ivalua

JUNE 9, 2025

This statement holds even more weight when you consider the remarkable advantages AI brings to procurement teams today: Cost Savings: AI helps reduce procurement costs by identifying spend inefficiencies, supporting dynamic pricing, and strengthening supplier negotiations.

Optimal Sourcing 130

Optimal Sourcing Procurement Solutions Purchasing Skills Procurement Analytics 130

Taulia

JUNE 12, 2023

Blog Expert Advice 8 min read 12 Jun 2023 By Taulia Share: Share via linkedin Share via twitter Share via facebook Share via email Copied Copy page URL to clipboard 10 supply chain KPIs and metrics to track We’ve listed the 10 top supply chain KPIs you can use to measure your supply chain performance and find opportunities for optimization.

Procurement Analytics 52

Procurement Analytics Metrics Supply Chain Software Inventory Reduction 52

SCMDOJO

OCTOBER 7, 2024

In addition, management commitment, and continuous improvement that includes process optimization, digitalization, supplier negotiation, and customer feedback can reap the rewards. Resource Management Cost efficiency focuses on resource management such as inventory controls, supplier negotiation, staff training, and development.

Sourcing Strategies 92

Sourcing Strategies Negotiating Skills Cost Reduction Strategies Optimal Sourcing 92

Precoro

DECEMBER 24, 2024

AI can process large amounts of historical supplier performance data across multiple metrics, allowing procurement teams to make more informed, data-driven decisions instead of relying solely on anecdotal evidence or subjective evaluations. Detecting unusual or fraudulent behavior patterns in supplier transactions.

Price Reduction 105

Price Reduction Sourcing Strategies Cost Reduction Strategies Expense Reduction 105

Jaggaer

FEBRUARY 5, 2025

Adoption metrics can be built into annual assessments. Failure to prove value – A longer-term problem can be the failure of the organization to demonstrate value through tangible metrics such as return on investment (ROI) and savings, as well as more intangible benefits such as user satisfaction and supplier engagement.

Sourcing Strategies 52

Sourcing Strategies Optimal Sourcing Manufacturing Procurement Negotiating Skills 52

SCMDOJO

MARCH 19, 2024

Moreover, by selecting reliable suppliers, negotiating favorable terms, and ensuring timely delivery, the supply chain department can optimize procurement processes and minimize costs. Analyze performance metrics and implement improvements to enhance efficiency. Develop and implement strategies to optimize the supply chain.

Optimal Sourcing 98

Optimal Sourcing Supply Chain Planning Software Negotiating Skills Material Savings 98

Precoro

MARCH 27, 2025

Achieved through strategies like long-term contracts and improved supplier negotiations. Renegotiate Supplier Agreements The Hackett Group 2024 Procurement Key Issues Report reveals that procurement teams aim for a 5% to 10% cost cut through supplier negotiations. Helps maintain financial stability over time.

Cost Reduction Strategies 45

Cost Reduction Strategies Expense Reduction Price Reduction Vendor Strategies 45

SCMDOJO

DECEMBER 11, 2023

Through detailed analysis of procurement processes, expenditures, and supplier negotiations, organizations can identify opportunities for cost reduction. This may involve negotiating better terms with suppliers, consolidating purchasing volumes, or identifying more cost-effective alternatives, ultimately leading to significant savings.

Procurement Analytics 21

Procurement Analytics Optimal Sourcing Procurement Solutions Material Savings 21

Precoro

JUNE 3, 2025

Therefore, traditional sourcing is often reactive: a procurement manager reviews a purchase request , finds a supplier, negotiates terms, and moves on. In contrast, procurement category management is a strategic approach that groups similar products or services together to get the most value, lower risk, and meet business goals.

Manufacturing Procurement 45

Manufacturing Procurement Procurement Analytics Procurement Solutions Material Savings 45

Precoro

DECEMBER 11, 2023

How the Strategic Sourcing Process Works Strategic sourcing is done through identifying the best suppliers , negotiating favorable contracts with them, and maintaining long-term relationships , as well as through continuous improvements to the purchasing workflows. At this point, both parties are ready to carry out the contract terms.

