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Procurement Costs and How Businesses Can Reduce Them

Planergy Software

Procurement is the act of buying raw materials, goods, and services for a business, as guided by formalized procedures, internal controls, and processes related to not just finance, but inventory management, supply chain management, and supplier relationship management as well. Improving inventory management.

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11 Cost Reduction Strategies in Procurement

Obobo

In the medium term, cost reduction strategies can lead to larger savings, including effective contract negotiation , consolidation of suppliers or products, and streamlining of procurement processes. Finally, long-term strategies may include the development of partnerships with suppliers and even the implementation of strategic sourcing.

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The Benefits of Localized Supply Chain

Planergy Software

How strategic sourcing, cost management, and cost avoidance strategies can be applied to indirect spend. Sourcing Supply Chain Management. Local sourcing means that your raw materials come from other local businesses, which keeps the economy in good shape. Download Free Copy. Written by. Keith Murphy.

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The Benefits of Localized Supply Chain

Planergy Software

How better management in AP can give you better flexibility for cash flow management. Sourcing Supply Chain Management. Local sourcing means that your raw materials come from other local businesses, which keeps the economy in good shape. Lower Costs. Download Free Copy. Written by. Lyle Del Vecchio.