Understanding And Utilising Procurement Spend Data One of the richest sources of information for improving procurement outcomes is spend data. Analysing it can tell you a lot about which suppliers and categories of purchase are most vital to your business, which is necessary because there’s a chance they’re not what you think they are.What is …
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Transaction Management vs Procurement: Finding The Right Solution At some point, procurement teams are going to come across a project that doesn’t fit neatly into a regular procurement process. Being able to identify when a particular project requires a more bespoke solution, is a necessary lever a procurement team can implement if required.When is a …
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Why You Need To Engage The Market Early In The Procurement Process Engaging the market early in the procurement process is important if you want to maximise its effectiveness. Early engagement allows you to properly align your tender with the offerings and capacity of the market, as well as give suppliers time to prepare and …
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Why You Need To Develop Strong Supplier Relationships Mutually beneficial relationships with suppliers are a measure of success for procurement teams. When both parties get a lot out of engaging each other, the relationship transforms from being merely transactional to strategic. It’s no longer just about getting the lowest price and the minimum technical compliance from …
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Procurement Teams Need To Be Strategic Partners A procurement team should be identified as a strategic partner in achieving the business’s goals. However, too often procurement teams are seen in a negative light by other parts of the business – as mere gatekeepers or roadblocks, with little value to add. This is bad news for …
What Are The Benefits Of Supplier Tiering? It’s hard to talk about supplier tiering without mentioning the automotive industry, a sector that’s no stranger to supply chain innovation. A single automobile can contain 30,000 parts. Can you imagine handling 30,000 suppliers? Well, neither could the manufacturers, which is why they came up with a tiering system. By …
