It’s hard to make inroads into a technical category without domain knowledge. This clip from a recent case study presentation references why having a greater understanding of the marketing industry, players, and channels can directly benefit the procurement team. #procurement #marketingprocurement
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Supply Chain Consultant @Deloitte USI | Rank 1st in Business Management | KPMG Lean Six Sigma Black Belt | SIU | SKF | VIT
How is digital procurement transforming the sourcing & purchasing activities? Digital procurement reduces biasness, bring transparency in documentation, offers reporting dashboard, easy benchmarking, analyze total spend, save cost, drive sustainability, reduce lead time, provide better negotiation and many more added advantages. Major procurement types ✔ Direct material ✔ Indirect material ✔ Shared services ✔ Capital expenditure Major steps in procurement cycle 📌 Identify need based on type, quantity & quality 📌 Find right source of supply & invitation for quotation 📌 Compare quotation, negotiate with vendor & place purchase order 📌 Keep track of purchase order 📌 Inspect quality, quantity & receipt of purchase order Major parameters affecting vendor selection process ▶ Criticality of product ▶ Technical & financial capability ▶ Supplier capability & reputation ▶ Sensitivity of vendor to buyer ▶ Existence of IT systems ▶ Willingness of supplier to share information ▶ Geographical proximity ▶ Price, quality & technical support ▶ Integrity of vendor Vendor rating is done based on different parameters & score card is prepared to select best vendor. Please do share your views on digital procurement process being practiced in your industry. #digitalprocurement #eprocurement #sourcing #procurementtechnology #purchasemanagement #digital #sourcingstrategy #vendorselection #vendormanagement #sourcingandprocurement #procurementexcellence
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Are you looking to create an effective procurement strategy? 🎯 Procurement is a critical function that can significantly impact your organization's bottom line. Here are 9 steps to establish an effective procurement strategy, as outlined in a recent article by Nanonets: 1️⃣ Assessing purchasing needs: Understand what goods and services your organization needs, their frequency, and quantity. 2️⃣ Prioritizing categories of spend: Categorize and prioritize purchasing needs based on cost, criticality, and volume. 3️⃣ Conducting market research: Identify potential suppliers, understand market trends, and gain insight into pricing models. 4️⃣ Identifying preferred suppliers: Choose suppliers based on cost, quality, reliability, and alignment with the company's values. 5️⃣ Negotiating contracts: Establish contracts that offer the best value for money while ensuring reliability and quality. 6️⃣ Establishing rate cards and catalogs: Streamline the procurement process with predefined pricing and specifications for regularly purchased items. 7️⃣ Formalizing statements of work and milestones: Set expectations, monitor progress, and ensure that service delivery aligns with agreed terms. 8️⃣ Implementing procurement policies: Ensure transparency and consistency with clear procurement policies and guidelines. 9️⃣ Ongoing monitoring and improvement: Regularly review supplier performance, analyze spending patterns, and adapt the strategy to changing needs and market conditions. For more details, check out the full article here: How do you approach creating a procurement strategy in your organization? https://lnkd.in/emX6Rksu #Procurement #BusinessStrategy #SupplyChain
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Procurement Officer | Strategic Sourcing, Cost Optimization, Contact management, Inventory Management, Supply Chain management,
Simplify your procurement activities with these useful tips: 1. Define roles and responsibilities. 2. Develop a sourcing strategy. 3. Set up an approval system. 4. Create templates and standardize processes. 5. Conduct regular audits of key suppliers. 6. Automate where possible. 7. Implement a procurement intake and approval solution. By following these steps, you can streamline your procurement process and increase efficiency. #Procurement #Sourcing #Efficiency
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Are you looking to create an effective procurement strategy? 🎯 Procurement is a critical function that can significantly impact your organization's bottom line. Here are 9 steps to establish an effective procurement strategy, as outlined in a recent article by Nanonets: 1️⃣ Assessing purchasing needs: Understand what goods and services your organization needs, their frequency, and quantity. 2️⃣ Prioritizing categories of spend: Categorize and prioritize purchasing needs based on cost, criticality, and volume. 3️⃣ Conducting market research: Identify potential suppliers, understand market trends, and gain insight into pricing models. 4️⃣ Identifying preferred suppliers: Choose suppliers based on cost, quality, reliability, and alignment with the company's values. 5️⃣ Negotiating contracts: Establish contracts that offer the best value for money while ensuring reliability and quality. 6️⃣ Establishing rate cards and catalogs: Streamline the procurement process with predefined pricing and specifications for regularly purchased items. 7️⃣ Formalizing statements of work and milestones: Set expectations, monitor progress, and ensure that service delivery aligns with agreed terms. 8️⃣ Implementing procurement policies: Ensure transparency and consistency with clear procurement policies and guidelines. 9️⃣ Ongoing monitoring and improvement: Regularly review supplier performance, analyze spending patterns, and adapt the strategy to changing needs and market conditions. For more details, check out the full article here: How do you approach creating a procurement strategy in your organization? https://lnkd.in/evm4HPud #Procurement #BusinessStrategy #SupplyChain
