Procurement

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It’s been said that a budget is used to tell your money where to go rather than wondering where it went. One of the most important components of a budget — and one that’s often overlooked — is establishing firm budgets for purchasing. This area of spending represents a considerable portion of company expenses, so […]

Organization is the antidote to purchasing chaos and budget overruns, but building an orderly procurement process doesn’t happen overnight. If your accounting department is under a constant time crunch and your stakeholders spend time following up on needed supply orders, it’s time to build a better procurement process. When it comes to improving the procurement […]

Hospitality sector and service-based businesses are fast-paced, high-volume operations with historically tight profit margins. To succeed in a hospitality business, owners and finance teams must closely monitor the bottom line. Procurement is one of the primary areas where businesses can realize savings and optimize operations.  Today we’ll share information buyers need to know when purchasing […]

Procurement in the retail sector presents a complex, multifaceted challenge. On one front, retailers rely on a constant flow of competitively priced goods and just-in-time delivery options. On the other, they must provide a consistent, quality experience to customers. Thus retailers spend ample time sourcing items to delight shoppers while keeping profit margins and speedy […]

Every procurement team has favorite vendors — the suppliers that always go the extra mile, give consistently competitive pricing, and make the purchasing process easier. Finding those vendors isn’t a matter of chance. These relationships are the result of careful selection, good communication, and continued partnership.  Looking for vendors to fulfill procurement needs can be […]