Precoro

JULY 1, 2024

Many SMBs feel disadvantaged because they have little leverage in negotiations with suppliers or vendors and can’t secure discounts due to low order volumes. Small companies may also lack the resources to create a dedicated procurement team for proper sourcing and supplier vetting. How do group purchasing organizations work?

Purchasing Skills 84

Purchasing Skills Procurement Solutions Procurement Analytics Negotiate Pricing 84

Precoro

AUGUST 14, 2023

One of the ways to accomplish this is to establish a procurement team to streamline ordering by centralizing purchases and improving supplier relations. Whether hiring for this role or aiming to be promoted into it, it’s important to identify the most necessary skills for the profession. Read on to learn about them.

Negotiating Skills 74

Negotiating Skills Purchasing Skills Buyer Training Procurement Solutions 74

Precoro

DECEMBER 11, 2023

The dynamic landscape of modern business comes with increasing product variety and volatile prices, making it more important than ever to stay competitive on the market. To enhance their competitive edge, companies across industries are adopting a key tactic: strategic sourcing.

Negotiating Skills 83

Negotiating Skills Purchasing Skills Optimal Sourcing Sourcing Strategies 83

Procurement Academy

OCTOBER 19, 2023

A crucial part of successful procurement strategies is the art and science of negotiation. Procurement negotiation refers to a buyer (usually from a company) and a seller (usually from a supplier) working together and discussing the likes of pricing, terms, conditions, and other aspects of a procurement contract.

Negotiating Skills 52

Negotiating Skills Pricing Training Negotiate Pricing Purchasing Training 52

ToolsGroup

DECEMBER 11, 2023

The 5 strategic questions to design optimal price points and promotions Das Narayandas , Professor at Harvard Business School, recently told me: Pricing is the moment of truth 100% of your revenues depend on your pricing, no matter what. How can you address the key pricing-related questions effectively? Look twice.

Purchasing Skills 156

Purchasing Skills Price Reduction Manufacturing Procurement Handbook 156

ivalua

MARCH 9, 2023

A comprehensive Source-to-Pay platform is a critical component of an organization’s IT environment. What is Source-to-Pay? The Source-to-Pay process itself is quite broad but it covers most if not all the aspects of a procurement organization, at least from a process and technology perspective.

Optimal Sourcing 130

Optimal Sourcing Purchasing Skills Sourcing Strategies Sourcing 130

QAD

JULY 18, 2024

Introduction The accurate analysis and calculation of total landed costs is imperative for organizations with global supply chain operations. However, many companies overlook common cost elements including duties, tariffs, taxes, harbor fees and handling fees, to name a few.

Purchasing Skills 98

Purchasing Skills Cost Reduction Strategies Expense Reduction Material Savings 98

Jaggaer

OCTOBER 24, 2024

Maximizing Cost Savings Through Strategic Supplier Collaboration With the growing emphasis on long-term value creation, Chief Procurement Officers are increasingly turning to supplier collaboration as a cornerstone of cost reduction. While this approach may result in short-term savings, it can be counterproductive in the long run.

Negotiating Skills 52

Negotiating Skills Cost Reduction Strategies Material Savings Negotiate Pricing 52

Precoro

JULY 16, 2023

The purchasing department plays a critical role in the success of an organization. Thought-out practices and well-managed workflows within the purchasing department are crucial for making sure that the company has the necessary resources available at the right time and at a reasonable cost.

Pricing Training 72

Pricing Training Purchasing Skills Procurement Analytics Purchasing Training 72

The Logistics & Supply Chain Management Society

AUGUST 14, 2023

Essential Skills for Supply Chain Leaders in Asia during Pandemic The Asian Institute of Management conducted a study across orgainsations in Asia to identify crucial skills and competencies required by supply chain managers and leaders in Asia. The logistics industry is known for its cost sensitivity and customer-oriented approach.

Purchasing Skills 130

Purchasing Skills Buyer Training Asia Supply Chain Design Software 130

Supply Chain Game Changer

JANUARY 5, 2021

Purchase Price Variance, or PPV, is a common term in the realm of Purchasing/Procurement and Finance. In my experience proactive, attentive, and detailed Purchase Price Variance (PPV) can make an incredible contribution to the profitability of a company. What is Purchase Price Variance (PPV)?

Pricing Training 82

Pricing Training Purchasing Skills Purchasing Training Negotiating Skills 82

The Logistics & Supply Chain Management Society

FEBRUARY 16, 2023

Procurement, activities such as strategic sourcing, are one of the main processes in the supply chains that can generate a positive impact on companies by giving them a competitive advantage in the market. Strategic sourcing can help supply chain leaders identify potential risk factors and develop procurement mitigation plans.

