Struggling with Budget Overruns? Here’s How Procurement Can Stick to the Purchase Budget
November 16, 2024 | Cost Management
A manufacturing company plans to launch a new product line during the year. The company decides on a purchase budget and buys the necessary raw materials and components to commence production.
Midway through the year, it realizes that it needs more raw materials to meet the production requirements. It also finds that the prices of a particular raw material have increased due to a shortage of supply. It now has to spend extra money to procure these raw materials and exceeds its original purchase budget in the process.
Best Practices to Optimize Procurement Lead Time
November 16, 2024 | Procurement Strategy
When it comes to optimizing procurement lifecycles and timelines, there's one denominator that emerges as a key factor —procurement lead time.
Procurement lead time impacts the efficiency and success of supply chains.
Whether dealing with products or services, understanding and optimizing lead time can lead to better customer satisfaction, lower inventory costs and faster market responsiveness.
This blog will explain the tangible benefits of reducing procurement lead times and best practices to optimize it.
How e-Procurement Can Benefit Your Business
November 16, 2024 | Procurement Software
Many businesses are today looking to accelerate digital transformation. But they aren’t sure how or where to start.
Introducing technology in a function such as procurement can be a good way to start. Why?
Because the role of procurement has evolved significantly. It has become increasingly vital in a business environment prone to uncertainty and disruption.
Mastering the Vendor Management Lifecycle: A Strategic Guide for Enterprises
November 16, 2024 | Supplier Management Strategy
Companies across industries are increasingly turning to external partners to help them deliver critical products and services these days. Vendor relationships can be a strategic advantage for an enterprise, which makes it critical to understand the vendor management lifecycle.
In this comprehensive guide, we’ll explore the intricacies of vendor management, offering insights and strategies to help you manage vendor relationships to improve quality, cost reduction and risk mitigation.
Transforming Farming: Nanotechnology Finds Many Applications in Agrochemicals
November 16, 2024 | Agro
Nanotechnology has found broad applications across industries such as medicine, materials science, and agriculture, with North America and Asia leading the way.
In agriculture, nanotechnology is being increasingly adopted, offering advanced solutions for improving crop productivity, soil health and environmental sustainability.
Accounts Payable Vs Accounts Receivable: Key Differences and The Power of Automation
November 16, 2024 | Accounts Payable
Procurement leaders are increasingly leveraging the power of automation to get their accounts payable (AP) and accounts receivables (AR) right – driving efficiency and savings.
So, what is the difference between accounts receivable and accounts payable? They are two sides of the same coin.
7 Steps to Create an Effective Procurement Schedule
November 16, 2024 | Procurement Strategy
“People don’t plan to fail. They fail to plan.” Often attributed to Benjamin Franklin, this quote illustrates the value of having a detailed plan or schedule in place to guide execution.
In procurement, it’s the same thing — the difference between success and failure often hinges on effective planning and execution, and your enterprise’s procurement schedule is at the heart of its planning process.
Experiential Marketing: How Brands Are Creating Immersive Consumer Experiences
November 16, 2024 | Marketing
Brands are constantly looking for innovative ways to grab attention and form lasting connections with consumers.
One approach that has gained traction is experiential marketing.
Unlike traditional advertising, which focuses on delivering messages to audiences, experiential marketing immerses consumers in interactive experiences, allowing them to engage directly with products or services.
5 things to Know About Automating Purchase Requisition Workflow
November 16, 2024 | Procurement Strategy
Businesses are losing money and experiencing subpar operations and compliance issues due to inefficient purchase requisition workflows. However, leaders are tackling all these issues with automation.
We know that purchase requisitions serve as a critical initial step for acquiring goods and services. These documents are formal requests for approval to proceed with a purchase and typically contain crucial details such as the type of goods or services needed, quantity, price and the expected delivery date.
How P2P Accounting Connects the Dots in Procure-to-Pay
November 16, 2024 | Procure to Pay
Have you ever wondered why supplier invoices take a long time to process? How are these invoices checked and approved? What causes delays in supplier payments?
Here is the key reason in most cases.
Different teams within an organization often work in functional silos, unaware of what is happening in another function. While one team may be cross-checking the supplier invoice against the original purchase order, another team may be verifying the contractual prices and delivery terms.