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.

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Optimal Sourcing Optimization Software Negotiating Skills Supply Chain Optimization 52

EC Sourcing Group

JUNE 24, 2020

Obtaining services and goods, at the best prices for your operational reality. Negotiating and implementing new contracts, and keeping tabs and updates on old contracts as well as their milestones and due dates. Some of the more general benefits of eSourcing in the supply chain include streamlining the areas of: .

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EC Sourcing Group

JUNE 17, 2020

Through procurement management tools , such as eSourcing software, this process is made much easier than it has been in the past, with the ability to vet many different suppliers at once, leading to a more informed decision and often with lower costs. Negotiation and contracts. What Is Procurement Management? RFQ processes.

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Manufacturing Procurement Procurement Solutions Purchasing Skills Supply Chain Design Software 52

EC Sourcing Group

AUGUST 31, 2021

Think about warehouse fees, taxes, insurance, and other costs that can add up over time. Top Sourcing and Procurement Techniques: Supplier Engagement. It’s easy to let relationships with suppliers grow stagnant, particularly if you’ve worked with your strategic suppliers for years. Lastly, always pay your vendors on time.

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EC Sourcing Group

JUNE 14, 2023

In the dynamic world of procurement , sourcing teams are constantly on the lookout for innovative strategies to drive cost savings and improve supplier relationships. With increasing interest from companies of all sizes around the globe, reverse auctions are revolutionizing the way sourcing teams approach negotiations.

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Optimal Sourcing Sourcing Strategies Negotiating Skills Negotiate Pricing 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 From lost opportunities to higher costs, outdated sourcing methods and traditional sourcing strategies can impede your success and the growth of your business. When you have limited or no insight into your current spend, it is hard to manage your costs and improve profitability.

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EC Sourcing Group

OCTOBER 5, 2021

Negotiation and contract period. At each turn, you can streamline your procurement process ; but this depends heavily on the skills of your team and the intuitive nature of the supply chain software that you’re using. . Purchase requisition. Request review. Requests for quotations. Budget approvals. Receiving goods and services.

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EC Sourcing Group

MAY 17, 2023

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

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EC Sourcing Group

MARCH 23, 2021

You find your suppliers digitally and go through negotiations online, as well as the contract process. Negotiate, if needed. It also allows you to build stronger relationships with your suppliers and, over time, build a database of strategic suppliers , so you have a go-to list when you need things accomplished. .

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EC Sourcing Group

JULY 13, 2021

Still use negotiation practices during sourcing. . Before you buy, it may be wise to look up current trends in strategic procurement management , but there are some must-haves that every piece of software should have, such as: Vendor management features. Maintain solid, transparent relationships with your suppliers. .

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EC Sourcing Group

MAY 28, 2020

The goals of procurement management are generally to acquire goods and services with the highest quality at the lowest cost to create an end product. For instance, every purchasing department wants to lower costs and be more productive, so these are concrete goals. . Lower costs. Minimize risk. Increase quality.

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Procurement Analytics Procurement Solutions Purchasing Skills Procurement 40

EC Sourcing Group

OCTOBER 25, 2022

In a Dutch auction, the buyer announces the product they want and the price they’re willing to pay, and suppliers can decide to opt-in or opt-out. . The buyer announces the price, suppliers agree to participate, and the price goes down as the auction progresses. Once the auction ends, the seller who offers the lowest price wins.

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EC Sourcing Group

AUGUST 30, 2022

For years, negotiations were performed by email or phone with a RFP (request for proposal) or an RFQ (request for quotation), which was a time-consuming and stressful process. The endless back-and-forth could take days, sometimes weeks or months to source the needed service or materials. Competency. Commitment.

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Buyer Training Negotiate Pricing Negotiating Skills Material Savings 52

EC Sourcing Group

DECEMBER 1, 2021

This article is about creating value in transportation sourcing. Savings is one component of value; in a constrained market, the best sourcing expert may only be able to control cost increases, and not offset them completely. Think strategically about transportation spend. Shipping cost or ability to deliver.

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EC Sourcing Group

SEPTEMBER 2, 2021

This article is about creating value in transportation sourcing. Savings is one component of value; in a constrained market, the best sourcing expert may only be able to control cost increases, and not offset them completely. Think strategically about transportation spend. Shipping cost or ability to deliver.

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EC Sourcing Group

FEBRUARY 9, 2021

Before the Internet, sourcing was one of the most arduous and lengthy processes of procurement. The back-and-forth process of finding the right supplier, the long drawn-out manual strategic sourcing process—these could take weeks. Develop a sourcing/strategic sourcing strategy. Implement a transition plan.

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EC Sourcing Group

JULY 26, 2022

These diagnostic analyses help businesses predict market trends, optimize global supply chains, to make quicker, strategic decisions to pursue financial opportunities. 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.

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EC Sourcing Group

AUGUST 9, 2022

However, sourcing is more than just acquisition—it also involves seller selection, negotiation for contracts, and evaluation of your suppliers over a period of time. But, what makes the best sourcing software for your strategic sourcing solutions ? . Cost-effective. Increased transparency.

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EC Sourcing Group

DECEMBER 17, 2018

Today I will share a fantastic success story from a strategic sourcing consultant who is friend of mine. Once they received the final bids, they scored the event and then commenced a negotiation with one bidder. Provided all of this at a 29% reduction in cost! His company was called in by a producer of high-end beverages.

