5 Practical Ways to Create a Successful Procurement Experience
Procurement is not limited to buying goods and services. At its core, a procurement expert’s job is to ensure that operations run with minimum hurdles throughout the year. This involves defining requirements, market analysis, rating vendors, negotiating deals, and controlling risks. For many, achieving such objectives may be a struggle because they don’t know how […]
How to Choose an E-Procurement Service Provider?
E-Procurement has become such an essential part of every business that it requires its own team and strategies. Inevitably, many SMEs are trying to keep up with the market’s ever-changing expectations and dynamics. In addition, they turn to independent, third-party companies that are known as E-Procurement service providers (PSP). You can hire these companies in […]
Contract Negotiation in eProcurement: Essentials to Consider
When it comes to contract negotiations, the most challenging element may be ignoring what you’ve been taught about standard negotiation strategies, tactics, and methods. Contract negotiations should focus on sealing a fair, reasonable, and beneficial deal for both parties, not on who is smarter. This is the definition of a good contract negotiation process, and […]
e-Tendering & Online Procurement: How It Works
In today’s tech-driven world, knowledge is power. Nowadays, businesses cannot survive without having access to reliable e-Tendering and online procurement solutions. Many have been using these systems to source materials and equipment, manage supplier relationships and ensure compliance. Still, many companies are not 100% decided on using these tools because they don’t exactly know what […]
Top 5 Advantages of eTendering
Before using a procurement or e-tendering system as an industry norm, it’s critical to understand the rationale and benefits. You also need to know what the solution is. E-tendering simply consists of procurement and tendering methods and processes that have been moved to an online and/or a cloud-based environment. The advantages of e-tendering reach all […]
Things to Look for in a Procurement Optimization Solution
A practical procurement optimization solution can help you manage the entire procurement experience with minimum hurdles. However, you cannot find the right solution without knowing what to look for. To help you with that search, we’ve listed some of the must-haves for a reliable procurement optimization solution. Photo by Diggity Marketing on Unsplash Automation This […]
A Guideline to Build a Practical Sourcing Strategy
As organizations continue to harness the power of globalization to improve their performance, the importance of sourcing goods from vendors has become undeniable. Meanwhile, challenges such as economic and political instability, technological disruption, and other factors have made the market a fiercely competitive environment. As a result, it is critical for businesses to develop a […]
Penny Software launches its B2B sourcing marketplace
“Souq Penny” will contribute in spending efficiency and facilitating access to suppliers and products “Souq Penny” includes hundreds of major manufacturers and suppliers offering hundreds of thousands of wide-selection of products Riyadh, 18th of April 2022: Penny. Software, the leading procurement and sourcing management platform for enterprises, announced the launch of its latest technology […]
The Future of Procurement in the Food Industry
The traditional procurement process in the restaurant sector “Procurement in food industry” has traditionally been a painstaking, paper-based, time-consuming, boring routine that involved knowledgeable buyers, capable sellers, and a precise set of inventory and audit procedures. Simply put, restaurants must manage their purchasing processes to keep prices down while increasing output. An inefficient purchasing process […]
