There are a lot of reasons to review data obtained from the use of purchasing cards (also known as P-Cards). Most of those reasons revolve around catching fraud on the part of card users. But here’s another reason to consider: P-Card data reviews can also help your business keep tabs on your dealings with “preferred suppliers.” What’s […]
Using P-Card Reviews to Keep Tabs on Preferred Suppliers Read More »
If you’re running a business, or working in procurement or sourcing for a large organization, you are creating relationships whether you are fully cognizant of it at all times or not. It’s a huge part of procurement and sourcing. But some of those relationships can become a little more unique — and downright lucrative. Case
The Price to be Paid for Ignoring Preferred Suppliers Read More »
Putting together a future-oriented procurement and/or sourcing strategy requires a lot of attention to detail. You want to minimize risk, but at the same time, you know that for change to happen, you need to take some risk. Maybe your sourcing process is based on price, delivery time, and availability, without much thought as to
A Forward-Thinking Approach to Procurement and Sourcing Read More »
One of the most important aspects of putting together a strategic sourcing plan at your organization is risk management, and proper identification of risk. While taking risk is a necessity in business, it’s important to eliminate needless risk factors that do not open any new opportunities for the organization. A solid strategic sourcing plan should
Risk Management in Strategic Sourcing Read More »
Sourcing strategies tend to fall under two major categories. The differences between the two are clear and well-defined, but there is less consensus about use cases for each of them. A lot of it depends on the exact organization, its goals, and directives from that organization’s C-Suite. In this blog post, we’ll define both tactical
Tactical Sourcing vs. Strategic Sourcing Read More »
Strategic sourcing is the process of taking a look at what goods and services your organization needs to run most effectively, and is implemented by taking a look at all available options and optimizing the spend of the organization. It implies a knowledge of the difference between minimizing total cost, and minimizing purchase price. It’s
How Data Monitoring Can Improve Strategic Sourcing Strategy Read More »
