Author: Procurement-Newz
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Why Spend Analysis is the backbone of Procurement and why it will continue to stay that way
Spend analysis is considered the backbone of procurement because it provides critical insights into an organization’s spending patterns, supplier performance, and potential cost-saving opportunities. Here’s why spend analysis is crucial and likely to remain a cornerstone of procurement: Statistics from a survey conducted by The Hackett Group indicate that organizations with mature spend analysis programs…
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3 Best Procurement Certifications that are most valuable
The 3 best procurement certifications that are most valuable and highly respected are: 1. Certified Procurement Professional (CPP) offered by the International Institute for Procurement and Market Research (IIPMR) 2. Certificate in Procurement and Supply Operations from Chartered Institute of Procurement & Supply (CIPS) 3. Certified Purchasing Professional (CPP) from American Purchasing Society.
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5 Strategic Sourcing Ideas to improve cost savings
Strategic sourcing is a crucial approach for improving cost savings in procurement. Here are five strategic sourcing ideas along with statistics and real examples of companies achieving cost savings: These examples demonstrate the potential cost savings that can be achieved through strategic sourcing initiatives. However, it’s important to note that the actual impact may vary…
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Strategies for reducing supply chain costs and improving profitability
Reducing supply chain costs and improving profitability are essential objectives for businesses. Here are some strategies that can help achieve these goals: Implementing these strategies can yield significant cost savings and improved profitability for businesses. However, it’s important to note that the actual impact may vary depending on industry, company size, and specific circumstances. It…