Procurement and Supply Chain are Smarter Together – Practical Use Cases

Logistics Viewpoints

In a previous post , I made a case for how the Chief Supply Chain Officer (CSCO) and Chief Procurement Officer (CPO) are smarter together. Accordingly Supply Chain and Procurement will need continuous collaboration. Procurement Supply Chain Planning

Why Supply Chain Managers & Procurement Should Collaborate

GlobalTranz

The roles of logistics and procurement in an efficient supply chain cannot be overstated. According to Paul Myerson , reports Industry Week, up 70 percent of a company’s costs come from procurement and logistics operations. Meanwhile, this large volume of expenses is directly related to 80 percent or a company’s working capital via inventory and accounts payable. So, why do supply chain managers not take advantage of this data with respect to procurement?

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Procurement strategies shifting to restore growth post-COVID-19, reveals Ivalua research

ivalua

8 April, Redwood City, CA – Ivalua, a leading provider of global spend management cloud solutions , has announced the latest findings of a worldwide study of supply chain, procurement and finance business leaders on restoring growth. Inaccurate data leads to inventory management challenges.

Understanding the procure to pay process

Unleashed

The procure to pay process is complex and far more than simply making a phone call, or sending a few emails to arrange the purchase of goods. Strategically approaching the procure to pay process can see your company reap the rewards. 8 steps in the procure to pay process.

Procurement Strategies Shifting to Restore Growth Post-COVID-19, Reveals Ivalua Research

ivalua

8 April, Redwood City, CA – Ivalua, a leading provider of global spend management cloud solutions , has announced the latest findings of a worldwide study of supply chain, procurement and finance business leaders on restoring growth. Inaccurate data leads to inventory management challenges.

What Is Procurement in Freight

The Supply Chain Journal

For management, one of the most critical aspects of shipping and inventory management is the concept of procurement in freight. Freight capacity procurement, therefore, focuses on how much load space or capacity is available on a railroad car, truck or van, vessel, or aircraft.

Is Inventory Waste or an Asset?

Supply Chain Shaman

We were discussing the results of the planning benchmarking work that we have just finished, and I was sharing some insights on inventory management when one of the panelists emphatically stated, “Inventory is a waste to manage. We feel so strongly about this that we do not have an inventory planning role.” His feeling was that inventory is an asset to manage. Inventory is both. Inventory management is a complex subject.

Online Inventory Management: What it is and Why it’s Important

Unleashed

In this comprehensive guide to online inventory management, we’ll take a look at what it is and why your product-based business can’t do without it. Online inventory management for manufacturers. Online inventory management for retailers.

The 10 Procurement Metrics that Matter in 2021

Unleashed

What is procurement? In simple terms business procurement is the process of locating and acquiring goods and services from external sources for the business to use. Procurement activities include planning, sourcing, and negotiation, along with risk management, legal and value analysis.

COVID-19: Implications on inventory planning, sourcing and procurement

EFT

It has been a huge challenge to understand what is changing moment-to-moment, let alone predicting what will happen, so eft by Reuters sat down in a webinar with experts working at the coalface of inventory planning and distribution to understand what can be done to survive and thrive.

ANCA Streamlines Procurement with the QAD Supplier Portal

QAD

Inevitably, the procurement process is complex and challenging to manage. Machines can’t be built and shipped without having the right parts in inventory , but at the same time, keeping parts on the shelf consumes space and cash. Procurement System Improvement Goals.

Inventory Optimization 101 – Smart & Effective Inventory Management

ThroughPut

What is Inventory Optimization? It includes the practice of having the right levels of inventory to meet your target service levels while keeping a minimum amount of capital locked for inventory. Inventory optimization can help overcome these errors to a large extent.

Inventory Optimization 101 – Smart & Effective Inventory Management

ThroughPut

What is Inventory Optimization? It includes the practice of having the right levels of inventory to meet your target service levels while keeping a minimum amount of capital locked for inventory. Inventory optimization can help overcome these errors to a large extent.