Agile and Lean Supply Chain 130

Agile and Lean Supply Chain Sourcing Strategies Optimal Sourcing Purchasing Skills 130

Precoro

MAY 20, 2024

That’s when small business owners seek assistance with purchase order financing. In this article, we'll discuss how purchase order financing works and which companies can benefit from it. Continue to find out more, or jump right to the section you are most interested in: What is purchase order financing?

Purchasing Skills 91

Purchasing Skills Procurement Solutions Manufacturing Procurement Negotiate Pricing 91

ToolsGroup

FEBRUARY 9, 2022

While some orders still delight, a few recent purchases have left me faltering when it comes to your customer experience. And now, you’ve decided to raise the price of my Prime subscription. Amazon Prime’s Price Increase: The Facts at a Glance. On February 3, 2022, Amazon announced its first price increase since 2018.

Purchasing Skills 296

Purchasing Skills Price Reduction Retail Supply Chain Planning Software 296

Enterra Insights

MARCH 28, 2022

The past couple of years has been a remarkable time for e-commerce as more and more consumers have discovered the digital path to purchase. Across industries and regions, people prioritized essentials and reduced impulse purchases. ” Paving the digital path to purchase (i.e., worldwide in 2020, according to eMarketer.”[1]

Procurement Analytics 246

Procurement Analytics Procurement Solutions Purchasing Skills Price Reduction 246

OptiProERP

DECEMBER 18, 2023

Procurement and purchasing are terms interchangeably used in manufacturing but are distinct activities. In this blog, we will see how purchasing and procurement differ. In other words, procurement includes the steps required before, during, and after purchasing commodities from the vendor. Steps in the Procurement Process 1.

Manufacturing Procurement 52

Manufacturing Procurement Purchasing Skills Procurement Solutions Negotiating Skills 52

QAD

JULY 30, 2024

Direct Spend Management Explained Direct spend management refers to the processes of tracking, controlling and optimizing the purchases directly tied to producing a company’s products or services. The aim is to establish long-lasting relationships founded on trust and consistency.

Optimal Sourcing 95

Optimal Sourcing Negotiating Skills Material Savings Manufacturing Procurement 95

ToolsGroup

OCTOBER 10, 2023

This week we’re going to talk about how Dynamic Fulfillment achieves true fulfillment optimization through a cost-based approach that incorporates three key components for optimizing your total cost-to-serve. What Is the Cost-Based Approach? The Three Components of Successful Cost-Based Optimization Let’s drill down.

Purchasing Skills 156

Purchasing Skills Network Optimization Supply Chain Optimization Price Mitigation Strategies 156

Unleashed

JANUARY 4, 2024

Product sourcing, done the right way, can set your business up with the foundations needed for achieving maximum sales. This guide will explain how product sourcing works in modern business, best practices for finding suppliers, and list some of the most popular websites and tools for sourcing goods to sell.

Purchasing Skills 52

Purchasing Skills Manufacturing Procurement Optimal Sourcing Sourcing Strategies 52

ToolsGroup

MAY 11, 2022

Supply chain delays (25%), surging inflation (24%) and escalating fulfillment costs (19%) top the list of external concerns. As supply chain challenges become more frequent and intense, company leaders are increasingly focused on implementing solutions that can help them better manage risk, bypass skills shortage and become more resilient.”.

Purchasing Skills 295

Purchasing Skills Buyer Training Supply Chain Software Supply Chain Planning Software 295

ShipBob

DECEMBER 28, 2022

Where you get these from, or how you source them, can be a huge decision. Sourcing can seem overwhelming if you’re a brand or retail buyer not entirely sure what you’re doing, but it can significantly impact the quality, cost, and availability of your products. What is strategic sourcing? What is procurement?

Sourcing Strategies 52

Sourcing Strategies Manufacturing Procurement Purchasing Skills Material Savings 52

Precoro

JULY 8, 2022

One should keep in mind that every transaction has an additional hidden cost in labor and overheads, such as the time spent sourcing products, tracking deliveries, matching invoices, and overseeing suppliers. In the article, we look critically at the role of the purchasing manager and discuss how to determine the value of hiring one.

Purchasing Skills 74

Purchasing Skills Manufacturing Procurement Negotiating Skills Procurement Solutions 74

Precoro

JULY 15, 2024

The CPO leads the company's acquisition programs and ensures that they are purchasing goods and contracting services on time and in a cost efficient way. Making sure these purchases are of high quality and compliant with relevant laws and regulations also falls under the CPO’s responsibilities.

Negotiating Skills 89

Negotiating Skills Manufacturing Procurement Procurement Analytics Procurement Solutions 89

Logistics Bureau

FEBRUARY 15, 2021

The best way to understand the difference between procurement and purchasing in a business is to consider the process involved in buying a car, says Logistics Bureau’s procurement specialist, Trent Morris. Procurement First, Purchasing Follows. Once you have done that, you move into getting prices on the vehicles.

