All posts tagged Procurement
Evolving your procurement strategy with relational contracts can be used to increase contract standardization and visibility across the entire supply chain – ensuring contracts are managed appropriately to secure supply and value for the organization.
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Contractual onboarding and supplier qualification, especially when regulation and controls require human work, are often characterised by delays and frustration, as comprising numerous players and moving parts. The vendor completes an onboarding form that includes general and financial information. This stage might also involve the legal team, to ensure it from a legal, compliance, and security standpoint.
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Even though COP26‘s outcome was not perfect, it is clear that we all have a responsibility towards our planet. And now is the time to act.
Individual citizens aside, the first ones that are able to make an impact in this area are companies, especially the ones that depend on a global supply chain network (for example) or a large ecosystem of suppliers and partners.
A clear and effective strategy for ESG has become a “must-have” for businesses.
Let’s have a look at the benefits of implementing sustainable business, climate clauses and obtaining green credentials…
Photo by Markus Spiske from Pexels.
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Solutions that utilize smart contracts have the potential to speed up production onboarding and checks and offer new opportunities to reduce sourcing risk, decrease administration cost, and improve stakeholder engagement.
In an increasingly digitised world, emerging technologies, such as blockchain, afford organisations the opportunity to drive business value by streamlining production onboarding and checks.
Reading time: 4 minutes.
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The COVID-19 pandemic is challenging procurement teams to rethink the whole Supplier Qualification and Onboarding process, with active suppliers adjusting how they work, and new suppliers bypassing the qualification process for initial onboarding to keep operation flowing.
However, the Supplier Qualification Management (SQM) is essential to mitigate all the risks connected to the onboarding process, which can seriously affect your business. That’s why in this article we are going to define what is Supplier Qualification and why you need to implement right the qualification for initial onboarding.
Reading time: 3 minutes. Photo by Piermanuele Sberni on Unsplash
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How procurement is evolving over time and how procurement will evolve to smart procurement in the digital age?
As strategic sourcing becomes more predictive, transactional, data driven procurement is becoming more automated, and supplier relationship management is becoming more proactive. Smart procurement in the digital age need to be integrated through intelligent procurement operations that help companies reduce risk and scale to their growing needs.
Reading time: 4 minutes, Photo by Brett Jordan on Unsplash
