EC Sourcing Group

NOVEMBER 16, 2021

Management doesn’t refer to suppliers being “under” you but instead refers to managing vendor transactions and cultivating good relationships with your third-party vendors or suppliers. With the right analytical tools, you can cut costs, find rogue spend, and make better decisions based on this data.

Procurement Solutions 52

Procurement Solutions Analytics Software Logistics Network Optimization Software Supply Chain Software 52

EC Sourcing Group

OCTOBER 19, 2021

The importance of strategic sourcing is that it takes a long look at the big overall picture and not just one transaction with a single supplier or vendor. Tactical buying does not focus on long-term goals and does not have many strategies behind it. The Importance of Strategic Sourcing: What Are the Benefits?

Sourcing Strategies 52

Sourcing Strategies EC Sourcing Optimal Sourcing Supply Chain Software 52

EC Sourcing Group

NOVEMBER 17, 2020

When you’re trying to control the entire procurement process within the supply chain, you want to make sure that you have the best software for your needs at your side so that everyone—you, vendors, and suppliers, are getting their needs met within the supply chain. Vendor/supplier management. Procure-to-pay operations.

Procurement Solutions 52

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

EC Sourcing Group

AUGUST 31, 2021

Top 5 Sourcing and Procurement Techniques. With sourcing and procurement , a solid strategy is essential to ensure that your ROI is strong, your relationships with your suppliers are doing well, and that your team appropriately supports your stakeholders and company’s overall goals andobjectives. .

Optimal Sourcing 52

Optimal Sourcing Sourcing Strategies Sourcing Procurement 52

EC Sourcing Group

OCTOBER 27, 2020

Eliminate what risks you can. For every risk you can’t eliminate, monitor what you can’t. Critique specific vendors and suppliers before you use them for potential risks and vulnerabilities ( eSourcing ). Contain the risk. Monitor risks. Keep a close eye on potential problems.

Supply Chain Design Software 52

Supply Chain Design Software Supply Chain Software Supply Chain Planning Software Risk Management 52

EC Sourcing Group

APRIL 6, 2023

The good news is that there are ways organizations can minimize the impact of unconscious bias in procurement by implementing best practices and strategies such as: Establishing clear and objective criteria for supplier selection Implementing blind evaluations in the procurement process Providing diversity training to procurement teams and regularly (..)

Vendor Strategies 52

Vendor Strategies Analytics Software Optimal Sourcing How To 52

EC Sourcing Group

OCTOBER 12, 2021

This helps you onboard any new vendors and capture information requests from existing vendors as well. Reduces both indirect and direct costs (which leads to better ROI). Contract management. These features handle the creation, execution, and management of contracts. Supplier management. Creates long-term supplier relationships.

Optimal Sourcing 52

Optimal Sourcing Optimization Software Negotiating Skills Supply Chain Optimization 52

EC Sourcing Group

DECEMBER 8, 2020

There are many steps in the supply chain and sourcing and procurement that are tedious, but they must be completed to run the business smartly and efficiently. RFP automation software benefits your vendors and suppliers as well, which makes collaboration easier. . Often, this process is performed manually, and it can be time-consuming.

Supply Chain Software 52

Supply Chain Software Analytics Software Supply Chain Planning Software 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. Risk reduction. In March 2022, the U.S.

Material Savings 52

Material Savings Waste Reduction Supply Chain Software Vendor Strategies 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. Create vendor KPIs to track performance , as it’s more important than ever to prevent supply chain disruptions in your categories.

Optimal Sourcing 52

Optimal Sourcing Optimization Software Price Mitigation Strategies Supply Chain Optimization 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

JANUARY 26, 2021

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. The role of reverse auctions in strategic sourcing is important, but you want more than one tool at your disposal. What Is the Reverse Auction Process? When to Use It. How They Work.

EC Sourcing 40

EC Sourcing Supply Chain Planning Software Supply Chain Software Sourcing Strategies 40

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. As the name suggests, strategic sourcing has a strategy behind vetting and choosing suppliers. Strategic Sourcing Solutions : Your Sourcing Tactics.

