in your overall strategic sourcing experience. Online Reverse Auction Solution s: What Are Good Reverse Auction Strategies? Minimum bid decrement.

Optimal Sourcing 52

Optimal Sourcing Procurement Solutions Optimization Software Price Mitigation Strategies 52

EC Sourcing Group

DECEMBER 12, 2019

Raw Material Sourcing Success Story: More Suppliers Participated plus Time and Hard Dollar Savings. If your colleague increased supplier participation, saved time and generated hard dollar savings, wouldn’t you want to know how they did it? It also reduced the analysis and negotiation time.

Material Savings 52

Material Savings Manufacturing Procurement Sourcing Negotiating Skills 52

EC Sourcing Group

JUNE 1, 2021

The importance of strategic sourcing is difficult to measure, but without question, following the process will unlock savings for your organization by making more informed choices on how to select suppliers in the marketplace. How to Improve Your Strategic Sourcing Process. Increased savings. Risk management.

Negotiating Skills 52

Negotiating Skills Sourcing Strategies Optimal Sourcing Sourcing 52

EC Sourcing Group

DECEMBER 23, 2020

The role of reverse auctions in strategic sourcing has diminished in recent years but is seeing a comeback in 2020 as companies look to find more savings in the pandemic. Reverse auctions work best with: Raw materials. Once you get a feel for the reverse auction process, you’ll know when to tap into this strategy.

Material Savings 52

Material Savings EC Sourcing Purchasing Skills Price Reduction 52

EC Sourcing Group

MAY 31, 2023

As a key metric for procurement teams, PPV reflects their effectiveness in delivering cost savings to the enterprise. The Strategic Spend Terminal streamlines procurement processes, enhances supplier management , and empowers users to identify cost-saving opportunities by analyzing PPV trends and patterns. Schedule a demo today!

Negotiating Skills 52

Negotiating Skills Purchasing Skills Negotiate Pricing Procurement Solutions 52

EC Sourcing Group

SEPTEMBER 24, 2019

Most professionals in procurement want to develop a strategy to win consistently in negotiations. In my first role direct materials had a major impact on our profitability. I am not referring to a method to get price concessions every time. There are also optimization tools in the market that are very challenging to use.

Negotiating Skills 45

Negotiating Skills Negotiate Pricing Price Reduction Optimal Sourcing 45

EC Sourcing Group

JULY 14, 2020

If it’s a company that is responsible for making a product or good, the procurement manager must make sure that the company has on hand all of the raw materials, goods, and services that they need—at a cost-effective price—to make the good on time and with high quality. . The Procurement manager responsibilities are plentiful.

Procurement Solutions 52

Procurement Solutions Procurement Purchasing Skills Vendor Strategies 52

EC Sourcing Group

SEPTEMBER 8, 2020

Read on to learn why cost spend analysis is so important and what the general spend analysis steps are to reduce spend at your company. There are specific steps you can categorize and group analyses. Direct spend is related to purchases for materials that go into the product you sell. Spend Analysis Steps : Asking Questions.

Analysis 52

Analysis Procurement Solutions EC Sourcing Purchasing Skills 52

EC Sourcing Group

DECEMBER 20, 2021

This type of reverse bidding works out well for many buyers and suppliers, particularly in certain industries, such as raw materials, transportation services, and government entities. Significant savings for the buyer. A buyer will put up a request for goods and services and the suppliers compete for the business.

EC Sourcing 52

EC Sourcing Procurement Material Savings Quality 52

EC Sourcing Group

DECEMBER 20, 2021

This type of reverse bidding works out well for many buyers and suppliers, particularly in certain industries, such as raw materials, transportation services, and government entities. Significant savings for the buyer. A buyer will put up a request for goods and services and the suppliers compete for the business.

EC Sourcing 52

EC Sourcing Procurement Material Savings Quality 52

EC Sourcing Group

AUGUST 10, 2021

There are several different types of reverse auctions used as strategic sourcing solutions (cherry-picking, list, and cherry lot), so it may not always be the lowest bid that wins. This is where some knowledge and strategy must come into play. Strategic Sourcing Solutions: Why Do Reverse Auctions Not Work? Raw materials.

Procurement Solutions 52

Procurement Solutions EC Sourcing Purchasing Skills Sourcing Strategies 52

EC Sourcing Group

FEBRUARY 9, 2022

Spend management refers to the process of managing company purchasing and relationships with suppliers to keep track of every dollar spent , resulting in procurement cost reduction. Not all spend is covered by contracts, such as materials or services. Reduced risk and increased compliance. Increased productivity and efficiency.

Procurement Analytics 52

Procurement Analytics Procurement Solutions Optimal Sourcing Material Savings 52

EC Sourcing Group

FEBRUARY 7, 2022

Spend management refers to the process of managing company purchasing and relationships with suppliers to keep track of every dollar spent , resulting in procurement cost reduction. Not all spend is covered by contracts, such as materials or services. Reduced risk and increased compliance. Increased productivity and efficiency.

Procurement Analytics 52

Procurement Analytics Procurement Solutions Optimal Sourcing Material Savings 52

EC Sourcing Group

JANUARY 24, 2019

Early in my career, I was able to forecast the profitability of one division based on the price trends of four key raw materials. These materials represented almost 70% of the cost of goods manufactured. The savings in time and money were impressive. If it was always this easy. You can reach me at (973) 718-7071 x875.

Manufacturing Procurement 45

Manufacturing Procurement Negotiating Skills Purchasing Skills Procurement Solutions 45

EC Sourcing Group

MARCH 22, 2023

This not only safeguards a company’s reputation but optimizes operations and drives cost savings. But to achieve actual compliance in sourcing and procurement, it is important to take certain steps that go beyond just having a policy in place. Implement budget controls. Schedule a demo today!

Optimal Sourcing 52

Optimal Sourcing Purchasing Skills Negotiate Pricing Procurement Solutions 52

EC Sourcing Group

MAY 30, 2019

New materials that are stronger than steel and transparent could dramatically change military and construction applications. If you are a procurement professional, it is certain that you will be asked to source products or services that haven’t existed previously. Here is where the ‘dummy” strategy will help you.

Manufacturing Procurement 45

Manufacturing Procurement Material Savings Cost Reduction Strategies Sourcing Strategies 45

EC Sourcing Group

APRIL 14, 2020

Or to cover a specific situation: “Your key supplier just informed you that they will only be able to provide 60% of the promised materials, is that correct?”. Or: “Let me see is I understand this, the service provider has to follow new guidelines that will reduce their ability to meet your requirements as promised.”.

Material Savings 52

Material Savings Guidelines Just-in-Time Cost Reduction Strategies 52