Summary Getting the sourcing strategy right forms a major component of driving value for organisations through their procurement functions. Specialist consulting services can allow businesses to boost the effectiveness and efficiency of these efforts to optimal levels by utilising specialist knowledge and expertise in strategy development and alignment and leveraging market intelligence and analysis to […]

Summary Financial services and insurance industries are generally tightly regulated and have to remain compliant with a host of standards. Understanding procurement in financial services and insurance industries in a way that is specific to each organisation will allow procurement leaders to streamline procurement processes and boost returns from procurement operations. Several measures can be […]

Summary Procurement is a vast process that involves not just sourcing, negotiating, purchasing, and managing contracts, but it could also extend well beyond this scope to include procurement auditing, assessing vendor performance, processing advanced analytics, and so much more. Industrial procurement is an avenue where partnering with the right service provider can enable organisations to […]

Summary Indirect expenses in procurement can be easily missed when organisations lay out their plans for overall cost-cutting, leading to reduced effectiveness and missed potential for greater savings. To provide insights to prevent this scenario, we have to start by understanding what indirect expenditure in procurement is. This will help organisations detect and identify hidden […]

Summary The management of procurement risk requires organisations to focus their efforts on many aspects of their operations. The first measure is to conduct a risk assessment to identify vulnerabilities which will allow organisations to spot potential areas from which procurement risk can arise. Organisations should also carry out due diligence before supplier selection and […]

Summary When exploring the reasons sustainable procurement is gaining prominence in construction, it is revealed that sustainable procurement in construction and allied industries is essential for promoting environmental sustainability, social responsibility, and economic growth.  As such, sustainable procurement is a critical aspect of modern construction practices, and organisations should strive to follow the steps for […]

Summary When selecting procurement specialists to work with, it is important to understand what defines an expert in the area of procurement, as this knowledge will assist you with choosing the right specialist that best fits your organisation. This is a key factor for determining how working with experts in procurement can be beneficial for […]

Summary The future of sourcing, procurement, and inventory management is rapidly evolving, with new trends and technologies emerging constantly and consistently.  To stay competitive, businesses need to embrace digital transformation and adapt to utilising artificial intelligence and machine learning, which can increase the efficiency of sourcing, inventory management, and procurement significantly by minimising manual effort. […]