Negotiating Skills 52

Negotiating Skills Purchasing Skills Sourcing Strategies Procurement Solutions 52

EC Sourcing Group

SEPTEMBER 21, 2021

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. Provided you have the right software; the automation should streamline your sourcing process by at least 35 percent. Better vendors.

Negotiating Skills 52

Negotiating Skills Negotiate Pricing EC Sourcing Sourcing Strategies 52

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. Before starting the reverse bidding process.

Material Savings 52

Material Savings Optimal Sourcing Price Reduction Waste Reduction 52

EC Sourcing Group

DECEMBER 5, 2022

It’s important to ensure that your vendors meet your company’s standards regarding all contracts and purchase orders. 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.

Negotiating Skills 52

Negotiating Skills Sourcing Strategies Purchasing Skills Sourcing 52

EC Sourcing Group

JUNE 10, 2020

Simply put, contract management is being in charge of contracts of vendors or for other parties. They will also be interested in reducing any inherent risks in their own organization. Read on to learn more about contract management, and methods for managing procurement risks that can help you along the way. .

Procurement Solutions 40

Procurement Solutions Optimal Sourcing Procurement EC Sourcing 40

EC Sourcing Group

JUNE 14, 2022

The right technology offers a more precise spend cube but also increases supplier compliance, severely reducing procurement costs. Spend analysis software helps you keep track of vendor compliance, reliability, and past transactions. The right software will help you find and reduce rogue spend. Risk Management.

Analysis 52

Analysis Forecasting Software Vendor Strategies Analytics Software 52

EC Sourcing Group

JULY 5, 2022

If your team and vendors are confused by the change, and there’s quite a learning curve, eSourcing, procurement, and the supply chain may be affected by improper spend analysis. . Spend data is information on a company’s overall spend, not just spend data with vendors and suppliers. . What Is Spend Analysis : Key Terms to Know.

Analysis 52

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

EC Sourcing Group

SEPTEMBER 20, 2022

If your vendor(s) are engaging in practices that are unethical and affect the supply chain overall, this can easily derail your supply chain and tarnish your company’s reputation, even if your company isn’t the one directly participating in the unethical behavior. “Too good to be true” pricing. Conflicts of interest.

Optimal Sourcing 52

Optimal Sourcing Procurement Solutions Purchasing Skills Sourcing Strategies 52

EC Sourcing Group

JUNE 28, 2022

This describes any vendor not strategically or actively managed in procurement. Once you’ve run analytics, choose one area to work on first by categorizing it and implementing a spend management strategy around it. Make sure automated sourcing platforms are connected to your P2P or ERP platforms. Reduced risk.

Optimal Sourcing 52

Optimal Sourcing Procurement Analytics Analytics Software Optimization Software 52

EC Sourcing Group

SEPTEMBER 27, 2022

Within the RFx functionality, there should be many other features in your FlexRFP eSourcing , such as purchase requisition, bid evaluation tools, electronic signatures, vendor scorecards and response ratings, and should be equipped with real-time analytics so you can monitor activity and measure performance. Minimizes manual processes.

Analytics Software 52

Analytics Software Procurement Solutions Supply Chain Software Procurement Analytics 52

EC Sourcing Group

AUGUST 9, 2022

With a centralized repository that holds all your contracts and past transactions, you can improve your vendor vetting process with supplier management and make more informed decisions as you evaluate risk. RFP stands for “request for proposal,” and it involves a formal request sent out to a vendor for a service, product, or solution.

Optimal Sourcing 52

Optimal Sourcing Sourcing Strategies Sourcing Supply Chain Software 52

EC Sourcing Group

MAY 17, 2023

Spend classification can often go unnoticed, despite its critical influence over successful procurement strategy. Proper classification enables the identification of strategic suppliers, preferred vendors, and potential risks associated with suppliers, allowing organizations to establish robust supplier management programs.

Optimal Sourcing 52

Optimal Sourcing Negotiating Skills Negotiate Pricing Sourcing Strategies 52

EC Sourcing Group

JULY 12, 2022

Because automation is crucial and can significantly reduce time and lead to cost savings, the e-Sourcing and procurement software industry are highly competitive. Because you’ll need to implement different functions at different times, using multiple vendors offers the most flexibility. Less risk of locking in a vendor.

