CIOApplications
static-image
  • Home
  • Applications
      • Bioinformatics
      • Business Continuity
      • Business Intelligence
      • Chatbot
      • Collaboration
      • Custom Software Development
      • CRM
      • Enterprise Reporting Software
      • GRC
      • Human Resource
      • Indoor Positioning
      • InsurTech
      • Intellectual Property
      • IT Operations Management
      • IT Service Management
      • Low Code Platform
      • Maintenance Management
      • Managed IT Services
      • MarTech
      • Master Data Management
      • Mobile Application
      • Order Management
      • Parking Management
      • Procurement Tech
      • Publishing Software
      • Remote Monitoring
      • RFID
      • Sales Tech
      • SAS
      • Software Testing
      • Task Management
      • Unified Communications
      • Workflow
      • Workplace Management
  • Verticals
      • BioTechnology
      • Construction
      • Contact Center
      • Education
      • Fintech
      • Food and Beverages
      • Government
      • Healthcare
      • Legal
      • Logistics
      • Manufacturing
      • Travel and Hospitality
      • Utilities
  • Technologies
      • Agile
      • API
      • Artificial Intelligence
      • Blockchain
      • CAD/CAM
      • Cloud
      • Cyber Security
      • Data Analytics
      • Data Center
      • Digital Transformation
      • Graphics
      • IoT
      • Machine Learning
      • Machine Vision and Imaging
      • Predictive Analytics
      • Robotic Process Automation
      • Simulation
      • Smart Labelling
  • Eco System
      • Adobe
      • Amazon
      • Esri
      • Google
      • IBM
      • Infor
      • Kubernetes Partner
      • NetSuite
      • Oracle
      • PTC Partners
      • Qlik Partner
      • Salesforce
      • ServiceNow
      • SiteCore
      • VMware
  • Vendors
  • News
  • Newsletter
  • Whitepaper
  • conferences
  • About Us
  • Specials

  • Menu
      • Business Continuity
      • Chatbot
      • Cloud
      • Collaboration
      • Contact Center
      • Esri
      • Human Resource
      • InsurTech
      • IT Service Management
      • Machine Learning
      • Manufacturing
      • Master Data Management
      • Procurement Tech
      • Robotic Process Automation
      • Salesforce
      • ServiceNow
      • Software Testing
  • Contact Center
  • Collaboration
  • Chatbot
  • Esri
  • Human Resource
  • InsurTech
  • Machine Learning
Specials
  • Specials

  • Business Continuity
  • Chatbot
  • Cloud
  • Collaboration
  • Contact Center
  • Esri
  • Human Resource
  • InsurTech
  • IT Service Management
  • Machine Learning
  • Manufacturing
  • Master Data Management
  • Procurement Tech
  • Robotic Process Automation
  • Salesforce
  • ServiceNow
  • Software Testing
×
#

CIO Applications Weekly Brief

Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CIO Applications

Subscribe

loading
  • Home
  • Procurement Tech
Editor's Pick (1 - 4 of 8)
left
Technology Changes to Supply Chains Demand Good Leadership

Technology Changes to Supply Chains Demand Good Leadership
Kevin Glynn, VP and CIO, DSC Logistics

Hidden Costs of Outsourcing and Offshoring for Financial Services Firms: Third-party Financial Data Licensing

Hidden Costs of Outsourcing and Offshoring for Financial Services...
Kristin Gallagher, Director–Global Sourcing & Procurement, Russell Investments

Procurement Transformation - Be Careful What You Wish For

Procurement Transformation - Be Careful What You Wish For
Jeff Stovall, CIO, City of Charlotte, NC

Cloud Computing Benefits Procurement in Two Ways

Cloud Computing Benefits Procurement in Two Ways
Erwin Eimers, CIO, Valent U.S.A. Corporation

Balancing Customization and Business Process Change in an eProcurement Implementation

Balancing Customization and Business Process Change in an...
Benjamin Ho, Deputy Procurement Officer, City of Chicago Department of Procurement Services

High Performing SRM Cultures Require Technology

High Performing SRM Cultures Require Technology
Ryan Nied, Executive Consultant, State of Flux

Partnering with Procurement to Increase Automation

Partnering with Procurement to Increase Automation
Aaron G. Thum, Executive Director, Procurement and Vendor Management, GardaWorld Cash Services

Aligning Procurement Teams with Data

Aligning Procurement Teams with Data
Jeff Stites, CIO, Diamond Foods

right

Thank you for Subscribing to CIO Applications Weekly Brief

How Procurement Can Be Made More Efficient?

By CIO Applications| Thursday, July 09, 2020
Tweet

Procurement is something that can be mistaken by every person in terms of job or company. In reality, procurement experts provide business information, advice in the negotiation method, insight into how they can enhance contract adherence, and aid them in achieving a degree of command over their expenditure.

The technique of procurement is to find and accept terms and circumstances and to acquire goods or equipment from inner sources, often via tendering or competitive invitations. Acquisition usually involves purchasing decisions under scarcity conditions. Where sound information is provided, financial analytics such as cost-benefit analysis or cost-effectiveness analyses are used in the excellent exercise. 

Procurement shall be used to guarantee that the customer gets the highest possible products, facilities, or operates when comparing the value, amount, moment, and place. Corporations and government authorities often identify procedures that encourage reasonable and open competition and minimize the risk of fraud and collusion. Factors like delivery and handling, marginal profit, and fluctuations in price include nearly all purchasing decisions.

A procurement team is more valuable than ever for a company in the present climate of mass mergers and acquisitions. Contracting and utilization reports are required to know the buying habit of heritage businesses to create a new, cost-effective buying program for the group entity. Application services need to examine the contractual and use of records.

The advantages of the merger of business activities cannot be fully understood without leveraging the knowledge of contracts in negotiating strategies and methods to optimize purchasing power. A performance procurement department can visualize the expenditure patterns at places, departmental, and company units and can render the process smoother before merger or acquisition.

See Also: Top Procurement Solution Companies

Procurement is not just processing point of sales (POS) and ensuring compliance with contracts. The critical value of the procurement is to strengthen relations with providers and maximize shared advantages for all sides. The purchasing of products and services has historically been considered to be costcutting or a roadblock. This isn't the case today; procurement has become a vital component of business development or a merger of organizations. This development implies that procurement services need more than price savings metrics to be assessed. Procurement speeds up as business activities become more integral. Stakeholder teams have no choice and have to work with procurement, but that does not imply an adversary to the relationship. 

See also: Top POS Solution Companies

tag

POS

Financial

Weekly Brief

loading
ON THE DECK

Top Vendors

Field Service 2021

Top Vendors

Previous Next
Tweets by CIOApplications

Read Also

Four Business Challenges in Procurement

Four Business Challenges in Procurement

Five Trends Set to Transform the Contact Center

Five Trends Set to Transform the Contact Center

How the Weaponization of Artificial intelligence (AI) can Impact the Future of Humanity

How the Weaponization of Artificial intelligence (AI) can Impact the Future of Humanity

Four Benefits of Cloud-Based Business Budgeting Software

Four Benefits of Cloud-Based Business Budgeting Software

Four Major Benefits of Green Technology in the Construction Industry

Four Major Benefits of Green Technology in the Construction Industry

Things You Should Know About Insurtech

Things You Should Know About Insurtech

Loading...

I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

Copyright © 2021 CIOApplications. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy |  Sitemap  |  Subscribe |  About Us

follow on linkedin follow on twitter follow on rss
This content is copyright protected close

However, if you would like to share the information in this article, you may use the link below:

https://www.cioapplications.com/news/how-procurement-can-be-made-more-efficient-nid-5922.html