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 terminologies and buzzwords, collectively referred to as Procurement Terminology, 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 […]
Common Healthcare Procurement Problems & 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 […]
Hospital Procurement: Essentials You Need to Know
Following the rising unpredictability of healthcare and hospital procurement and the value of effective supply chain solutions, experts are urging hospitals to implement modern technology to successfully administer healthcare procurement and supply chain activities. E-procurement solutions, for example, are already increasing the efficacy of procurement in industrial and retail sectors by improving the quality of […]
Why Suppliers and Buyers Need E-Sourcing
While the benefits of eSourcing are evident to buyers, suppliers are wary about automating the procurement process. The fear comes from the assumption that any sort of automation is overwhelmingly biased in favor of the buyer. However, eSourcing systems can also provide real-time dynamic feedback and promote strategic cooperation, making it a valuable tool for […]
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 […]
Why Use Procure-To-Pay (P2P)?
If you run any business – from traditional to digital to a blend of each – it is essential to understand the procure-to-pay process and the automated systems that can help harness it. From the time a product or service is ordered until an invoice is paid, your procurement and accounts payable teams should be […]
How Does E-Sourcing Work in the Supply Chain
When you study the supply chain, you examine the entire procedure from start to end. But, procurement is only a minor component of the supply chain. You must essentially collaborate with suppliers and internal stakeholders to procure and obtain products and services in time for manufacturing. You need to source materials that are the best […]
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 […]
What Is The Impact of an E-Marketplace on Procurement Processes
The capacity to stay cost-effective while also growing an enterprise is a significant challenge that businesses encounter on a daily basis. Companies are witnessing a number of shifts in how existing and new consumers choose to purchase the software. When it comes to business software, most firms no longer follow the conventional annual procurement cycle, […]
