𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿 𝗿𝗶𝘀𝗸 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗶𝘀 𝗮 𝗺𝗮𝗷𝗼𝗿 𝗶𝘀𝘀𝘂𝗲 𝗳𝗼𝗿 𝗽𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁. How many times in the event of a supplier failure (such as late delivery, poor product quality or insolvency), operations of the buying company are severely affected? Hence It’s vital to do your due diligence. Evaluating the risk of key suppliers failing to deliver is critical,

In logistics, cost drivers are factors that significantly influence the expenses incurred during the procurement process. Some major cost drivers to track by procurement in logistics include: 1.𝗧𝗿𝗮𝗻𝘀𝗽𝗼𝗿𝘁𝗮𝘁𝗶𝗼𝗻 𝗰𝗼𝘀𝘁𝘀: 🚚🛳 Monitoring expenses related to shipping, freight, and transportation methods can help optimize spending. 2.𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗰𝗮𝗿𝗿𝘆𝗶𝗻𝗴 𝗰𝗼𝘀𝘁𝘀: 📦 Keeping track of storage, handling, and holding costs

Against the backdrop of global events, cost pressures, Procurement has a role to deal with rapidly changing stakeholders expectations. Macro Economic Turbulence and unexpected shifts and cost structures have an impact on almost every industry. One such method to revisit and review the costs (SG&A) is 𝗭𝗲𝗿𝗼 𝗕𝗮𝘀𝗲𝗱 𝗕𝘂𝗱𝗴𝗲𝘁𝗶𝗻𝗴.  𝗭𝗕𝗕 is a methodology that requires

Procurement, has an exciting role to play in Cost Benefit Analysis. This is a systematic technique used to review and evaluate the benefits of costs of a given Project for two purposes: (𝗮) 𝗗𝗲𝘁𝗲𝗿𝗺𝗶𝗻𝗲 𝘁𝗵𝗲 𝗳𝗲𝗮𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝗼𝗳 𝘁𝗵𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁. (𝗯) 𝗘𝘅𝗽𝗹𝗼𝗿𝗲 𝗮𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝗼𝗽𝘁𝗶𝗼𝗻𝘀 𝘁𝗼 𝗮𝗰𝗵𝗶𝗲𝘃𝗲 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝗴𝗼𝗮𝗹. The calculation involves comparing the total expected

A procurement budget tells us what we can and can’t afford—and serves to inform our purchasing strategy. While a procurement budget can warn us when finances spiral out of control, they can’t prevent us from buying anything. Failing to implement specific procedures like ordering restrictions and project-based budgets can take a toll on your bottom

The Carter’s 10 Cs of supplier evaluation method gets its name from Ray Carter, director of DPSS Consultants. He had originally described the 7 Cs of effective supplier evaluation in a 1995 article in ‘Purchasing and Supply Management‘. That number has become 10 since then. They offer a clear focus for anyone involved with selecting or

𝘼𝙧𝙚 𝙮𝙤𝙪 𝙩𝙞𝙧𝙚𝙙 𝙤𝙛 𝙘𝙤𝙣𝙨𝙩𝙖𝙣𝙩𝙡𝙮 𝙝𝙖𝙫𝙞𝙣𝙜 𝙩𝙤 𝙘𝙝𝙖𝙨𝙚 𝙙𝙤𝙬𝙣 𝙫𝙚𝙣𝙙𝙤𝙧𝙨 𝙖𝙣𝙙 𝙨𝙪𝙥𝙥𝙡𝙞𝙚𝙧𝙨 𝙛𝙤𝙧 𝙞𝙣𝙛𝙤𝙧𝙢𝙖𝙩𝙞𝙤𝙣? Do you find yourself struggling to keep track of all the details related to your procurement process?  If so, then it’s time to get familiar with procurement documents! These critical documents play a vital role in ensuring that your purchasing procedures are smooth and

A Bill of Lading (BOL) is a critical document in logistics and procurement, especially for international trade. 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝗰𝗲 𝘁𝗼 𝗽𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 Its importance to procurement can be summarized as follows: 1.𝗣𝗿𝗼𝗼𝗳 𝗼𝗳 𝗦𝗵𝗶𝗽𝗺𝗲𝗻𝘁 𝗮𝗻𝗱 𝗥𝗲𝗰𝗲𝗶𝗽𝘁: A BOL serves as evidence that the goods have been shipped by the supplier and received by the buyer. This

𝙁𝙞𝙣𝙙𝙞𝙣𝙜 𝙩𝙝𝙚 𝙍𝙞𝙜𝙝𝙩 𝙁𝙞𝙩: 𝙎𝙤𝙪𝙧𝙘𝙚 𝙎𝙚𝙡𝙚𝙘𝙩𝙞𝙤𝙣 𝘾𝙧𝙞𝙩𝙚𝙧𝙞𝙖 𝙛𝙤𝙧 𝙋𝙧𝙤𝙟𝙚𝙘𝙩 𝙋𝙧𝙤𝙘𝙪𝙧𝙚𝙢𝙚𝙣𝙩 𝙒𝙝𝙖𝙩 𝙖𝙧𝙚 𝙎𝙤𝙪𝙧𝙘𝙚 𝙎𝙚𝙡𝙚𝙘𝙩𝙞𝙤𝙣 𝘾𝙧𝙞𝙩𝙚𝙧𝙞𝙖? Think of them as a set of essential qualities you need your supplier to possess. These criteria fall into several categories: 𝙏𝙚𝙘𝙝𝙣𝙞𝙘𝙖𝙡 𝘾𝙖𝙥𝙖𝙗𝙞𝙡𝙞𝙩𝙮: Can they do the job? Does their expertise align with your project’s technical requirements? 𝙀𝙭𝙥𝙚𝙧𝙞𝙚𝙣𝙘𝙚 & 𝙏𝙧𝙖𝙘𝙠 𝙍𝙚𝙘𝙤𝙧𝙙: Have they

𝙒𝙝𝙖𝙩 𝙖𝙢 𝙄 𝙩𝙖𝙡𝙠𝙞𝙣𝙜 𝙖𝙗𝙤𝙪𝙩? 🤔 ❓️ Procurement funnel is a graphical representation used by organizations to accurately determine Procurement’s contributions that go straight to the bottom line. The funnel takes in the universe of total organizational spend and squeezes out the realized savings to the organizations. Typically it looks like this👇 with different levels