A Tried and True 10 Step Process for Conducting a Reverse Auction Let’s look at a process for holding a Reverse Auction that has been proven to be successful. Identify the spend category The first step in holding a reverse auction is to ensure that the procurement is suitable for this type of strategy. Reverse […]
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Strategic sourcing is a fancy way of saying “shop smarter.” In many ways Strategic Sourcing can be compared to how people shop for everyday items. A gallon of milk sold at a convenience store costs more than the same gallon sold at the supermarket. The reasoning is simple; the convenience store is likely open 24 […]
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Understanding RFPs, RFIs and RFQs There is something about acronyms that make people quickly lose interest, but they typically represent an important piece of information and are worth taking the time to understand. Every industry has its own terms and jargon and procurement is no different. These three acronyms in particular hold great significance when […]
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In a perfect world, all contracts would begin and end on the same date, have the same compliance requirements, and act in a similar fashion. As you already know, though, this perfect world does not exist, and each contract a business enters into presents unique challenges and requirements that must be managed. The old method […]
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How Businesses Can Prioritize Top Spend Categories with Automated Spend Analysis In the opening theme to the classic cartoon “The Jetsons,” George drops off each of his family members at their daily activities—Elroy to elementary school, Judy to high school, and Jane out shopping—and gives each a little money as well. Of course, at the […]
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Reverse auction has become an increasingly popular negotiation strategy for organizations, to procure the goods and services they need at an affordable cost. These auctions reward the supplier that is willing to sell the requested item at the lowest cost, as long as those items meet a specific threshold of quality. This type of procurement […]
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Adoption of Cloud Hosted Procurement Software ultimately comes down to control. Software As A Service (SAAS) provides you with the necessary control as well as flexibility and security at an affordable price. With on-premise solutions technology, administrators typically feel more ownership over a solution. The technology is hosted in-house, it is their job to update […]
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For all of the different definitions of strategic sourcing, the process comes down to one simple idea: Get the most for your money. The path of how to get there, though, can differ from organization to organization. By definition, strategic sourcing is an approach to purchasing goods and services. Instead of simply looking for good […]
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What does the third quarter of 2021 hold for your business? While the most optimistic of business owners may predict continued steady growth, a burgeoning market filled with opportunity, streamlined purchasing process generating significant cost savings and a talented workforce ready for the challenge, the reality is no one really knows. Every business faces a […]
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How can I benefit by implementing Reverse Auctions as part of my Procurement Process? This is a question asked by many procurement and sourcing managers across different industry verticals. Granted, reverse auctions are not suitable for all industry verticals or for all procurement situations; used in the right situation for the right category of spend, reverse […]
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