News and Content for Procurement Professionals

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All You Need to Know About Spend Management

When running a business, you need to think about thousands of factors that can contribute to or add value to it. Among these factors, one of the most important is how you monitor and control your spending. Irrespective of the industry you are in, spend management is a process that makes sure money leaving your company is appropriately tracked and accounted for regularly.

The Most Common Sources of Spend and Procurement Data

You can gain more insight from your data than you think! In this article, we take a closer look at the most common sources of spend and procurement data.

How to Identify Savings Opportunities: Transaction Costs

Procurement teams continuously focus on minimizing transaction costs and costs related to the purchase-to-pay (P2P) process. Although the trend is moving towards automated and self-guided P2P processes, there still might be some opportunities to explore.

Five Most Common Procurement Risks and How to Manage Them

Every procurement professional wants to mitigate as many procurement risks as possible, but before taking the risks head-on, you need to understand what you are up against.

Four Ways Procurement Analytics Identifies Savings Opportunities

Understanding and analyzing your company’s spend structure is often the first step towards laying the foundation of a data-driven procurement organization. But for many companies who have jumped into the analytics bandwagon, translating analytics to fact-based actions that enable realizing procurement savings is a tough nut to crack. This article will discuss some promising cost-reduction strategies enabled by analytics that can grow your procurement savings exponentially.

Six Ironclad Tips to Organize Your Company’s Procurement

Businesses nowadays are emphasizing upon the importance of organizing procurement functions. Why? Because effective and efficient procurement can be the difference between a company’s astounding success or downfall. Most of you must be convinced or are already looking out for ways to organize procurement functions for your business. Here are our six expert tips to help you start building a modern procurement function.