Archive for 2020

Deploying Risk, Resilience, and Supply Sustainability Management

Next Level Purchasing Association’s definition of Risk, Resilience, and Supply Sustainability Management is: “A reliable, efficient, cost-effective, collaborative, responsive, agile, risk mitigated, and socially responsible methodology for the procurement of mission-critical inputs that create innovative value to meet customer and organizational requirements with the least possible impact on the environment”. Source: Next Level Purchasing Association, 2020 The Criteria of Risk,…

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The Art of the Leverage : Procurement’s leverage Commodity Teams

Those of us who have been in the procurement profession for a while know that other departments within our organization don’t always hold the purchasing department in the highest esteem, regardless of the quality of work that the Procurement Department has done. It’s not uncommon to learn that the Procurement Department was the topic of a complaining session at the…

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How do you Plan to Buy in the New Normal?

Supply Chain Disruptions, Global Pandemic, Mass Layoffs, Economic Downturn, and a New Normal perspective for Supply Chain Operations. An Annual Procurement Plan is critical to efficiently and effectively manage and conduct the essential elements of today’s Procurement Mandates. In this article, we will outline the Framework for a Top-Class Annual Procurement Plan. In later segments of this work, we will…

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Are your Procurement Operations Dashboarded?

Establishing a Procurement Dashboard is an excellent tool for reporting procurement performance. A Purchasing Dashboard is a single-page document that contains four charts that illustrate the performance of a procurement department. The Procurement Dashboard is designed to present procurement performance data to executive management “at a glance.” NLPA has designed the following Procurement Function Dashboard to assist practitioners in designing…

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7 Ways Technology can Increase Profits

Technology has reshaped the way businesses operate, expand, and communicate. In our quickly changing world technology can streamline processes. What used to take months to finish now takes only a few weeks or days. Read on for some of the ways that technology can improve your business:  Increased efficiency and productivity In the old days, people used to carry a…

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The Must Know Components of Inventory

Simplifying things, inventory refers to things that are being temporarily stored because they are not quite ready to go elsewhere. Inventory can be things that your organization plans to sell in its current conditions. Inventory can be things that your organization plans to incorporate into something else that it is making. And inventory can be things that your organization plans…

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Role of the Procurement Function

Procurement Departments are created for the understanding and translation of customer needs and requirements to the selection of capable suppliers, to realize the cost-effective acquisition, receipt, and payment of vital inputs and raw materials. Factors impacting the Total Cost of Ownership such as quality, efficiencies, delays, stock-outs, obsolescence and carrying cost are heavily emphasized in the procurement discipline. Procurement Personnel must master 3 critical…

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Vendor Risk Management

  The last decade has yielded many events, forces, and elements in which a greater concern and scrutiny of the concept of Vendor or Supplier Risk Management has risen. At the forefront are driven for Cost Reduction, Top Line Growth, and Competitive Advantage. Supplier Risk Management Processes are underpinned by: Identification of Potential Risks emanating from the interaction of buying…

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