online procurement system Archives

Digital Procurement: Six Key Areas of Transformation

Spend Management / April 12, 2021

Organizations are adopting the latest and innovative ways to digitize their procurement processes and unlock new development opportunities. As purchasing transitions to digital, the main focus of organizations shifts to make the transactional aspect of business procurement seamless. Ultimately strengthening the strategic procurement workflow and allowing procurement professionals to focus on higher value-added activities. Here […]

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Procurement Management Software: Track & Control Indirect Spending

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. This is visible expenditure that can be immediately attended to and reduced. What about costs incurred from all the back-end operations? Not just

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Online Procurement & Economies of Scale

Expense Management, Spend Management / January 5, 2015

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 bulk. From the manufacturing point of view, this helps save on cost per unit of output as the scale of the order is increased.

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Best Practices in Procurement – Part One

Expense Management, Spend Management / November 7, 2014

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 to make its procurement as optimal and efficient as possible. By nature a complex process, it takes time for procurement to reach that stage immediately. Here’s the good news

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Best Practices in Supplier Management

Expense Management, Spend Management / October 31, 2014

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 this post, we’ll see some of these. Suppler performance management: This is an important activity that is unfortunately not followed by too many firms around the world

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Benefits of Reverse Auctions for Buyers and Sellers – Part One

Expense Management, Spend Management / September 26, 2014

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 buyer and seller are reversed, in a reverse auction, the supplier’s bid for a chance to fulfill a buyer’s requirements instead of a buyer

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Rooting Out Procurement Fraud – Part Two

Expense Management, Spend Management / September 8, 2014

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 that to eliminate it, instead of tackling each individual case of fraud as it occurs, organizations have to take steps to cut off the scope

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What Hercules’ Second Labor Teaches us about Procurement Fraud – Part One

Expense Management, Spend Management / August 20, 2014

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, Hercules is sent to serve King Eurystheus for a period of twelve years by an oracle. The King sets

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Bargaining Power of Suppliers – How Can It Be Reduced?

Spend Management / July 21, 2014

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 some ways in which organizations can safeguard against and reduce this power. Backward integration: This is one of the techniques

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Dealing with Supplier Risk – Part Two

Expense Management, Spend Management / June 25, 2014

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

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