EC Sourcing Group

JULY 28, 2020

Objectives of Procurement Management. The objectives of procurement management can range from the most general, such as “buying goods and services,” to the more complex, such as “supporting organizational goals within the team.” What Is Procurement Management? Objectives of Procurement Management: Managing Contracts.

Manufacturing Procurement 52

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EC Sourcing Group

JUNE 28, 2022

Tail spend examples include purchases that are often too small to go through procurement, such as basic office supplies or employee gifts. Because purchases are small, they usually fall through the cracks, making it tough to gauge your overall spend. Keep in mind that tail spend encompasses many purchases and definitions.

Optimal Sourcing 52

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EC Sourcing Group

JULY 21, 2020

For those in procurement management, this may refer to several different types of tools and software, especially those that help with price compression like eAuction software procurement or those that streamline processes and compress timelines like eSourcing software. . What is E-Procurement in Supply Chain Management?

Procurement Solutions 52

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EC Sourcing Group

SEPTEMBER 22, 2020

There are many terms when it comes to all levels of procurement management, which is a smaller part of the overall supply chain. Sourcing is the term used when the purchasing department is searching for the right supplier (or group of suppliers) to fill a particular need, typically a good or service, to fulfill a purchasing order.

Optimal Sourcing 52

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EC Sourcing Group

NOVEMBER 16, 2021

Effectively managing your suppliers is an integral part of the procurement process (and important to the entire supply chain as well). Without goods and services, nothing can be produced, which would make procurement impossible. One of the more prominent features of supply chain software should be its analytical tools.

Procurement Solutions 52

Procurement Solutions Analytics Software Logistics Network Optimization Software Supply Chain Software 52

EC Sourcing Group

JULY 7, 2020

If you work in procurement or the purchasing department, you’re already aware of how it works. it is roughly the same as a normal procurement process, except the procurement is performed on a digital basis. . This type of software is a small but very imperative part of the overall Sourcing process. evaluation.

Manufacturing Procurement 52

Manufacturing Procurement Procurement Solutions Supply Chain Software Procurement Analytics 52

EC Sourcing Group

SEPTEMBER 7, 2021

The broader picture beyond procurement is the supply chain, as procurement (or purchasing) is just one step in the supply chain. . As there are many steps in the supply chain, there are many steps in procurement and procurement management. In this step, you merge the data into one file to run an accurate report.

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EC Sourcing Group

JULY 29, 2021

eSourcing technology has certainly come a long way, but everyone’s procurement process is slightly different, and you may find there is no one-size-fits-all solution out there —at least so far. Even if these are features you don’t think you need, in most situations, they will help with your supply chain and procurement flow.

Procurement Solutions 52

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EC Sourcing Group

OCTOBER 26, 2021

However, the use of information technology in supply chain management has streamlined the world of procurement and purchasing through supply chain management, cloud software, and other types of IT that help boost supply chain efficiency. Cost reduction. Automation of the supply chain has resulted in resources (i.e.,

Supply Chain Software 52

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EC Sourcing Group

SEPTEMBER 13, 2019

If you could automate the procurement process for low value items and gain control over tail spend, what would that mean for your company? Elimination or reduction of transaction costs. The first step is to identify as many manual procurement processes as possible that could be automated. Significant improvement in data quality.

Procurement Solutions 45

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EC Sourcing Group

NOVEMBER 1, 2022

The manufacturing industry has unique needs when it comes to purchasing. Having the right RFP solutions for manufacturing can streamline your overall sourcing and procurement processes, keeping a stable supply chain. This not only includes RFP templates but RFQ in procurement templates and others. Engagement analytics.

Manufacturing Procurement 52

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EC Sourcing Group

JULY 5, 2022

The process of spend analysis has specific goals of efficiency and saving money by increasing visibility into spend, which can decrease overall procurement costs. is vital to procurement and the supply chain. They can help automate your process and streamline procurement and eSourcing. Some include: Licensed software.