Manufacturing Procurement 98

Manufacturing Procurement Procurement Analytics Purchasing Skills Negotiate Pricing 98

My Office Apps

DECEMBER 7, 2023

This is a common challenge faced by companies today, constantly looking for optimization and cost savings. Efficient procurement processes not only streamline your purchasing cycle but also lead to better inventory management and ultimately, reduced costs. One area with significant potential for improvement is procurement.

Inventory Reduction 84

Inventory Reduction Inventory Management Software Cost Reduction Strategies Optimal Sourcing 84

Precoro

AUGUST 26, 2021

Purchasing? Although quite similar, procurement and purchasing are two distinctive processes , and understanding the difference between them can help facilitate your organization’s success. Scroll down to find: Procurement and purchasing: side-by-side comparison table ; Procurement and purchasing defined. Purchasing.

Pricing Training 91

Pricing Training Procurement Solutions Procurement Analytics Purchasing Training 91

Logistics Viewpoints

JUNE 29, 2023

It is crucial for organizations to understand the importance of Purchase Order collaboration to effectively manage their direct spend, optimize operations, and mitigate risks. Direct spend can be a significant part of the Cost of Goods Sold for an organization.

Manufacturing Procurement 209

Manufacturing Procurement Procurement Analytics Material Savings Inventory Reduction 209

Arena Solutions

OCTOBER 10, 2024

Succeeding at Strategic Sourcing With Arena and Part Analytics Learn more about the integration between Arena and Part Analytics here. Full transcript below: Heatherly Bucher Welcome to our session on Succeeding at Strategic Sourcing. Engineering and sourcing professionals build the platform for engineering and sourcing.

Analytics Software 60

Analytics Software Negotiating Skills Sourcing Strategies Purchasing Skills 60

Logistics Bureau

SEPTEMBER 4, 2023

Have you conducted a cost-to-serve (CTS) analysis for your enterprise? And that is the sole purpose of cost-to-serve analysis. If you were going to say, “What is a cost-to-serve analysis?” When costs begin to spiral out of control, the result is usually a loss of revenue in proportion to sales.

Negotiating Skills 76

Negotiating Skills Purchasing Skills Cost Reduction Strategies Analysis 76

ivalua

AUGUST 11, 2021

Responsible sourcing is the incorporation of ethical, sustainable and socially conscious principles into sourcing, procurement and overall supply chain management practices. Responsible sourcing requires a shift in thinking and priorities. There is a growing trend among consumers for responsible sourcing or ethical sourcing.

Sourcing Strategies 130

Sourcing Strategies Purchasing Skills Sourcing Expense Reduction 130

Logistics Viewpoints

OCTOBER 17, 2024

Supply Chain Knowledge and Risk Mitigation: Suppliers have a direct impact on direct spend with raw material and transportation costs as two big drivers of operating margins. Focus on Long-Term, Strategic Partnerships Shift the focus from short-term cost savings to long-term value creation with suppliers.

Manufacturing Procurement 243

Manufacturing Procurement Supply Chain Planning Software Material Savings Supply Chain Design Software 243

QAD

APRIL 22, 2021

This is certainly true in the area of strategic sourcing where procurement teams rely heavily on manually intensive efforts to identify and select suppliers. Manufacturers face ongoing challenges in selecting the optimal source of supply for the many materials, products and services they procure. Boost Long-term Supplier Relationships.

Manufacturing Procurement 97

Manufacturing Procurement Optimal Sourcing Negotiating Skills Purchasing Skills 97

Supply Chain Game Changer

AUGUST 30, 2022

Many businesses use some form of Total Cost of Ownership model to support their Procurement and sourcing decisions. In fact these models are not just used casually, but they often are designed to inform and make optimal sourcing choices. What is a Total Cost of Ownership Model? But price is ALWAYS included.

Optimal Sourcing 103

Optimal Sourcing Purchasing Skills Manufacturing Procurement Negotiating Skills 103

Precoro

OCTOBER 6, 2022

Thorough analysis allows procurement professionals to surface, visualize, and present purchasing patterns, which are then evaluated by the stakeholders. Procurement analytics, built on unbiased data, is often perceived as a single source of truth. How often do purchases happen? How often do purchases happen? By how much?

Manufacturing Procurement 79

Manufacturing Procurement Procurement Solutions Procurement Analytics Pricing Training 79

Precoro

SEPTEMBER 6, 2021

As both sourcing and procurement are related to obtaining supplies for the organization, confusing these two terms is easy. Understanding their distinction can help you ensure the coordination between the responsible teams and adopt the right strategies for improving both sourcing and procurement. Procurement. Contains fewer steps.

Optimal Sourcing 63

Optimal Sourcing Manufacturing Procurement Purchasing Skills Procurement Solutions 63