Procurement Interview Questions & Answers

Supply Chain Game Changer

Procurement, or Purchasing, is an area of Supply Chain that involves and requires very specific skills and expertise. This is particularly apparent if you are hiring a Procurement professional, you are looking for a Procurement job, you are looking to outsource anything, or you are dealing with Procurement people in the course of conducting business. Check out this list of 25 Procurement and Purchasing questions and answers. Subscribe Here! Email Address.

What to Look for in Procurement Software Solutions

EC Sourcing Group

Procurement software covers a lot of bases, and there are many facets to procurement management that could potentially be streamlined and automated if you haven’t done so already. Procurement Software Solutions: What Is Procurement Software? Have inventory management.

What Powers Artificial Intelligence (AI)? A Guide to Procurement!

Supply Chain Game Changer

But few people really understand what it is, how it works and more importantly, why it is so important to Procurement. This paper seeks to answer those questions and specifically address its benefits to the Procurement process by addressing the following checklist: Checklist.

Consignment Inventory Management: The Complete Guide

EMERGE App

There are different ways for retailers to get and sell their inventory. The most common being where a retailer purchases their inventory and stocks it in their warehouse for the customers to buy. However, consignment inventory can be a risk-free option for the retailer.

Procurement & Suppliers: Paying Attention to Terms & Conditions to Keep Supplier Relations Postitive

GlobalTranz

Editor's Note: Today's blog is by our great friend, Chuck Intrieri where he gives us a fantastic example of how Procurement and Suppliers can enhance Supplier Relations by navigating the "Battle of the Forms.". However, in many circumstances, the supplier will send an invoice that contains one set of terms, while the procurement professional will issue a purchase order which contains additional or different terms. Procurement

Inventory Replenishment Strategies that Increase Profits

EazyStock

What is Inventory Replenishment? Inventory replenishment is the process of moving stock items along the supply chain to ensure inventory levels are sufficient to cover demand. Inventory Replenishment Strategies to Boost Profitability. Get the correct balance of inventory.

MACHINE LEARNING AND PROCUREMENT

Eyvo

MACHINE LEARNING AND PROCUREMENT. Importance of Machine Learning in Procurement. Procurement, on the other hand, has been famously known to increase efficiencies and time and cost savings. Digital procurement has automated the processes and has abolished the tedious methods of traditional procurement. Therefore, procurement is already familiar with such technological advancements and adopting machine learning could be a welcome change.

10 Commandments of Inventory Management

Supply Chain Opz

Inventory management is one of the most important tasks for supply chain management professionals. However, most inventory control theories are too complicated or too difficult to apply to real world situations. Then, this article will show you 10 simple principles that you can use to streamline your inventory management practices right away. 3) Forecast at the right level Standard inventory management textbooks suggested that forecast be done at a product family level.

4 Ways Technology Can Simplify Inventory Management

EazyStock

Inventory is the biggest entry in the balance sheet of many distribution companies and fast deliveries are becoming increasingly important in today’s digital world – especially as an increasing number of people are working remotely. Good software will also perform inventory simulations.

SanDisk’s Story of Customer Segmentation Strategies Using Inventory Postponement

Supply Chain Shaman

I find that in this world of the global multi-national that procurement processes have become convoluted and increasingly complex. (In In my opinion, we have made procurement increasingly complex without adding value. In my research, I find that the companies with the most progressive procurement processes also have the most advanced customer supply chain process evolution.)Without

MACHINE LEARNING AND PROCUREMENT

Eyvo

MACHINE LEARNING AND PROCUREMENT. Importance of Machine Learning in Procurement. Procurement, on the other hand, has been famously known to increase efficiencies and time and cost savings. Digital procurement has automated the processes and has abolished the tedious methods of traditional procurement. Therefore, procurement is already familiar with such technological advancements and adopting machine learning could be a welcome change.