Negotiating Skills 105

Negotiating Skills Purchasing Skills Optimal Sourcing Sourcing Strategies 105

SCMDOJO

APRIL 29, 2024

Sourcing: Sourcing is all about finding reliable suppliers, negotiating contracts, and managing relationships. It encompasses activities such as procurement, supplier selection, and evaluation. KPIs provide quantifiable metrics that reflect the performance and efficiency of various supply chain processes.

Supply Chain Planning Software 98

Supply Chain Planning Software Optimal Sourcing Supply Chain Design Software Supply Chain Software 98

EC Sourcing Group

MAY 17, 2023

By classifying goods and services into logical groups, procurement professionals can streamline the eSourcing process, facilitating easier identification and comparison of suppliers, negotiating favorable contracts, and expediting the sourcing cycle.

Optimal Sourcing 52

Optimal Sourcing Negotiating Skills Negotiate Pricing Sourcing Strategies 52

Supply Chain Game Changer

JULY 16, 2019

From one company to the next, from one industry to the next, and certainly from one individual to the next, Suppliers are viewed and managed differently. At its most basic level Suppliers are considered transactional. Companies find suppliers, negotiate prices and terms, place purchase orders and Suppliers fill those orders.

Negotiating Skills 74

Negotiating Skills Negotiate Pricing Procurement Analytics Purchasing Skills 74

Precoro

JULY 9, 2025

Most procurement functions are tracked against four metrics : compliance , speed, quality, and cost. Organizations that are laser-focused on one of these metrics instead of paying equal attention to all of them can miss blind spots in other areas. Hyperfixation on one objective.

Procurement Solutions 45

Procurement Solutions Procurement Analytics Optimal Sourcing Supply Chain Planning Software 45

Unleashed

MARCH 21, 2021

Qualifying suppliers. Choosing your suppliers. Negotiating. Evaluating supplier performance. Creating scorecards for your suppliers is a great way to keep an eye on suppliers’ performance. DIFOT: A Metric of Supplier Performance. The 10 Procurement Metrics that Matter in 2021.

Procurement Analytics 59

Procurement Analytics Procurement Solutions Manufacturing Procurement Optimal Sourcing 59

Unleashed

JUNE 8, 2023

Procurement is the process of sourcing suppliers , negotiating sales terms, and purchasing the goods a company needs to run its daily operations. It outlines the methods to be used for sourcing suppliers, negotiating contracts, and making purchases. In this guide to procurement: What is procurement?

Procurement Solutions 52

Procurement Solutions Sourcing Strategies Vendor Strategies Material Savings 52

SCMDOJO

JULY 3, 2023

Given the current market dynamics, having accurate data and information becomes even more critical as you enter supplier negotiations. #3. This user-friendly Excel Tool can be easily customized to suit your requirements, allowing you to effectively monitor, measure, and control Key Performance Indicators relevant to your business.

Purchasing Training 98

Purchasing Training Negotiating Skills Buyer Training Manufacturing Procurement 98

ivalua

JULY 8, 2025

Alerts automatically trigger when key certifications expire or when performance metrics fall below target, prompting scheduled reviews and proactive risk mitigation. As a result, payments become more of a strategic lever for savings and creating goodwill with your best suppliers.

Procurement Solutions 130

Procurement Solutions Optimal Sourcing Analytics Software Forecasting Software 130

Claritum

NOVEMBER 28, 2016

30% Cost control and supplier negotiations. Shared leadership and metrics, but emerging integration. Innovation management. Invoice routing and approval. Direct procurement management. ORGANIZATIONS’ TOP PROCUREMENT IMPROVEMENT GOAL. 20% Spend visibility. 15% Integration of AP within the procurement process. 13% Data accuracy.

