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procurement management software

Bargaining Power of Suppliers – What Does It Mean For Your Business?

Procurement Software /

Even though it impacts them the most, many procurement professionals are not formally aware of the concept of the bargaining power of suppliers and how it impacts their businesses. Part of the competitive analysis framework (Porter’s five forces analysis) put forth by Harvard professor Michael Porter, an analysis of the bargaining power of suppliers can […]

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CRM Software - SutiCRM

Dealing with Supplier Risk — Part One

eSignature Platform, Expense Management, Spend Management /

“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

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How Online Procurement Software Improves Supplier Management

Expense Management, Spend Management /

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

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CRM Software - SutiCRM

How Reverse Auction Helps Organizations Choose the Best Supplier

Expense Management, Spend Management /

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

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CRM System

E-procurement and Its Impact on the Bottom Line

Expense Management, Spend Management /

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

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Procurement Management: Do You Have Clear Goals?

Expense Management, Spend Management /

For any organization, procurement is arguably the most important support function as it impacts almost all the major strategic functions. Almost every department is dependent on the procurement division procuring the necessary resources to carry out its day-to-day activities. This has made organizations look at procurement itself as a strategic function that has a direct

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Why is Procurement Ignored as a Strategic Partner?

Expense Management, Spend Management /

Ever since Just-in-Time manufacturing processes took the manufacturing world by storm in the late 20th Century, relationships between suppliers and their customers have become a strategic imperative for enterprises that wish to continually innovate product and process development. Somehow, though, the folks running the day-to-day relationship between the two parties keep getting left out of

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