A firm looks to cut spending. They could start by downsizing. Clearly, manpower could be the first place they’d wish to target. Next in line presumably would be capital costs and infrastructure.
[ Read More ]For medium and large scale industries, procuring materials has always been a large scale operation. When it comes to procuring goods and services, the traditional business route is to order in
[ Read More ]Today, procurement is an important strategic function that supports nearly all of the organization’s business operations and has an impact on organizational expenditure. Every organization wants
[ Read More ]Supplier relationship management is one of the most important mandates of the procurement function of any organization, part of which is implementing best practices in supplier management. In
[ Read More ]Reverse auction, the process by which an organization purchases its raw materials or supplies, is being adopted by more and more organizations today. A system where the traditional roles of the
[ Read More ]In a previous post titled ‘What Hercules’ second labor teaches us about procurement fraud,’ we equated procurement fraud to Hydra, the many-headed monster that Hercules had to slay and concluded
[ Read More ]Before we get into procurement fraud and what we can learn about it from the second labor of Hercules, let’s take a look at the second labor itself. To atone for killing his wife and children,
[ Read More ]In the previous post titled ‘Bargaining Power of Suppliers – What Does It Mean for Your Business,’ we saw what bargaining power of suppliers meant and what causes it. In this post, we’ll look at
[ Read More ]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
[ 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
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