All posts in General Procurement

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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What is a Purchase Order, and How Does it Work?

A purchase order (PO) is a commercial document and first official offer issued by a buyer to a seller indicating types, quantities, and agreed prices for products or services. It is used to control the purchasing of products and services from external suppliers. The purchasing process starts with a need. That need should be verified. The item requirements are checked and noted the PO.…

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Achieving Supply Sustainability through Effective Metrics

  Every Procurement Department should have a strategy to ensure a stable and sustainable supply of raw materials and mission-critical inputs. Procurement Functions are mandated to ensure cost-effective, continuous support of operational | strategic objectives. Procurement is also responsible for implementing robust risk management mechanisms to realize supply sustainability. A supply sustainability strategy is the game plan or action of…

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3 Pillars and benefits of Sustainability

Sustainability is the capability to continuously conduct certain activities indefinitely. The study of sustainability is evolving and is often viewed in three dimensions known as the Three Pillars of Sustainability. Environmental Sustainability is: The capability of the globe to sustain levels of pollution, nonrenewable resource depletion, and renewable harvesting proceeding on an indefinite continuum. These environmental sustainability parameters are: Nonrenewable…

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