Traditionally, procurement is considered a function that operates independently, slashing costs where possible. While reducing spend is a big part of the job, today’s procurement professionals are strategic players in a cross-departmental push toward long-term success. Continue Reading
Whether you’re just starting out or running an established operation, odds aren’t in your favor. Over 70% of small businesses fail before reaching their 10th birthday.
Businesses fail for all sorts of reasons. In the beginning, getting beyond the startup phase is no small feat. Businesses face cash-flow problems or fail because of poor budget planning. Companies succumb to stronger competitors and customers have no incentive to remain loyal.
There’s this concept called the Cost Iceberg, which refers to the idea that like an iceberg, the total cost of an order might not be evident at first glance.
The iceberg is an oft-used visual metaphor, especially in the realm of spending.
As a buyer, your job is to source materials that fit into your budget, arrive on time, and are in line with your quality standards.
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Efficiency, cost savings, and accuracy are the most notable benefits associated with procurement software. Continue Reading
Construction companies deal with a long list of suppliers, from subcontractors to wholesalers. Procurement may recognize the critical role of suppliers, yet there’s no strategy in place. Continue Reading
Construction teams face unique procurement challenges due to the complex nature of the business.
