Procurement is responsible for obtaining the goods and services needed for a business to keep their operations running smoothly. It’s procurement’s job to make the best use of an organization’s budget, building strategic partnerships with suppliers, and reducing risks in the supply chain.
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Choosing a new software solution is rarely as simple as finding a tool that meets your basic requirements and clicking “buy.” To get the most out of your new investment, you’ll need to find something that not only works well with your existing tools but helps you get more out of your entire stack.
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Most managers can agree: you can’t improve what you don’t measure, particularly when it comes to your company’s finances. While budgets might not be the most glamorous topic, they are often the hidden hero behind a company’s greatest successes. Budgets play a critical role in helping managers make smart decisions about spending and allocating resources, and they serve as a way to set targets and measure performance.
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Purchase order financing, or factoring, is a funding method for companies that don’t have the cash flow needed to purchase inventory required to complete orders for their customers.
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Procurement compliance involves adhering to protocols for the share of company spend that procurement is supposed to control—in other words, it’s the percentage of purchasing that is contracted and approved based on an established set of guidelines.
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If you’re wondering what spend culture is, you’re probably assuming it’s just another buzzword from the corporate world. And that may very well be true, but the concept is an important one nonetheless.
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