Optimal Sourcing 50

Optimal Sourcing Cost Reduction Strategies Vendor Strategies Procurement 50

HICX Solutions

JUNE 9, 2025

AI can enhance supplier relationship management by enabling better communication and collaboration. Organizations will increasingly use AI to continuously monitor supplier performance through key metrics such as delivery times, quality standards, and compliance rates. Generative AI also excels in supplier performance evaluation.

Optimal Sourcing 40

Optimal Sourcing Negotiate Pricing Negotiating Skills Supplier Management 40

Unleashed

JANUARY 4, 2024

Suppliers are identified through various online or offline methods, such as trade shows, business-to-business marketplaces, and word of mouth. Evaluate suppliers and negotiate contracts The bad news is that no supplier is perfect – and you might not discover their flaws until you’ve been buying from them for a while.

Purchasing Skills 52

Purchasing Skills Manufacturing Procurement Optimal Sourcing Sourcing Strategies 52

Precoro

MAY 22, 2023

The IT procurement team can develop a set of performance metrics or KPIs that align with the contract terms, and use these metrics to track the vendor's progress. Measuring vendor performance is critical to productive vendor management.

Procurement Solutions 52

Procurement Solutions Procurement Analytics Pricing Training Purchasing Skills 52

OptiProERP

MAY 18, 2023

The procurement process can be complex, involving various steps such as identifying the need for the goods, researching potential suppliers, negotiating contracts, and managing inventory. Goods procurement involves the acquisition of physical products or materials necessary for the operation of a business or organization.

Optimal Sourcing 52

Optimal Sourcing Manufacturing Procurement Negotiate Pricing Procurement Solutions 52

Unleashed

AUGUST 28, 2023

The cost of sales is an inventory accounting metric that measures the accumulated costs in getting finished goods to market. The cost of sales metric is most commonly used in the retail and eCommerce industries, whereas manufacturing businesses typically calculate profitability using the cost of goods sold formula instead.

Purchasing Skills 52

Purchasing Skills Negotiating Skills Cost Reduction Strategies Examples 52

ShipBob

DECEMBER 28, 2022

This chart from Kissflow lays out the key differences between sourcing and procurement: Essentially, sourcing sets procurement up for success by conducting research, vetting suppliers, negotiating contracts, and even figuring out the nitty-gritty details such as order minimums and packaging standards. Getting started with RangeMe.

Sourcing Strategies 52

Sourcing Strategies Manufacturing Procurement Purchasing Skills Material Savings 52

Jaggaer

JULY 2, 2020

Supplier negotiation skills are essential for anyone working in procurement. It’s become standard for companies to train their employees on negotiation tactics to get better deals from suppliers, but these skills are also useful outside of the buyer -supplier relationship. Supplier negotiation isn’t easy.

Negotiating Skills 71

Negotiating Skills Purchasing Training Buyer Training Procurement 71

Procurement Academy

MARCH 12, 2024

Typical examples of common cost-saving opportunities include process improvements, supplier negotiations, and efficiency enhancements. Net Present Value (NPV) and Return on Investment (ROI): Net Present Value (NPV) and Return on Investment (ROI) are the essential financial metrics in procurement decisions.

Optimal Sourcing 69

Optimal Sourcing Negotiating Skills Purchasing Skills Buyer Training 69

Precoro

NOVEMBER 25, 2024

Supplier reports Focused on supplier performance and relationships, these reports track metrics like delivery times, quality of goods, pricing consistency, and contract compliance. They help assess the reliability of suppliers and identify which ones offer the best value. What is a procurement dashboard?

Procurement Analytics 105

Procurement Analytics Procurement Solutions Manufacturing Procurement Optimal Sourcing 105

Precoro

FEBRUARY 28, 2025

Procurement experts vet suppliers, negotiate agreements, and oversee contract execution. These strategic connections yield better service and negotiating power. Procurement teams transform purchasing into a competitive advantage by analyzing response time and quality consistency metrics. Ensured  Compliance.

Procurement Analytics 45

Procurement Analytics Procurement Solutions Optimal Sourcing Manufacturing Procurement 45