Take Control of your Spending
Spending, spending, spending. That is all many businesses seem to do and their commercial success will depend heavily on how they manage their operational spending and procurement process. Subsequently, it is essential to take control of spending and to have visibility. Otherwise, you’ll lose track of what you have spent money on, who you have […]
Making your Cost Efficiencies Effective
We all work hard to give our businesses the best chance of achieving commercial success by generating as much revenue as we can to increase our company’s bottom line. But it’s not just growing revenues that can give your bottom line an uplift. Driving cost efficiencies through your business by decreasing procurement costs, changing products, […]
Procurement vs Purchasing: Don’t get the two Ps mixed up
Two of the most common words beginning with P in the business world are often used interchangeably, and it’s easy to see why. The terms procurement and purchasing, which refer to the process of acquiring goods or services, are both often associated with buying supplies or materials, and so sometimes, the detail gets lost. However, […]
Say Goodbye to The Spot Buy
Unplanned, unbudgeted, and uncontrolled spot buy can have all the appearance of harmless ad-hoc expenses – and the hallmarks of a disaster waiting to happen. Many companies – particularly those that are young and need to respond quickly to events – rely on being able to make small spot purchases. Spot buy can be necessary […]
General Ledger Accounting – Everything You Need to Know
Making sense of how your company is performing and whether it is heading towards success or failure rests on good General Ledger Accounting. The good news is that with the acceleration of the digital economy and maintaining the perfect ledger is easier than ever. Tracking what comes in and goes out is a fundamental basic […]
The Pros and Cons of Centralized Purchasing
For many companies, centralized purchasing can save time, money, and manpower. But, for others, it risks becoming a bottleneck and a hindrance to productivity. So, what’s the solution? There are many reasons why companies choose to build a centralized purchasing system. For some firms, it helps to reduce tail spend and streamline procurement, but for […]
Unpacking The Three R’s of Procurement
The procurement of goods, services, and information can be a full-time job and – for the uninitiated – potentially confusing. The use of different acronyms doesn’t help. For many procurement professionals and managers, RFP RFQ and RFI are lumped together as part of the same process, using the same language to get the same outcome. […]
Get a Grip on Tail Spend and Get a Grip on Costs
For less formal procurement functions, tail spend – or ‘indirect spend’ – can become a long-term problem that is hard to identify. But what is tail spend, and how can it be tackled? With economic headwinds, soaring inflation, and far-flung geopolitical conflict, 2023 promises to be a year of great uncertainty for the global economy. […]
Grow up with Category Management
Growing pains are part and parcel of building a business – but done right, category management can alleviate the stress and make growing up fun. When there are just five of you in a small, serviced office, building a business can feel easy. You know what you want, where to get it, and how to […]
