Earning countless leads at reduced costs is an all-in-one objective of every organization and will come out feasible with a digital procurement strategy. Digital procurement ultimately provides evidence-based options for buying decision making under conditions of scarcity and improves the accuracy. With Digital procurement,  Strategic sourcing is becoming more auspicious with Supply Base and Costs to reach transparent agreements,  Transactional procurement is becoming more computerized with minimal manual intervention to address inconsistency, and  Supplier relationship management is becoming more dynamic. [...]

As Compare to Traditional Paper based Analog and Manual patterns, Punchout Catalogue for MRO Sourcing give modern procurement teams an authentic method to improve not only the speed and accuracy of purchasing processes, but also deliver an Improved Communication with Better Productivity due to faster order processing. Buyers can find better details about items along with their availability, available discounts and related shipping costs in order to book within their purchasing system, which will be updated by the prestigious suppliers in real-time. [...]

One of the major locales that leave enough room and has extreme potential for large cost savings and enhanced efficiency in the supply chain industry is in the procurement of indirect materials that are not directly utilized for the manufacture of industrial goods and services but are of paramount importance for maintenance, repair, and operation of the companies. But many challenges are encountered in the MRO procurement system. [...]

Online B2B marketplaces offer multiple benefits to business like huge transparency in product, service, and supplier availability along with the pricing and purchasing terms. Trend of new Pressures and Offerings, Inspite of Complex, indirect spend categories are reshaping the future of Indirect Procurement [...]

Uncovering hidden opportunities in Procurement process is a call for fast-paced business environment and a key to direct business resources successfully. It carries a big array within an organization ranges from R&D and product development to supply chain engagement, demand forecasting, and marketing and customer hopes. An optimized process realised through innovation will not only boost efficiency and reduce cost but also increase the organization’s grace in acknowledging market demand and consumer expectations. [...]

Procure to pay (P2P) process has always been hard. The cross-departmental alliance of getting right vendor, negotiating deals, reducing expenditure, and looking schemes to automate the goods buying cycle doesn’t come good without its own glitches. Although Procurement challenges vary business to business and based on an organization’s size. Here are few common procurement challenges that visit businesses of all sizes. [...]

Coronavirus has smashed the world at an unparalleled stage. Companies have to adapt to the next normal today in order to bounce back successfully in a post-covid marketplace. It has become challenging for most businesses to keep their financial wheels turning during the lockdown period due to less revenue levels and the general uncertainty happening everywhere.[...]

The challenge of MRO procurement is growing and putting every organization in a need for smarter MRO Procurement. Digital Solutions are adapting gradually for capturing and sustaining more values in MRO Procurement and Supplier Selection Automation system. They are helping procurement functions better understand, analyze, and improve their MRO spend which leads to better contract compliance, inventory reductions of up to 30 percent, and cost savings of 15 to 20 percent. More broadly, these technological solutions can help procurement functions build critical digital infrastructure and analytics capabilities, turning MRO into a value driven category that sets a new edge for alliance between procurement and operations. [...]

Effective Stakeholder engagement and clear Communication is a key to procurement success in an organization. To strategize the outcome of an organizational goal, contacting stakeholders is important. Developing compatible relations, understanding the details of their procurement estimations, and to maintain consistency in communication lets an organization to achieve its objectives as effectively as possible.[...]

Procurement excellence help businesses improve cost efficiency and drive better business values. Every organization aims to ensure the timely supply of goods and services in line with business goals at reduced risk involved within the supply chain. Co-operation from all departments is needed throughout the organization to source and regulate external resources such as identifying the need for goods or services, evaluating and choosing strong suppliers, negotiating prices and creating buying contracts to get the best. [...]