Planergy Software

JANUARY 19, 2024

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Vendor analysis is crucial for risk management. It typically includes information about the supplier’s strengths and weaknesses, potential risks, and opportunities for improvement.

Risk Management 52

Risk Management Risk Management Supply Chain Management Sourcing 52

Obobo

JULY 1, 2022

Sourcing It is at this point in the process that suppliers are evaluated on their abilities to provide the goods or services requested and invited to participate in the bidding exercise. Evaluation of suppliers is usually done via a Request For information (RFI) process. Can Source To Pay (S2P) Help Accounts Payable (AP)?

Sourcing 52

Sourcing Accounting Software Automation 52

Planergy Software

SEPTEMBER 12, 2023

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Strategic Considerations: Understanding and selecting the right integration strategy can significantly impact a company’s growth and success. How to gain visibility and control of your indirect spend.

Manufacturing 52

Manufacturing E-Commerce Human Resources Marketing 52

Obobo

MARCH 21, 2023

Procurement savings refer to the cost reductions that are achieved by a company when it purchases goods and services through a strategic sourcing process. By adopting best practices such as spend analysis, supplier management, and e-procurement , companies can save money and increase efficiency. What is Procurement?

Finance 45

Finance Strategic Sourcing Software Reduced Costs 45

Planergy Software

MARCH 24, 2022

Your vendor management policy should be written as a form of document. Management needs to improve approve the policy which outlines how you will keep stakeholders informed. The vendor management policy document should also outline the ideal number of vendors based on the categories you established.

Management 52

Management Insurance Supply Chain Management Right-Sizing 52

Obobo

MARCH 23, 2023

Finally, long-term strategies may include the development of partnerships with suppliers and even the implementation of strategic sourcing. Overall, these 11 cost reduction strategies in procurement demonstrate that companies can significantly reduce costs and maintain profitability with the right procurement management practices.

Reduced Costs 52

Reduced Costs Inventory Management Automation Sourcing 52

Planergy Software

APRIL 19, 2022

This process left upper management such as Chief Financial Officers (CFOs) in the dark regarding purchases, leaving them to simply pay the bills at month-end. Procurement is responsible for finding and managing the proper outside resources for a business. What Is Procurement Responsible For?

Finance 52

Finance Accounting Out-Tasking Manufacturing 52