In part one of this series, we looked at several drivers of supplier risk. In this post, we’ll look at some ways to mitigate this risk. We listed down three major causes: improper supplier selection, over reliance on one/few suppliers and perpetuation of fraud by one or both parties. Here are some ways we can […]
Dealing with Supplier Risk – Part Two Read More »
Online procurement systems help you automate the procurement cycle of your organization. This article will tell you why you need to automate your internal procurement cycle and expound the benefits of deploying advantages. Internal online procurement system must be standardized Without an efficient procurement system, employees order as and when they need products without taking
Automate Your Internal Procurement System Read More »
In this age of cloud computing, online procurement software can help run business procurement efficiently and effectively. Developing an effective procurement strategy has become very important for business. So to start off, understanding the term procurement is necessary. To understand the terminology in a simple way, it is the act of obtaining. In business procurement
Why do you need Online Procurement Software? Read More »
“It’s a VUCA world,” one of my management professors was fond of saying, in the same dark tone that Ned Stark from Game of Thrones used whenever he said, “winter is coming.” In a world where volatility, uncertainty, complexity, and ambiguity are ubiquitous and can adversely affect our business processes, we can’t survive for long
Dealing with Supplier Risk — Part One Read More »
In an earlier post, we told you about reverse auctions and how they help an organization choose their suppliers. In this post, we’ll look at some ways how your organization can get the best out of a reverse auction. Do you need one? Before you follow the general trend and implement a reverse auction process,
Getting the Best Out of Reverse Auction Read More »
Effective supplier management is one of the bedrocks of an efficient supply chain. Every organization, regardless of the service or product it offers, has to procure raw materials from its suppliers who could number from one to, in the cases of manufacturing or pharmaceutical companies, several hundreds or thousands. Supplier management entails a lot more
How Online Procurement Software Improves Supplier Management Read More »
Any organization needs to purchase raw material in the form of goods or services to run their business operations. Generally, there is no shortage of suppliers in the market and organizations look to procure their supplies from the supplier who can offer them the best terms in terms of price or delivery. So, how does
How Reverse Auction Helps Organizations Choose the Best Supplier Read More »
The ‘lean’ approach, through which organizations identify and eliminate those activities that do not add value to the process from their customers’ perspective and hence dubbed ‘waste,’ is getting more and more takers as organizations have realized the benefits it has and the improvement in productivity it can bring. Lean does not just apply to
Online Procurement Software and Lean Procurement Read More »
E-procurement is emerging as the answer to all the procurement needs of an organization and as more organizations see its benefits, it is gaining increased adoption and deployment. However, there are a few myths doing the rounds that are making organizations apprehensive about online procurement. It’s time to bust a few of them now! Myth:
Debunking a Few Myths About Online Procurement Software Read More »
Online procurement or e-procurement is a web-based procurement management system that accelerates and automates the procure-to-pay cycle. It is gaining wider adoption as organizations see the benefits of shorter procurement cycles, increased visibility into spending, and a streamlined procurement process. One of the most important goals of a procurement division within an organization has to
E-procurement and Its Impact on the Bottom Line Read More »
