Procuring is an Art

Authored by Usama Shahid

Since the beginning of time people have been trading goods and services.One party sells them and the other buys them. A simple transnational procedure, that should be relatively uncomplicated, as well as being mutually beneficial for both parties.

Key Challenges Faced by CPO’s

Authored by Usama Shahid

Managing a budget is often a challenging task. For CPOs, they need to have a strong team across the end-to-end sourcing and procurement process to ensure costs are contained. Without a dedicated team to run a quality sourcing event, requirements are often not accurately captured or scrutinized and money is wasted on unnecessarily high-specification products and services. Without a dedicated team at the other end of the source-to-manage process, to manage supplier adherence to contract, scope creep becomes an issue. Finally, without the people, process or technology to measure and track current spend, there is an ‘overspend lag’, meaning that by the time anyone notices spend is going over-budget, it is too late. 

Evade Procurement Corruption

Authored by Khizar Farooq

For an ethical company procurement corruption is a nightmare. At times corruption is evident, but sometimes it is delicately complex and appears harmless such as when procurement division receives small gifts from suppliers. Even though it seems insignificant, procurement corruption can affect a company`s financial well being and its repute. However, there are ways to avert it.

Ethical culture is one the best things which can be established in a company to avoid procurement consultancy. This will eliminate people who might be susceptible to act unethically while encouraging appropriate conduct. Ethical culture must be adopted first by top level. Every employee in a company from CEO down must be seen virtuous and accountable in all facets of their day-to-day.

Bring Success to your Procurement Department

Authored by Usama Shahid

Best-in-class companies recognize strategic sourcing as a value creator and consider it to be integral to their overall strategies for growth. Here's what it takes to bring your organization up to that level.