Understanding Tomorrow’s Tech: A Must for Today’s Procurement Leaders
Introduction In a business landscape grappling with post-pandemic uncertainties, supply chain disruptions, and inflationary pressures, the imperative for strategic growth is more urgent than ever. Yet, as the threat of recession looms large, it’s clear that growth must be intelligent and technology-driven. Now is not the time for procurement leaders to rely on outdated methods; […]
Practices to Turn Cost Center into a Profit Center
Supply chains are a cost center in many companies, but can be turned into a profit center if some effective practices are applied. In this blog, we will address some methods that can be used to turn supply chains into a profit center and it was a pleasure discussion with Abdullah Al Tassan who has […]
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. […]