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Manufacturing Procurement Negotiating Skills Negotiate Pricing Optimal Sourcing 40

EC Sourcing Group

JULY 28, 2020

Every link is important, and being knowledgeable about the entire supply chain, as well as the ins and outs of procurement management, are imperative to keep the entire team running smoothly and as one unit. . Procurement and purchasing is one stop on the supply chain , but everyone suffers if there’s a break in the chain.

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EC Sourcing Group

JUNE 14, 2022

The right technology offers a more precise spend cube but also increases supplier compliance, severely reducing procurement costs. The righ t software can h elp you identify potential risks before supplier negotiations. Read on to learn about the benefits about how it can streamline your procurement process. . Risk Management.

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EC Sourcing Group

APRIL 19, 2022

There are many benefits to having the right eSourcing platform or eSourcing forum, which uses digital tools to manage your strategic suppliers and suppliers. The “analog” way of sourcing and the constant back-and-forth can lead to breakdowns in supplier relationships. Second round or post-bid negotiations features.

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EC Sourcing Group

SEPTEMBER 13, 2019

Elimination or reduction of transaction costs. All these benefits translate into hard cost savings and operational efficiency. Equipment purchases – stakeholders are often unaware of negotiated savings agreements on common items. Based on my experience, here are some of the benefits: Dramatic increase in spend under management.

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EC Sourcing Group

AUGUST 16, 2022

Unethical Sourcing Practices in Procurement and How to Avoid Them. Say you took a gift or a low price from a vendor, neither of which seemed unethical at the time. Every company wants to save money, but the right sourcing software can help you manage spend and save money the right way. Some examples of the more obvious (e.g.,

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Sourcing Procurement Negotiate Pricing How To 40

EC Sourcing Group

MAY 31, 2023

Managing spending is a top priority for executive teams across industries, and purchase price variance (PPV) holds immense significance in controlling costs. PPV measures the variation between the actual purchased price and the standard baseline price of goods and services.

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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. I am not referring to a method to get price concessions every time. If you are using Excel for your complex awards and sensitivity analysis, you are giving up a strategic advantage to your suppliers and competitors. Yes, minutes.

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Negotiating Skills Negotiate Pricing Price Reduction Optimal Sourcing 45

EC Sourcing Group

JUNE 1, 2021

How to Master Your Strategic Sourcing Process. Suppose you’re new to strategic sourcing, or you’re just taking a look at your strategic sourcing methodology to ensure that you’re following best practices. Your Strategic Sourcing Process: What Does Strategic Sourcing Mean?

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EC Sourcing Group

MAY 25, 2021

Strategic sourcing and procurement are two words that should always be spoken together, as sourcing is perhaps the most important aspect of procurement. However, you should always ensure that you’re using strategic sourcing best practices and utilizing the best tools available. Efficiency.

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EC Sourcing Group

DECEMBER 2, 2019

What are the skills that define great sourcing professionals? Understanding Deadlines – Some things are not negotiable and knowing which ones is valuable. Flexible – The ability to work well with demanding or laid-back people is a wonderful skill that can be overlooked. You can reach me at (973) 718-7071 x875.

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EC Sourcing Group

JULY 20, 2021

Running a reverse auction is a critical part of the strategic sourcing process once you get a feel for how one works. There are some strategies and methods to become accustomed to the role of reverse auctions in strategic sourcing, so your reverse auctions will be more successful. The best strategic sourcing software.

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EC Sourcing Group

JANUARY 24, 2019

Today I will focus on KPIs that can provide deep insight into the efficiency and effectiveness of your operations, strategic sourcing efforts and how procurement systems are viewed internally. Early in my career, I was able to forecast the profitability of one division based on the price trends of four key raw materials.

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Manufacturing Procurement Negotiating Skills Purchasing Skills Procurement Solutions 45

EC Sourcing Group

MARCH 25, 2019

For many mid-size companies, indirect spend is killing their bottom line and derailing their efforts to implement strategic sourcing. This isn’t simply an exercise to pressure suppliers to reduce their costs. Strategic rethinking and process improvement are foundational elements. You can reach me at (973) 718-7071 x875.

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EC Sourcing Group

JUNE 24, 2021

Review of Procurement and Sourcing Technology Tools from EC Sourcing Group. I am going to dig into the fast-evolving world of sourcing technology from a practitioner’s perspective as part of an on-going series. I will admit a bias towards best of breed from two perspectives: simplicity and cost.

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EC Sourcing Group

MARCH 17, 2020

RFPs that fail to deliver expected cost savings and/or efficiency gains frustrate procurement professionals and stakeholders. I like to ask this question: “What would happen if we could only get 50% of this or if it cost 200% more than the current price?” Both sides need to negotiate in good faith. .

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EC Sourcing Group

NOVEMBER 2, 2021

Managing the contract negotiation itself. Everyone’s skill set when it comes to operating new software will vary. While every contract management dashboard is different, contact management solutions set out to do several things, including: Simplify the contract creation process. Advance notice for upcoming contract expirations.

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EC Sourcing Group

NOVEMBER 2, 2021

Managing the contract negotiation itself. Everyone’s skill set when it comes to operating new software will vary. While every contract management dashboard is different, contact management solutions set out to do several things, including: Simplify the contract creation process. Advance notice for upcoming contract expirations.

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EC Sourcing Group

JULY 27, 2021

Running regular procurement spend analysis reports can be helpful when cutting costs and seeing exactly where spend is going. The benefits of spend analysis in procurement are many, and it is vital to keep costs down. 5 Tips for Your Procurement Spend Analysis. Procurement Spend Analysis : What Are the Benefits of Spend Analysis?

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