Procurement Solutions 52

Procurement Solutions Analytics Software Supply Chain Design Software Supply Chain Planning Software 52

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. Is this the right vendor for you? eSourcing Software: Allows for Best Practices.

Supply Chain Software 52

Supply Chain Software Software Sourcing Strategies Optimal Sourcing 52

EC Sourcing Group

AUGUST 30, 2022

Both buyers and suppliers benefit from eAuctions, as buyers have a more comprehensive choice for choosing suppliers, which levels the playing field for the vendors. This gives you a qualified list of vendors. Mastering Reverse Bidding : Vendor Vetting Process. Mastering Reverse Bidding : The Reverse Auction Process.

Buyer Training 52

Buyer Training Negotiate Pricing Negotiating Skills Material Savings 52

EC Sourcing Group

SEPTEMBER 13, 2023

It offered a single platform to manage and centralize their supply chain operations, eliminating inefficiencies and communication gaps. Simfoni’s platform enhanced communication, collaboration, and vendor relationships. The Transformation The results were profound.

Procurement Solutions 52

Procurement Solutions Procurement Analytics Supply Chain Software Vendor Strategies 52

EC Sourcing Group

JUNE 7, 2022

When using advanced eSourcing tools, you’ll have a comprehensive eSourcing dashboard, a web-based, online platform where you’ll advertise sourcing needs. The more details you provide, the quicker you can eliminate suppliers who won’t fit your needs. Electronic vendor awards and contract creation integration. Online bid reviews.

Procurement Solutions 52

Procurement Solutions Optimization Software Supply Chain Software Optimal Sourcing 52

EC Sourcing Group

MAY 24, 2022

Ability to change bid strategy . Once it is configured, you can begin to invite vendors. Now you can begin to invite the vendors. Reference page creation . Integration with enterprise platforms, such as a central repository or enterprise resource planning (ERP). Analytics features. Post-bid analysis. Running the Auction.

Optimal Sourcing 52

Optimal Sourcing Procurement Solutions Purchasing Skills Supply Chain Planning Software 52

EC Sourcing Group

DECEMBER 28, 2020

There are many steps in the supply chain and sourcing and procurement that are tedious, but they must be completed to run the business smartly and efficiently. RFP automation software benefits your vendors and suppliers as well, which makes collaboration easier. Often, this process is performed manually, and it can be time-consuming.

Supply Chain Software 52

Supply Chain Software Analytics Software Supply Chain Planning Software Software 52

EC Sourcing Group

JANUARY 19, 2023

This software ensures you maintain focus on what happens after signing the contract with a vendor and that you are receiving the best post-possible value for your dollar. 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

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.

Optimal Sourcing 52

Optimal Sourcing Analytics Software Predictive Analytics Sourcing Strategies 52

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

AUGUST 11, 2020

You would have spent endless hours on phone calls with vendors and suppliers, keeping conversations and facts and figures straight. . Then, better computing and the Internet came along with the most basic types of procurement sourcing software , perhaps the first and most flexible: spreadsheets. Supplier Discovery. eProcurement.

Procurement Solutions 59

Procurement Solutions Sourcing Strategies Purchasing Skills Sourcing 59

EC Sourcing Group

DECEMBER 1, 2021

Depending on your requirements you can design your sourcing strategy to commit a portion of your freight volume, and procure the rest on the spot market. Matching thousands of lanes with the capabilities of hundreds of carriers is complex but is critical to unlocking value. Network and commitments. Understand your demand model.

Optimal Sourcing 52

Optimal Sourcing Manufacturing Procurement Sourcing Strategies Sourcing 52

EC Sourcing Group

SEPTEMBER 2, 2021

Depending on your requirements you can design your sourcing strategy to commit a portion of your freight volume, and procure the rest on the spot market. Matching thousands of lanes with the capabilities of hundreds of carriers is complex but is critical to unlocking value. Network and commitments. Understand your demand model.

Optimal Sourcing 52

Optimal Sourcing Manufacturing Procurement Sourcing Strategies Sourcing 52