Construction 4.0—What it Is and How to Get Ready
All this talk about advancing AI has stirred up worries about the future of work—particularly when it comes to manual labor.
Procure to Pay 101 — The P2P Process Explained
Companies that do a lot of purchasing need to have clear policies in place for every stage in the purchasing process.
How to Get Better Rebates from Your Vendors
In a retail setting, rebates serve as a way to get consumers to buy a product on the spot, knowing they’ll get their discount sometime down the line. In procurement, they’re a little different. Rebates serve as a way for sellers to meet buyers in the middle during negotiations.
In the procurement world, cost reduction represents a huge portion of the strategy. Suppliers lean on rebates as a way to lock buyers in. If buyers switch suppliers, they might get a better price up front, but they lose the rebate down the line — which in some cases, may represent more significant cost savings.
64 Practical Ways to Reduce Costs in your Business
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
How to Know if Your Business Will Be Around in 10 years
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.
The Cost Iceberg
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.
11 Incoterms Your Buyers Need to Know
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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