Summary Vendor management is vital for longevity and survival in today’s business environment. Vendor management in procurement has several aims and benefits that are reflected in strategic objectives. There is an important link between vendor management and strategic objectives and to derive the ultimate benefits, this must be recognised and aligned with each other. Since […]

Summary Procurement excellence is the benchmark for procurement processes. Among the several steps that can lead an organisation towards procurement excellence, digitalisation is one of the most impactful factors. The importance of procurement excellence can be understood by discerning the reasons why businesses are unable to effectively conduct procurement. Looking at the impact of digital […]

Summary Cost reduction is an important yet tedious business adjustment for businesses to grapple with. Cost reduction achieves several business objectives, mainly concerned with sales revenue maximisation and reaching profit margins. However, to achieve these financial targets, cost optimisation must be realised. Since cost reduction can help achieve many business targets and is a commonly […]

Summary The world of automation technology is in a constant uptrend and it is simplifying the business approach to stakeholder management. With the right software in place, there are a variety of uses and features of digitalisation of procurement. Outlining modern-day supply chain disruptions allows for the benefits offered by the digitalisation of procurement to […]

Summary Businesses set a number of objectives out of which maximising ROI is a top priority, which is why businesses need an e-procurement consultant—to help businesses match out solutions for smoother operations. It is a proven way for businesses to save money while improving the efficiency of their supply chains. The major benefits of using […]

Summary Automation of the procurement process has caused waves in the business landscape, rapidly changing the state of many industries. One of the major reasons for this shift is the sheer scope of improvement it provides for an organisation’s overall procurement function. When analysing how procurement process automation improves the overall procurement process, some key […]

Summary Procurement analytics is a comprehensive process that involves data gathering, analysis, and insight extraction to strengthen the procurement process in terms of cost reduction, efficiency improvement, and profitability enhancement. It can also play a pivotal role in supply chain optimisation as a result. To understand how procurement analytics improves supply chain operations, it is […]

Summary With global business trends pointing towards increased digital technology adoption, procurement as a business function must adapt to cater to the needs of the market. This calls for a digital strategy for procurement, which provides a set of guidelines for incorporating digitalisation into the procurement process. In this process, businesses may encounter certain challenges […]

Summary Procurement has become a vital part of organising business processes, particularly as a result of the supply chain disruptions that volatile geopolitical conditions have brought. The EU has taken several steps to improve its overall procurement function and help startups and SMEs grow in this volatile economic environment.  The importance of procurement innovation for […]