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Category Archive for: ‘Purchasing’

  • Engaging Purchasing Stakeholders: A Framework that Works

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    The recent Deloitte Global CPO survey 2018 contained several surprising results. Foremost among them for me was the low level of purchasing engagement between businesses and functions, that is, the purchasing stakeholders. Purchasing stakeholders, by my definition, are the people in businesses or functions who …

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  • Artificial Intelligence in Procurement: How will it affect you?

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    On a daily basis, we see artificial intelligence (AI) impacting our lives, and its advancement is not slowing. It’s already at work in iPhone’s SIRI and Amazon’s Alexa. It’s just around the corner in self-driving cars (an area where my engineer son works) and in …

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  • Getting the Purchasing Information You Need When You Need It

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    Purchasing professionals have two core issues when looking to refine a supply strategy for their commodity: understanding the market and determining their best approach. This article will advocate using micro-consulting, which can speed up this process immensely. However, before talking about this, let’s review a …

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  • MEASURING PURCHASING MATURITY

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    The life of a purchasing executive is filled with doubt. I know because over the years, corporate purchasing managers have bombarded me with questions. Do I have the right tools for purchasing? Do I have all work processes in place for purchasing? Is my staff …

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  • Embracing Supplier Diversity: Objectives, Resources, and Framework

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    Diversity within an organization is seen as positive through many lenses: Diversity of ideas, of culture, of ethnicity, so why not also supplier diversity? Corporations have already embraced diversity within the workforce and noticed benefits from it. Many of these benefits are outlined in the …

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  • Client Satisfaction in Purchasing: A Must or Just “Nice to Have”?

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    In Sales and Marketing, companies use Customer Satisfaction Surveys to provide indicators of consumer purchase intentions and loyalty. According to Wikipedia, “Customer satisfaction data are among the most frequently collected indicators of market perceptions.” It emphasizes that “[a]lthough sales or market share can indicate how …

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  • Procurement Evolution: Purchasing, Strategic Sourcing and SRM

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    Over time, most companies have made changes in the procurement function. Each starts with just Purchasing, evolves to Strategic Sourcing, and eventually adds Supplier Relationship Management (SRM). Because professionals in the field may have slightly different understandings of these terms, let me clarify what is …

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  • Price Forecasting: Who Needs That?

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    Common wisdom says that any price forecast is already wrong the moment it is published. I can only smile and agree with this. If people were able to predict the price of anything, they would be billionaires and very well known by now. I’d like …

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  • Are You Engaging All Your Clients?

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    The market typically uses “client” or “customer” to designate recipients of goods or services in return for compensation. Today I’d like you to start to see your invisible clients, those recipients of Purchasing services inside your company. The Purchasing function provides services to internal businesses and functions …

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  • How to Inform Price Changes to Business

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    Do raw materials have a major impact on your company costs?  If so, any of your business colleagues worth their salt will want to know ASAP when their raw materials undergo a price increase. Of course, for raw materials with big spend dollars and high …

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