NLPA Blog

The three pillars of Procurement Risk Management Strategy

Modern procurement risks are evolving daily, requiring effective risk mitigation strategies. The following are 3 pillars of Procurement Risk Management Strategy: Environmental Context:-All organizations are impacted by various factors to varying degrees. Understanding one’s business landscape and the environmental factors that underpin its existence is a critical exercise. Procurement Risks arise from socio-demographic, ecological, economic, competitive, political, technological, customer, product,…

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Three things that destroy trust B/W Procurement and Suppliers’ relationships

The hallmark of a strong supply chain is effective collaboration which can only be obtained for a healthy relationship with all key stakeholders. Suppliers provide critical input and raw materials for the survival of our supply chains lack of trust poses a grave risk. The following are ways that lack of trust puts procurement & supplier relationships at risk: Late Payment…

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The impact of Cloud on Procurement

The impact of the cloud on procurement:- Procurement is projected to be a continued critical component of the supply chain function, by assuring the availability of vital inputs to processes in organizations. Any disruption to the supply of these critical inputs can be disastrous for many industries. Imagine a healthcare supply chain facing disruption of medical supplies. Procurement functions often…

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Effective Logistics Problem Solving

Logistics is a critical component of effective supply chain management, as it covers the procurement and movement of materials, scheduling of people, organization of manufacturing processes to convert inputs into finished goods that customers are willing to pay for. Logistics, procurement and supply chain professionals must assure that all logistics and supply chain activities add value to customer and stakeholder…

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Pillars of Strategic Procurement Execution

The supply chain of today is dynamic, rapidly evolving, and requires great strategic, operational and tactical acumen. Procurement professionals must have a proficient understanding of many aspects of the modern business landscape. These include socio-demographic, technological, political, industry, economic, competitive, and ecological parameters. We must understand these parameters from the perspective of what is trending, how our organizations and procurements…

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The Benefits of Cashless Procurement Systems

The world is evolving day by day, and supply chains are becoming more complex. The topic of cashless systems has been at center stage for some time now. Cashless procurement systems are now no longer something of a distant future but one of sudden reality. The following are benefits of cashless procurement systems: 1.) Reduction of corruption: These systems eliminate tax…

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Digital Vendor Selection and Contracting

Emerging technologies are poised to play a major role in the procurement and supply chain worlds. Robotic Process Automation, Artificial Intelligence, and Machine Learning can provide great cost reduction and risk mitigation benefits in supply chains. Inefficiencies account for about 4% of spend in typical transactional cost. Digital Vendor Contracting, major benefits: Fraud Proofing, by digitizing with Blockchain. This technology…

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The Future of Procurement Technology

The future of procurement technology is a very interesting topic and requires great reflection by progressive minded supply chain professionals. The mechanisms of technology, networking, metrics, innovation, production, and logistics are poised for critical mass on supply chains. The interaction of these forces is lining up for a monumental shift with seismic value creation capability. According to a report by…

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Spend’s Role in Industry

The modern business environment is changing the way businesses execute their Mission Critical Functions. These pressures are not only economic in nature, but technological, political, competitive and significantly Customer Requirement Driven. There is a seismic shift in the mindset of the modern customer from Triple Constraint (wanting products cheaper, better, faster) to quadruple constraint (wanting products cheaper, better, faster and…

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The Worst Business Combination: Stupidity & Low Self-Awareness

Back in January, I blogged about “the possibility of the U.S. economy overheating in 2018.” Well, the economy has definitely been hot this year.  Has it “overheated?”  I’m not sure where the actual boil-over point is, but there’s no doubt that businesses – likely including many of your suppliers – have been struggling to find adequate talent for their teams.…

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