Supply Chain Digital magazine explores 'Procurement' as part of a number of articles explaining the many different aspects of supply chain.
Are you familiar with the term "main contract" in procurement? If not, don't worry! In this blog post, we'll be diving into what a main contract is and its
In a smaller company, procurement might be handled by one person. Larger companies often have a procurement department that is led by a chief procurement officer who oversees the processes. Effective communication and collaboration among various stakeholders, including procurement professionals, legal, an...
Why are contracts so important in business and what purpose do they serve? Let’s explore the purpose and effect of a binding contract.
Services procurement, meanwhile, focuses on contracting labor and expertise, such as consulting, marketing services, facilities management and IT support. Service contracts tend to be more complex, with considerations for scope of work, service-level agreements and performance metrics. While goods ...
Procurement also controls a big slice of a company’s costs – 40% to 80% according to some estimates – so it is essential for budgetary considerations. But effective procurement practices also enhance risk assessment, supplier oversight, and the potential for value creation within the supply cha...
Contract administration is very important across different industries. As long as there are project owners, contractors and subcontractors, you’ll need contracts to manage projects successfully. Here are some examples of commonly used contracts for project management. ...
Every business has contracts. They form the foundation of any enterprise, influencing revenues, expenses, workflows,procurement, and virtually every other operational aspect of the company. And as a business grows, so does the number of contracts that need to be managed. ...
Procurement is the systematic process by which an organization acquires goods, services, or works from external sources. It encompasses the entire cycle from identifying needs and selecting suppliers to negotiating contracts and managing supplier relationships. Procurement’s goal is to ensure that the ...
Indirect procurement: The obtaining of goods and services that are required to meet the operational needs of a business but that are not directly involved in the production process is referred to as indirect procurement. Examples can include office equipment and supplies, furnishings, and services su...