Procurement Terminology – Unpacked and Explained (and how to survive in the digital economy)
When you’re grappling with the nitty-gritty of growing a business, the seemingly endless emergence of new procurement acronyms and buzzwords can easily pass us by. The problem is that every business needs to adapt to the realities of digital transformation if they wish to realize the vast benefits of today’s incredible procurement solutions. Underpinning every […]
Common Healthcare Procurement Problems and How to Solve Them
Over the years, technology has significantly improved the field of healthcare. These days, patients can easily interact with their doctors online, and doctors can perform laparoscopic surgeries. Plus, there’s no need to deal with paper prescriptions again. However, despite focusing on the benefits, we’ve largely ignored the common healthcare procurement problems recently. We have to […]
Why Real Estate Needs E-procurement
Despite all the talk about e-procurement and its benefits, many real estate businesses are somewhat reluctant to adopt e-procurement solutions. Fear over a lack of accuracy in due diligence, added costs, and complexities in deals are just some factors that prevent the widespread adoption of e-procurement in the real estate industry. However, reality paints a […]
3 Steps to Optimize Your E-Procurement Process
While today’s technology has considerably improved procurement procedures, there is still a right and wrong strategy to set up an e-procurement operation. Things may go extremely wrong behind the curtain. Novice managers who use poor strategies can greatly elevate risks. Using wrong approaches in e-procurement can lead to data collection errors, inadequate supply, and unsuitable […]
Hospitality Procurement: Top 5 Common Problems
Procurement is vital in the hospitality industry. Its purpose is not just to effectively supply the company but also to create value through superior quality goods and services. Hospitality businesses, like all companies that acquire products and services in the modern economy, require proven, cost-effective solutions to their problems. In this article, we’ve listed the […]
Top Three E-procurement Solution Providers
In today’s tech-driven era, where businesses are racing towards meeting customer demands, cloud-based procurement solutions have become a necessity and by no means a luxury. E-procurement solutions help companies automate and integrate their process from recruiting suppliers, placing orders, loading inventories, and delivering goods or services to the end customer. Hence, the primary question for […]
Supplier Relationship Management: Benefits & Importance
As supply chains become more complex, the drive to lower prices means that margins are less. Businesses are shifting to supplier relationship management (SRM) as a structured and systematic method for procuring the goods and services they require to preserve profitability and achieve success. In fact, numerous companies of all sizes in various sectors have […]
AI Procurement: What Is It & How Does It Work?
Many companies across different industries use ML & AI ever more every day. Procurement is no exception. Today, companies utilize AI procurement to monitor supplier performance in real-time, identify risks, classify spending, and automate routine tasks such as invoice processing. However, there are many players on the market that don’t know what AI procurement is […]
Near Future Supply Chain Technology Trends
Investment in supply chain technologies has risen dramatically due to the rising global need for autonomous solutions. In 2022, businesses have begun to utilize technology-driven models throughout their operations to properly equip for supply chain management risks. Pay attention to these supply chain technology trends in 2022 and beyond to improve your company’s productivity and […]
