3 min read
Transparency is the Key Feature of Successful Procurement
Procurement process should be carried out in a fair and transparent manner. The most important and broadly accepted principle underlying a modern procurement system is open competition – free access to the procurement market. Moreover, it should be open to public examination and review, thus making it a transparent process. What
3 min read
Why Using Purchase Order is Important?
Gather the leaders, the heads of departments, managers and ask them which document in the company plays one of the most significant roles. There will be many different answers, but most must agree that one document is crucial for all business functions and its contribution is often underestimated – now we
2 min read
Importance of Risk Management in Procurement
Risk is probably one of the most pervasive topics today in sourcing and supply management. The reason for this is quite logical: the more dependent on its suppliers a company becomes, the more likely that a disruption in supply anywhere along its supply chain can result in the company’s
3 min read
Four Basic Stages of Supplier Selection
Supplier evaluation and selection is one of the key organizational functions needed for successful business growth and development. It is critical, therefore, that the procurement professional implements effective processes for qualifying suppliers and determining the award of business. Today we will outline four basic stages of successful sourcing. In addition,
2 min read
The Difference Between Procurement and Supply Chain Management
Have you ever wondered what the difference between procurement and supply chain management is? Even though above-mentioned concepts are related, there is a distinct difference between them. In our today’s article, we will figure out how these terms differ and explain why it is absolutely wrong to use them