Analysis 52

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EC Sourcing Group

JANUARY 19, 2023

S pend analysis in procurement is a longstanding concept, however, implementation can be difficult without the proper tools. Over the years, implementing this kind of analysis has become more accessible than ever with the advent of robust procurement tools and software.

Analysis 52

Analysis Procurement Solutions Analytics Software Logistics Network Optimization Software 52

EC Sourcing Group

FEBRUARY 8, 2023

If you’re still performing sourcing manually or are curious about how to streamline your sourcing methods , read on to learn about these five ways traditional sourcing methods hold you back, and why tech-enabled sourcing strategies in procurement are a far better choice.

Optimal Sourcing 52

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EC Sourcing Group

MARCH 12, 2023

A supplier scorecard is the result of supplier analysis based on a set of key performance indicators and metrics. Steps for building a supplier scorecard: Focus on the purpose of the scorecard by recognizing and determining the right measures and metrics, or, your KPI’s.

Procurement Analytics 52

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EC Sourcing Group

SEPTEMBER 13, 2023

At Seaboard Corporation, a leading global agribusiness and key player in the grain and flour milling industry, this transformation was driven by the need to modernize their procurement process and stay competitive in a rapidly evolving business landscape.

Procurement Solutions 52

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EC Sourcing Group

JUNE 15, 2021

What is the Procurement Spend Analysis Process ? Spend analysis is one of the most important pieces of procurement management. Spend analysis will give you an honest insight into spend, how you can make significant changes, how you can decrease costs, and improve relationships with your suppliers. Who are we purchasing it from?

Procurement Analytics 52

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EC Sourcing Group

MARCH 14, 2022

Managing tail spend in procurement and the entire supply chain process is vital; poor tail spend management can lead to considerable loss. The right tail spend software and procurement software can help you keep track of rogue spend by using tools such as tail spend analysis. Redundant or mundane purchases. Complex contracts.

Procurement Solutions 52

Procurement Solutions Supply Chain Software Optimization Software Optimal Sourcing 52

EC Sourcing Group

JULY 12, 2022

Not all procurement and eSourcing software are created the same—perhaps your current solution lives up to expectations in some areas but the eSourcing module isn’t quite what you need. This is a fairly common problem, as businesses have different priorities and nuanced procurement needs. Do you know which is right for your company?

Procurement Solutions 52

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EC Sourcing Group

SEPTEMBER 15, 2020

Once upon a time, companies had to manage purchasing departments and procurement management as though it was the Dark Ages. Today, the procurement management process doesn’t look like that at all, and you have easy procurement software and procurement tracking software to help you along the way. .

Procurement Solutions 52

Procurement Solutions Procurement Analytics Optimal Sourcing Vendor Strategies 52

EC Sourcing Group

OCTOBER 4, 2022

Strategic Sourcing Solutions to Enhance Your Bottom Line. Strategic sourcing is vital to procurement and the supply chain overall, as it allows companies to gain the lowest cost of a good or service while minimizing supply chain risk. What Is Strategic Sourcing?

Negotiating Skills 52

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EC Sourcing Group

JUNE 30, 2020

Ethics in Procurement Management. Ethics in procurement management is important, particularly because of your relationship with suppliers and vendors, typically to finish a job or a project. Avoiding bias can often be hard to do when you want to keep costs low and you’re running on a tight schedule. These are: Equity.

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EC Sourcing Group

SEPTEMBER 27, 2022

Not long ago, sourcing was still an “analog” process, with a lot of back-and-forth communication via phone calls, emails, and meetings in person. Technology has finally caught up with sourcing and procurement—evolving processes by leaps and bounds in a relatively short amount of time. eSourcing Platforms : The Must-have Tools.

Analytics Software 52

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EC Sourcing Group

APRIL 26, 2022

The eTendering process is an integral part of procurement and the overall supply chain. eTendering, also known as eSourcing , is simply the act of conducting procurement online—namely, receiving and sending tenders using an online platform, like tender process software. Tangible benefits include: Reduced cost of purchases.

