Strategic Sourcing Solutions to Enhance Your Bottom Line Strategic sourcing is vital to procurement and the supply chain overall, as it allows companies to gain the lowest cost of a good or service while minimizing supply chain risk. While efficient sourcing is achieved by finding, engaging, and evaluating vendors to get the best value and […]
Your Guide to eSourcing Platforms Not long ago, sourcing was still an “analog” process, with a lot of back-and-forth communication via phone calls, emails, and meetings in person. Technology has finally caught up with sourcing and procurement—evolving processes by leaps and bounds in a relatively short amount of time. Now, eSourcing platforms work to improve […]
Ethics in Sourcing and Procurement Management Conducting business ethically means that company stakeholders act appropriately and fairly. When considering ethics in procurement management, stakeholders must act with impartiality and be transparent in all business dealings. Practicing high ethical standards may be a challenging road, but it’s the right road, as taking shortcuts or acting unethically […]
How eAuction Software Simplifies Sourcing In an eAuction, multiple vendors compete directly against each other to win a contract to supply the buyer company with specific products or services. Also known as an eReverse auction, the technology has had a transformative effect over the last 25 years, leveling the playing field for vendors bidding on […]
Why You Should Choose Companies with Green Supply Chains There is no denying that companies with green supply chains are becoming more and more the norm. A green supply chain reduces the harm that may occur at any stage of the procurement cycle—production, purchasing, logistics, material management, or distribution. It also contributes to reducing a […]
How to Master Reverse Bidding: A Guide for Buyers For years, negotiations were performed by email or phone with a RFP (request for proposal) or an RFQ (request for quotation), which was a time-consuming and stressful process. The endless back-and-forth could take days, sometimes weeks or months to source the needed service or materials. However, […]
How to Optimize Your Sourcing in 5 Steps Optimizing your sourcing has many benefits, including time and cost savings. Sourcing optimization involves finding the most cost-effective group of suppliers for your needs. Yet, true optimization goes a step beyond. Besides cost-effectiveness, you want to keep time restrictions, quality, and resources in mind. The best eSourcing […]
Unethical Sourcing Practices in Procurement and How to Avoid Them In procurement, unethical practices can be hard to spot. Say you took a gift or a low price from a vendor, neither of which seemed unethical at the time. Yet these things, along with other seemingly inoffensive actions, may be considered unethical. It’s critical to […]
Sourcing is an integral part of procurement management and an upstream part of the supply chain, affecting its overall success. Sourcing is the acquiring of goods and services needed to run a business or make a product. However, sourcing is more than just acquisition—it also involves seller selection, negotiation for contracts, and evaluation of your […]
eAuction tools are imperative to sourcing, affecting your sourcing, procurement management, and ultimately, the entire supply chain. However, eAuctions are simply auctions conducted electronically to have a transaction occur between the supplier and the buyer. Reverse auctions and their respective types are the most common types of eAuctions. software is typically cloud-based, which means nothing […]