Digital Purchase Order Blog

Read more about the world of Purchase Orders.

Procurement Trends to Affect Professionals

Procurement Trends to Affect Professionals

Procurement Trends: Readers are always asking what the next big thing is coming down the pike that is likely to affect their job and the industry at large. In this digital age, new trends and technologies are ever popping up on the horizon, making the ability to change and adapt quickly critical to success. Each unit of a business needs to work together like a well-oiled machine to ensure the success of the company. Teamwork keeps employees, business partners and customers happy and causes your profits to fly skyward. In order to obtain the most recent information, we spoke with […]

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The Many Benefits of E-Procurement

The Many Benefits of E-Procurement

While procurement managers typically focus on cost containment to provide important savings for their company, utilizing e-procurement offers additional benefits. Even though improved cost savings is an important part of e-procurement platforms, enhanced record-keeping and streamlined purchasing processes can significantly strengthen the growth of any business. In addition, an excellent automated procurement process can help businesses in the following ways: 1. Saving Time – By automating procurement processes, e-procurement makes the process of inventory control and purchasing much more efficient. For instance, staff members will not waste precious hours with manually matching receipts with deliveries or entering redundant data into […]

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Procurement Changes and their Consequences

Procurement Changes and their Consequences

The world of procurement is always changing and evolving. For example, we are not focused more on sourcing strategies based on facts and research, rather than just going with our gut instincts. This hasn’t just changed the way we do business over the years; it has changed our overall philosophy on procurement. Current trends are to think about how it affects the entire company’s business objective, rather than focusing on one project at a time. Advancements in technology Because of advancements in technology, procurement departments around the world are becoming more modern and finding more efficient ways to operate. Outsourcing […]

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Supplier Relationship Management and avoiding Sole-Sourcing Complacency.

Supplier Relationship Management and avoiding Sole-Sourcing Complacency.

Debates over whether sole-sourcing, also referred as ‘no-bid-contract’, have increasingly ended at stalemates in many companies’ procurement boardrooms. Utilizing one supplier assists in pooling the scale of quantity benefits and helps in bargaining. It also builds a strong relationship between firms and their suppliers and at time, it is used to edge out smaller competition. However, the downside of sole-sourcing can proof to be pretty damning. A firm is at its supplier’s mercy and if any catastrophes befall the supplier, a negative and direct trickle-down effect is felt by the respective firm. Strategies to reduce such risks may include having […]

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Cost Management: More than Just Savings

Cost Management: More than Just Savings

While the ability to see the “big picture” is considered crucial in corporate cost management, those who have worked in Central Procurement have a deeper appreciation for the value of the detail. Cost management professionals must work from a sound global strategy at a local level, and that is impossible to do without a unique ability to manage details – particularly given the ongoing demand to drive down costs in a business category that is inherently a spend. Local procurers must be cost management experts with the ability to find the hidden value that frequently can only been discovered through […]

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e-Procurement: 5 Supply Risk Mitigation Principles

e-Procurement: 5 Supply Risk Mitigation Principles

5 Critical Supply Risk Mitigation Principles for Your Sourcing Process In order to manage saving potential, e-procurement and contract management have to be major considerations. For managers engaged in negotiations, contract management is critical to supplier relationship, services and goods. e-procurement assures being able to identify performance factors which are important to successful delivery and benefits operations. Today, business economics are a challenge to the ideal of performing the same task repeatedly, even if done with proficiency. There is pressure to maintain the bottom line while returning high results. This operation would be more efficient if instead of altering operations, […]

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Efficient workflow management in 5 Steps

Efficient workflow management in 5 Steps

If your work day seems like a re-run of the infamous “I Love Lucy” episode, with your day-to-day tasks seeming like bon bons flying off a fast-moving conveyer belt, then your workflow management may need a little tweaking. All business managers know that the key to workplace productivity is a smooth operation with a minimal of distractions. To get to that ideal workflow management goal takes discipline. The payback is that your days are simplified and your profitability skyrockets. To spend less on time-consuming tasks that get you nowhere, follow these five easy steps. 1. Hold Fewer Meetings The Atlassian […]

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Finding The Purchase Order System That Fits Your Needs

Finding The Purchase Order System That Fits Your Needs

Whether your company is a worldwide conglomerate or a mom-and-pop shop, you’ve likely made thousands of purchase orders that are essential to your business. It can be difficult to tailor your purchase order system to fit the needs of your dynamic services. Learning the finer points of procurement can make your business run smoothly and effortlessly, saving you time and money over the life of your operations. As small a detail as purchasing can be, the process can make or break your success. Small-scale procurement If your company is small or burgeoning, you might be passing on the task of […]

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Supplier Negotiations Tips: Close the Right Deal

Supplier Negotiations Tips: Close the Right Deal

Supplier Negotiations can be a tough topic. When suppliers eliminate competition by minimizing costs or creating technology interferes with competitors, it often seems like companies are forced to accept the new prices of goods. Furthermore, when increases in demand exceed the available supply and the supplier is able to charge any price they wish, you may feel that you have no power to negotiation. However, no matter what kind of market power you have compared to your business’ supplier, it’s important to take a strategic approach to supplier negotiations. By utilizing these steps, you can treat supplier negotiations like any […]

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The Hidden Costs Associated with the Change of Suppliers

The Hidden Costs Associated with the Change of Suppliers

Choosing to take advantage of indirect goods can be a great way to save your organization some money since many suppliers are always willing to offer some great deals in order to acquire your business. Since many of these businesses will even allow you to keep purchasing the same brands you’re used to, it can be very tempting to make this type of transition. However, it’s important to be aware of the impact that this can have on your company when you change suppliers. While lower prices can be great and being able to keep all of the products you […]

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