How to build an Effective Procurement Strategy
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Are you truly leveraging the power of procurement strategies? Is the traditional way of inviting quotes, evaluating offers & placing orders always efficient? 🤔 Procurement goes beyond just acquiring goods or services. To make informed decisions, we must consider various variables. Factors like market complexity (supply availability, price volatility, supplier consortium, etc.) And resource criticality (item value to total cost ratio, competition differentiators, quality impact, etc.) plays a crucial role. By evaluating these variables, we can determine the most effective procurement approach - be it Outsourcing, Local purchase, Spot market, Consortium, Development, Alliance, or backward integration. 📊 Visualizing this data through Excel or graphs can provide a clear roadmap for selecting the right procurement strategy. Are you ready to optimize your procurement process efficiently? #Procurement #Strategy #DecisionMaking
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Procurement & Supply Chain Professional | Upgrading Procurement In Healthcare | e-Procurement Specialist | Reverse Auction Specialist
Excited to share my latest blog post! 🚀 "Navigating the Evolution of Procurement: Face-to-Face vs. Online Portals" In the fast-paced world of procurement, I explore the dynamic shift from traditional face-to-face negotiations to the rising influence of online procurement portals. 🔄💻 Discover the personal connections and immediate solutions that come with face-to-face negotiations, contrasting with the efficiency, accessibility, and data-driven decision-making capabilities of online portals. 🤝🔍 Explore the pros and cons of each approach and learn how organizations can strategically choose the right mix to meet their unique procurement needs. ⚖️✨ Read the full blog and let me know your thoughts! How do you see the future of negotiations in the procurement landscape? 💬 #procurement #negotiationstrategies #digitaltransformation #businessblog #healthcare
Face-to-Face Negotiation vs. Online Procurement Portals: Navigating the Evolution of Procurement in a Digital Era
bhagyeshparmarscm.blogspot.com
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Transform Your Sourcing Strategy Today! Experience unparalleled efficiency and precision with our strategic sourcing, personalized catalogues, and comprehensive procurement solutions. Elevate your business performance and streamline your operations with our expert services. Contact Us Now! (Procurement Solutions, Efficient Sourcing, Customized Catalogues, Procurement Services, Operational Excellence) This post is made by EncReach #ProcurementExperts #SourcingInnovation #EfficiencyInProcurement #CustomCatalogues #OperationalExcellence #BusinessOptimization
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Digital procurement revolutionizes the way companies manage their procurement processes through digital technologies and platforms. From e-procurement systems to online supplier management, organizations leverage tools like electronic sourcing and digital contract management for enhanced efficiency and cost reduction. By embracing digital procurement, businesses can optimize operations, increase visibility,'and maintain control over their procurement activities. #procurement #purchasemanagement #contractmanagement #purchaseorder #purchase #vendormanagement #supplychainmanagement
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Are you ready to unlock procurement success? 🔑 Discover the power of understanding your procurement needs and the FIRST 4 QUESTIONS you should be asking. Join us for an exclusive webinar on October 23, at 2 PM EST, where our expert panel will delve into four essential questions to better understand your needs, challenges, and opportunities. 1️⃣ What really are my organization's pain points? 2️⃣ What are my goals for eProcurement? 3️⃣ Is my organization onboard with eProcurement? 4️⃣ How much support do we need? Don't miss this opportunity to gain valuable insights and level up your procurement strategy. Secure your spot now: https://hubs.li/Q026kkjX0 #procurement #webinar #procurementinsights #procuretopay
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Effective procurement involves more than just making purchases. To ensure you get it right, consider these key points: - Define clear procurement goals aligned with organizational objectives. - Conduct thorough market research to understand supplier landscapes, pricing, and trends. - Clearly define and communicate your requirements to avoid misunderstandings. - Assess and mitigate potential risks associated with suppliers, market fluctuations, and external factors. - Cultivate strong relationships with key suppliers. - Ensure compliance with legal and ethical standards. - Monitor and control costs through negotiation, volume discounts, and competitive bidding. - Utilize procurement software and technologies for efficiency and accuracy. - Integrate sustainable and socially responsible practices into procurement decisions. - Regularly evaluate and optimize procurement processes. - Establish key performance indicators (KPIs) to measure and evaluate procurement performance. - Invest in training for procurement professionals to keep them updated on industry trends and best practices. Remember that successful procurement is an ongoing process that requires adaptability and continuous improvement to meet the evolving needs of your organization. #procurement #supplychain
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