Digital Purchase Order Blog

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Supply Chain Management In 2017 – 6 Emerging Trends

Supply Chain Management In 2017 – 6 Emerging Trends

Every field always changes and evolves over time and supply chain management is no exception. In some ways, supply chain management changes even more frequently than other industries, since technology is the backbone to profits and progress in this industry. If your company falls behind, you’ll become less competitive in what is a quite competitive industry. As we let go of what was working last year and move on to what will take us into the future, here are the trends in supply chain management to watch out for in 2017. 1. Changing Functional Silos There’s plenty of evidence that […]

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Procurement Definition

Procurement Definition

costDoes the wording that you use in the name of your department truly reflects its value? What is your department called? Sourcing? Purchasing? Buying? Procurement? While the definitions of these words could seem similar to the average onlooker, your department’s name could tell everyone about its unique function within your company and the high levels of maturity that it has earned. You can consider both the purchasing/buying and sourcing departments a subsidiary of Procurement definition. The function of Procurement definition has changed a lot over the years, and it continues to evolve at a rapid pace on a daily basis. […]

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Cognitive Procurement is the Future

Cognitive Procurement is the Future

Procurement specialists on LinkedIn discuss the role machines will play in the evolution of procurement. Will machines replace people as the age of cognitive procurement dawns? After all, machines already: Collect more information and process it more quickly than people Store (i.e. memorize) more information and use it in a wide range of applications Use stored data to pplypport planning, decision-making and cognitive procurement processes heretofore unknown Machines can do all of this, but does that make them intelligent? To be sure, artificial intelligence mimics true intelligence in some ways such as the evolutionary programming (EP) paradigm, the ability to […]

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Cost management: Five tips for improving cash flow

Cost management: Five tips for improving cash flow

Among the most important targets of cost management for a small business is ensuring that it has a positive cash flow. The higher the positive cash flow, the better for a business. It enables the company to pay its bills on time, to grow by adding staff or opening a new branch, as well as to set aside money for lean times, such as during a recession, for example. Here are five tips to help your business handle its cost management to achieve a positive cash flow. 1) Institute strict cost management guidelines on how money is spent In order […]

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Benefits of eProcurement

Benefits of eProcurement

eProcurement is supporting technologies with a broad range of purchasing and sourcing options. Not limited to a particular discipline or activity, these options include purchasing products online through e-marketplaces, e-auctions or other electronic means. It is not a challenging task to implement electronic trading into a core business within an organization. The automated process is easier because the orders and transactions are linked back to their core financial and enterprise resource planning applications. So basically, the eProcurement procedure streamlines the prior manual processes through a controlled purchasing environment. This method augments spending visibility eliminating inaccurate buying and using multiple vendors. […]

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Three Important Answers About PO Documents

Three Important Answers About PO Documents

When someone is planning to purchase products or services, they will often use a PO document to make their intentions known. This document is sent from the intended buyer to the one with the item for sale. While PO documents are a fantastic and important part of business life, some people doubt their usefulness. Listed below are three questions and answers about using a PO document. 1. Is the Document Necessary or Simply the PO Number? Frequently, buyers will only provide the seller with a PO number. While this is often enough, providing the entire PO document is best. As […]

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Resolving Conflict of Interest in Procurement Management

Resolving Conflict of Interest in Procurement Management

A frequently seen indication of poor procurement management is the existence of nepotism in the supply chain. This is a vendor that has a close personal association with a key member of the business. Even if the relationship remains fair and professional, it can bring on accusations that run from favoritism to fraud. The sister or nephew of a top executive or purchasing manager could possibly be the best vendor to provide essential materials or services. In that case, it could actually be an asset, as the relationship brings mutual loyalty and is likely to endure for the long term. […]

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Procurement 2017

Procurement 2017

Here are the challenges for Procurement 2017! These are the top 5 that you need to look out for in the new year: 1) The Challenge of Risk As time progress, the markets and supply chains have gotten more complex and globalization has become a larger part of the puzzle. However, many organizations still put risk management as an afterthought. Other companies think that compliance is all that is needed to deal with risk management. When you have a complex supply chain, this could be a disadvantage. Minimizing risk management could also hold Procurement 2017 back from its proper strategic […]

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Top Procurement Trends For 2017

Top Procurement Trends For 2017

Procurement trends have changed drastically over the last several decades. These changes have been noticeable in the last decade.  Procurement professionals have desired to be known for more than working in the background, to stop being identified as purchasing supplies at lower cost than was paid the year prior. They would rather be recognized for the positive contributions and value they can add with respect to product innovations, analytical evaluation into the supply chain, and reducing risk. Through our stories, we have reported this journey since 2006 and we will continue to document advances in procurement trends. What is to come? […]

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Digitally Automated P2P Processing To Be Adopted By European Businesses

Digitally Automated P2P Processing To Be Adopted By European Businesses

An online study designed through a collaboration between ICM Unlimited and Purchasing Insight took the form of interviews with 706 business decision makers based within twelve European markets. Those interviewed were board-level leaders in procurement and corporate finance that worked within both small and large businesses, and they were asked to relate how they believed Purchase to Pay (P2P) processing systems would advance over the course of the coming years. ICM Unlimited’s resulting report, “The Future of Purchase to Pay 2016”, revealed that no more than 3% of businesses based in Western Europe believed that there was any place in […]

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