Procurement

If you need a word to summarize the economic mood in 2023, “pensive” comes to mind. After the drastic market fluctuations of 2020 to 2022, we enter the new year with an over 60 percent likelihood of recession, according to leading economists.  Tech giants, previously full-steam-ahead on fast hiring and generous salaries, are now engaged […]

As budgets tighten and companies streamline their spending, many businesses are looking for ways to save significantly on procurement costs.  What these companies may overlook, however, is that better procurement outcomes result from the combined impact of many small, systematic changes made over time. These changes directly impact the cost-effectiveness of indirect spend, which is […]

Tackling the opportunity cost of projects and maintaining cash efficiency is key to upholding profit margins. But sometimes, you can’t tie spending to projects or billable activities. This is called indirect spend, and it has just as significant an impact on your business.  To truly get the most opportunity out of every dollar, you need […]

As a best practice, your procurement team should have a hand in sourcing and purchasing the supplies, services, and goods your company needs to thrive. A well-run procurement organization sets strong procurement policies, optimizes company spend, secures the supply chain, and ensures your spending initiatives yield the best results. They handle what is called “addressable” […]

Successful procurement is about keeping pace with an ever-increasing cadence of purchases. Decisions must be made faster and with more confidence if companies expect to move with the market and respond to its shifting conditions. One practice that enables this speed is agile procurement.  Agile procurement eliminates many documentation-heavy, slow selection processes that drag down […]

Initially, inefficiencies in procurement are merely a nuisance. But gradually, these simple manual processes compound to consume time, productivity, and money. Faster than most organizations realize, the pace of growth outstrips the ability of the accounting and procurement teams to keep up. Automation is the best source of relief from these common business problems. Automation […]