Procurement compliance plays a crucial role in ensuring that organizations adhere to strict guidelines and regulations while acquiring goods and services. This not only safeguards a company’s reputation but optimizes operations and drives cost savings. But to achieve actual compliance in sourcing and procurement, it is important to take certain steps that go beyond just […]
If you want to streamline your supplier evaluation process, increase supply chain efficiency, and reduce costs, building an ideal supplier scorecard is crucial. The supplier is a third-party vendor that provides goods, materials, and services to your organization. While it seems obvious to choose suppliers that are cost-efficient and easy to work with, rapid technological […]
eAuction software has become an integral part of eSourcing, procurement, and the overall supply chain. For most companies, gone are the days of spreadsheets, endless phone calls and emails, and the tediously slow time it can take to source materials or services. eAuction benefits are many—while they’re not the most viable choice for every sourcing […]
Legacy sourcing methods work against you. From lost opportunities to higher costs, outdated sourcing methods and traditional sourcing strategies can impede your success and the growth of your business. Think about it this way: Would you rather spend time focusing on the core aspects of your business or spend valuable time and money trying to […]
Spend analysis in procurement is a longstanding concept, however, implementation can be difficult without the proper tools. Spreadsheets are tedious to manage and make it extremely difficult to reap the benefits. Over the years, implementing this kind of analysis has become more accessible than ever with the advent of robust procurement tools and software. The benefits […]
Procurement success is defined by the outcomes. The path to your desired outcomes may seem tricky, but Simfoni can help. Spend Visibility is the foundation of any mature procurement function because it identifies inefficiencies and areas of opportunity that lead to better decision-making and ultimately, better outcomes. While many procurement professionals understand the importance of […]
Contract Compliance and Strategic Sourcing Compliance is one of the essential pieces of procurement management. It’s important to ensure that your vendors meet your company’s standards regarding all contracts and purchase orders. Contract sourcing and strategic sourcing are two different strategies that ensure you are able to get the best deals from your suppliers while […]
Top 5 RFP Solutions for Retail Retail companies often have the most suppliers, and the most interaction with them, of any industry. That’s why if you’re in the retail industry, it pays to have the right RFP solutions in place. When a retail company is about to make a big-ticket purchase, they often utilize a […]
How Supply Chain Management Can Mitigate the Effects of Inflation Rising inflation can certainly disrupt the supply chain. However, those following best practices for supply chain management can mitigate the effects of inflation and keep things under control. According to supply chain consultant Pierre-François Kaltenbach, the “supply chain drives inflation, [and] inflation drives change in […]
Meeting the Demand in Sourcing and Procurement In recent years, considerable efforts have been made to simplify and streamline sourcing, procurement, and overall supply chains to meet demand more effectively. Before dedicated eSourcing and eProcurement software, companies struggled to meet modern business needs with manual processes, paper trails, and endless spreadsheets. . Sourcing optimization software […]