In many cases, a procurement category manager is responsible for maintaining adequate inventory levels. The manager must ensure that enough of each component product is available to meet production demands without tying up capital by carrying more inventory than is necessary. Inventory management can b...
Category management is a strategic approach to procurement that involves bucketing products and services into categories rather than individual items. By grouping procured items into buckets, you cut down on the amount of data and information you need to process to understand trends. Rather than digg...
While procurement and supply chain management are closely connected, they are not the same. Procurement is a key part of supply chain management, it focuses on the process of identification and acquisition of goods and services needed to achieve business operations. The purpose of procurement is to...
planning, supplier selection, and contract negotiation, while purchasing refers to the transactional process of buying goods and services. This difference is crucial, as procurement focuses on long-term value creation and risk management, while purchasing deals with immediate needs at a lower cost...
and is becoming increasingly popular. In many firms, the transition to electronic procurement is slow, due to the complexity of the technology and the complete change in business process required. However, this area of procurement is expected to grow, due to the potential cost savings and increas...
E-procurement is a process that has various components and operations. These elements determine the procurement’s ability to perform effectively. The following are the components: Components of eProcurement 1. Management of Indent It is the initial stage in the e-tendering, indent creation, or re...
management is the practice of managing and tracking a company’s fixed assets. It is critical for any company that manages physical or other long-term assets, such as computers, manufacturing equipment, vehicles, etc. Here’s where fixed asset software, a part of the broaderEAMcategory, comes...
Procurement Accounting Purchasing and inventory Supply chain management Distribution Shipping and order management Human resources Accounting Compliance Truly, ERP systems touch nearly every aspect of a growing business. These processes also include anything relating to internal administration, management of vend...
reduce charting errors and spend more time focusing on the patient rather than documenting by hand. As pen-and-paper charting is slowly phasing out, health facilities are using medical charting systems to document patient information more efficiently, helping increase daily traffic and revenue opportuni...
Procurement is a strategic process that involves the acquisition of goods and services. Properly executed, procurement performs a critical function that can make the difference between a profit and a loss or staying within a budget or exceeding it....