Top 7 Benefits of System driven Inventory Projections

Arkieva

Scientific and system-driven Inventory Projection facilitates a quick decision-making process and enables a prompt analysis of alternative what-if scenarios. The following are the top 7 benefits of system driven inventory projection. Top 7 Benefits of System driven Inventory Projections was first posted on September 5, 2019 at 10:26 am. ©2017

5 Ways SMEs Can Improve Inventory Turnover

Unleashed

To ensure your small business is operating efficiently, effectively managing inventory and meeting customers’ needs, you should aim to improve inventory turnover. Inventory turnover is the number of times a business sells and replaces inventory within a specified timeframe. The inventory turnover ratio is used to determine the effectiveness of inventory control and how long a business takes to sell its on-hand inventory stock. Procurement.

Procurement Transformation Delays – The Role of Personality!

Supply Chain Game Changer

Article provided to Supply Chain Game Changer by Katalin Brennan at Eyvo E-Procurement. We’ve all heard of the need for Procurement to embrace the Digital Transformation for many years. There are few procurement-specific personality surveys available. However, I am aware of one from Pierre Mitchell that found the Myers-Briggs ESTJ type is the dominant one in procurement with over 20% of survey takers. Time to Look into the Future of Procurement! Subscribe Here!

IoT Inspired Smart Warehouses Are Reinventing Inventory Management

GlobalTranz

The internet allows for unlimited scalability and boosted efficiency in warehouse inventory management. The so-called “smart warehouse” takes advantage of these defining factors by connecting systems to streamline inventory management and overall productivity. Integrate all supply chain systems, increasing savings in transportation management, procurement and everywhere in between.

What is Work in Process Inventory and How-to Calculate it (WIP) + Formula

EMERGE App

This article discusses how to calculate the in-process inventory, the costs associated with it, and exactly why you need to account for it. . What Exactly is Work In Process Inventory (WIP)? Beginning Inventory. Calculating Your Work-In-Process Inventory.

How Procurement can Improve Inventory Management

SYSPRO Smarter ERP

One thing that procurement departments are working intensively on at the moment is how to spend more effectively. The post How Procurement can Improve Inventory Management appeared first on SYSPRO US.

Podcast: Procurement Expert Alan Dunning on Digital Transformation

Requis

On episode 7 of Supply Chain Next, host Richard Donaldson speaks with Alan Dunning, Principal Supply Chain Manager (Procurement & Contracts) for Worley. Alan Dunning has been in procurement for almost 40 years, and has spent the last 20+ years doing project procurement management.

The Supply Chain Detective™ and the Inventory Turnover Mystery!

Supply Chain Game Changer

Featuring Our 10 Best Inventory Management Articles! As I settled into the job and started learning, and studying, the various Supply Chain metrics I was surprised when I looked at the Inventory Turnover performance of the company. The Inventory Turnover Mystery had been solved!

Using Lean to Manage Inventory!

Supply Chain Game Changer

What is Lean Inventory Management? More firms are implementing lean inventory management techniques to reduce costs, improve flexibility and have more time to focus on their customers. Lean supply chain and inventory management enable Small Medium Businesses (SMB) to improve efficiency and increase profits. What is Lean Inventory Management? Pull (Lean principle: Kanban) : Move inventory only when requested by a customer. Subscribe Here! Email Address.

Lean 69

Manage Procurement Spend Like It’s Your Own Business!

Supply Chain Game Changer

Hey Procurement! Procurement. And all of this is managed by Procurement personnel. In What Exactly is Procurement? we offer the definition of Procurement from PurchasingInsight.com which considers that “Procurement is the overarching function that describes the activities and processes to acquire goods and services” That is a very broad, and all-encompassing definition and scope of responsibility. Procurement Responsibilities.

Want better supplier adoption of your procurement portal? Start by asking your own sales staff.

OneSCM

A good portion of the value provided by automating procurement and payables processes comes from the labor and cost savings generated from fewer errors and less manual work. The procurement portal has to have enough transactional volume running thru it. For companies of this size and influence, supplier adoption of the procurement portal simply becomes a criteria for inclusion in the company’s approved vendor list (AVL).