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How will emerging technology change procurement?
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How many clients with indirect spend do we run across that conduct strategic sourcing, develop pre-negotiated contracts, and implement savings plans that can’t get those savings flow to the bottom line? Answer: all of them. Related: Supply risk defined in supplier relationship management When it comes to locking in cost reductions from hard-fought sourcing engagements, companies don't just identify opportunities, but rather they implement savings. Here are 5 tactics to drive compliance and benefits to...
Last week, we joined Chief Procurement Officers, heads of indirect, and maintenance, repair, and operations (MRO) category managers from top 500 manufacturing companies, as well as the world’s most innovative startups at ProcureCon MRO in Atlanta. It was a great chance to soak up a wealth of MRO-related knowledge from industry experts, as well as share our own. Read on to get our day-by-day takeaways. Day 1 Some of the common themes from the day,...
Most folks that don’t know e-procurement will think of it simply as purchasing necessary goods and services in the most cost-effective manner. However, what most don’t think about is the importance of the buying experience (much more than making it Amazon-like) and the specifics that go on behind the scenes. When using e-procurement for the P2P process, buyers (requesters) rely heavily on the accuracy of the catalogs to provide the most informed information. They also...