A procurement leader’s guide to successfully implementing sustainable procurement and driving value.
A comprehensive guide on how to reduce procurement costs, written to provide you with ideas, tips and strategies to help you uncover hidden procurement spend.
Did you know that every time you make a purchase for your business, it falls into one of two categories? Direct spend and indirect spend are different ways to categorize the purchases you make for your business. Read on ahead to learn how each affects your business.
There's one thing procurement professionals are always in search of, it's clarity. They certainly want lots and lots of it. And what better way to get clarity than from a good old-fashioned cube? That's right—we're talking about a spend cube, which is a powerful tool that provides insight into the total value of spend per category, the number of suppliers each category has, and more.
Seeing all your spend data in one place can inspire a dramatic change in how you manage your business. It's even more useful if you also organize that data by supplier, categories, items buyer, then view it in real-time. You'll want to refer back to this information again and again! Yet, only a few organizations are able to get a detailed view of their spending. And this lack of spend visibility comes with a hefty price tag.
Not sure how to choose and set the right KPIs for your procurement organization? Here we are with some guidance as well as 20 most important procurement KPI examples that you can use in your company.
2021 is soon going to be over. Though there's still enough time left for surprises to unfold, most of us would agree that this year has been more stable and less erratic than 2020. Does that mean there's nothing new for procurement? No new challenges, changes, or trends? Well, if you ask us, we would say it's only a matter of perspective.
When a procurement organization's vision doesn't look beyond savings, the chances of getting stuck in a tactical shell increase. Sometimes, transactional issues might appear critical for operations, but in reality, they are short-term and with limited impact. To realize its full value potential, procurement must overcome its evolutionary tactical barrier and become a more strategic function.
