Purchasing Process
Optimize your purchasing process and learn how to better conduct, approve, track, and optimize your buying of supplies & services.
Procurement
7 min read
Direct vs Indirect Procurement Differences
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 […]
Procurement
8 min read
Tactical Sourcing vs. Strategic Sourcing in Procurement: What’s the Difference?
Stakeholders need to move quickly to keep up with business demands. But how fast is too fast? When it comes to procurement, tactical sourcing offers speed—but it may leave more on the table than you realize. Today we examine the tactical approach to sourcing and explore whether the speed advantages of this transactional approach outweigh […]
Accounts Payable
8 min read
Understanding Open Purchase Orders
With the volume of purchases flowing through the modern purchasing department, any opportunity to make things easier is welcome. The average purchase order (PO) takes many hours to source, negotiate, submit, and fulfill. Reducing the volume of POs that flow through the procurement process saves your accounting department time and money while reducing errors. For […]
Purchasing Process
8 min read
Purchase Order: What It Is and How to Create One
Every business relies on a steady flow of supplies, materials, and services to ensure that things run smoothly and production is consistent. The process for ordering supplies should be similarly streamlined. When your stakeholders need something delivered, they need an efficient way to communicate that need and have it filled. In most cases this communication […]
Purchasing Process
7 min read
P-Card vs. Purchasing Platform: Which Is Better?
For decades, corporate cards were the tool of choice for organizations to facilitate employee purchases. But as the world has evolved, the traditional corporate card account has become increasingly susceptible to fraud, misuse, and overspending. Fortunately, there are better options for organizations to administer spending for small purchases. Two popular options are purchasing cards (p-cards) […]
Purchasing Process
8 min read
What Is PPV (Purchase Price Variance)
You already know benchmarking and price tracking are important activities for a successful procurement practice. The data these activities provide offers the best point of reference for understanding fair pricing on goods and services. But as pricing structures and market conditions change, how can you know if your procurement spend is consistent and on target? […]