Order management is the backbone of the procurement process. It’s your team’s job to make sure you have the right amount of stock so business runs as planned. Yet there are challenges when the team doesn’t stick together. Continue Reading
Procurement isn’t all about purchasing and warehouse details — it’s part of an organization-wide strategy to cut back on spending and maximize profits. Still, many organizations find themselves coming up short.
Budgeting is, of course, one of the most critical aspects of running any business. Albeit, maybe not the most glamorous. A budget tells us what we can and can’t afford—and serves to inform our purchasing strategy. While a budget can warn us when finances spiral out of control, they can’t prevent us from buying anything.
In the supply chain business, newbies tend to think sourcing and procurement are the same. However, that assumption isn’t quite right.
Procurement is the process of the getting the goods and services your company needs to fulfil its intended business model, while sourcing is locating said goods and services. Continue Reading
A good relationship with your suppliers is just as significant as the products you sell or the services you provide.