Procurement

Accounts payable outsourcing refers to inviting a third-party team to manage your accounts payable process for you. Your accounting department will have fewer tasks to accomplish since liabilities such as short-term debts and managing your creditors are given to qualified third parties.

Procure-to-pay (P2P) is the process an organization uses to source, negotiate, purchase and pay for goods and services. A powerful, effective procure-to-pay (P2P) cycle is critical for your business.  As Forbes Councils Member Peter Nesbitt notes, the way companies spend money has changed dramatically over the past several years. Businesses no longer rely on a […]

The lean operating model was conceptualized sometime around the fifteenth century, at the Arsenal of Venice. Venetian shipbuilders created an assembly line to standardize production and, in doing so, were able to build naval vessels faster and cheaper. As the centuries passed, the Venetians continuously sought to improve their operations and experimented with new ways […]

Automation and digital administration of the procurement process is advancing quickly. As technology advances, it is easier for businesses to see real-time pricing data and, as a result, gain more control over their spend management.  In fact, with the right strategy, your business could automate nearly half of the procurement process tasks currently bogging your […]

You probably think you need a procurement department to really do procurement right. Procurement is the process a company follows to acquire services and supplies. It’s a process that has a lot of moving parts, and requires strategic thinking. When successful, procurement creates systemic controls that can reduce costs and mitigate the risks inherent in […]

Are you paying six figures for your procurement solution system and still using emails and spreadsheets to conduct purchases? You’re not alone. Many businesses invest in a procure-to-pay solution, only to be disappointed when procurement inefficiencies like high spend and time delays remain unresolved. Failure to automate and streamline purchase and supply chain systems affects […]