Optimal Sourcing 52

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EC Sourcing Group

JANUARY 12, 2023

Procurement success is defined by the outcomes. Spend Visibility is the foundation of any mature procurement function because it identifies inefficiencies and areas of opportunity that lead to better decision-making and ultimately, better outcomes. The path to your desired outcomes may seem tricky, but Simfoni can help.

Optimal Sourcing 52

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EC Sourcing Group

MAY 31, 2023

Managing spending is a top priority for executive teams across industries, and purchase price variance (PPV) holds immense significance in controlling costs. PPV measures the variation between the actual purchased price and the standard baseline price of goods and services.

Negotiating Skills 52

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EC Sourcing Group

MAY 17, 2022

Your supply chain is the backbone of your business, no matter what role you play in purchasing and procurement. eSourcing is one step of the supply chain process that will streamline your procurement processes and improve relationships with suppliers. How you use analytics and your software is imperative.

Optimal Sourcing 52

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EC Sourcing Group

SEPTEMBER 6, 2022

A green supply chain reduces the harm that may occur at any stage of the procurement cycle—production, purchasing, logistics, material management, or distribution. View sustainability reports for preferred suppliers and identify areas for improvement. Track and evaluate suppliers’ sustainability ratings .

Material Savings 52

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EC Sourcing Group

MAY 24, 2022

Even those who don’t work in procurement or purchasing are familiar with auctions, whether they’ve used bidding sites, gone to a live auction, or seen one played out on TV. eReverse auctions can be very beneficial to procurement. eReverse auctions can be very beneficial to procurement. Analytics features.

Optimal Sourcing 52

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EC Sourcing Group

JUNE 24, 2021

Review of Procurement and Sourcing Technology Tools from EC Sourcing Group. FROM GUEST BLOGGER, KUMAR KANNEN at Procural www.procuralservices.com. I am going to dig into the fast-evolving world of sourcing technology from a practitioner’s perspective as part of an on-going series. A mobile app?

Optimal Sourcing 52

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EC Sourcing Group

DECEMBER 1, 2020

Making RFPs (or request for proposals)is a necessary part of your procurement management strategy. Before the development of RFP software, purchasing and procurement departments would go through the process manually, which would take quite a bit of time and effort.

Procurement Solutions 52

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EC Sourcing Group

NOVEMBER 8, 2018

Transformation is a hot topic in procurement today. Here is some perspective gained from conversations with leaders in procurement at the recent Marcus Evans CPO Summit in Las Vegas. Leaders of business units must believe that procurement will help drive profitability and competitive advantage. Spend Analytics.

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EC Sourcing Group

FEBRUARY 9, 2022

Spend management refers to the process of managing company purchasing and relationships with suppliers to keep track of every dollar spent , resulting in procurement cost reduction. Without proper procurement analytics to find tail spend, the hidden tail goes down a rabbit hole. Develop plans to meet each goal.

Procurement Analytics 52

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EC Sourcing Group

FEBRUARY 7, 2022

Spend management refers to the process of managing company purchasing and relationships with suppliers to keep track of every dollar spent , resulting in procurement cost reduction. Without proper procurement analytics to find tail spend, the hidden tail goes down a rabbit hole. Develop plans to meet each goal.

Procurement Analytics 52

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EC Sourcing Group

OCTOBER 23, 2018

In addition, almost every procurement executive listed adoption and collaboration as important challenges. Transformation can only happen with collaboration and adoption between business units and procurement. Here is a list of some of the challenges facing procurement teams in their transformation journey.

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EC Sourcing Group

APRIL 21, 2020

One School District’s Purchasing Staff is Successfully Operating Virtually During Coronavirus. The purchasing group of one of the largest school districts in New Jersey is successfully navigating the Coronavirus pandemic without missing a beat. This wouldn’t have been possible less than two years ago.

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EC Sourcing Group

AUGUST 18, 2020

If you’re using procurement software, you’re most likely running some RFP management software , or in more general terms, eRFx. Soft auctions are used in many different functions, even beyond the world of purchasing and procurement. If you’re wondering, ‘ how does a soft auction work in procurement?,’ a dynamic close.

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