In the fast-paced world of business, where efficiency and productivity are paramount, companies are constantly seeking innovative solutions to streamline their operations. One area where technology has made significant strides is in vendor contract negotiations. With the advent of chatbots, organizations now have a powerful tool at their disposal to simplify and expedite the often complex process of vendor contract negotiations.
Tag Archives: vendor management
E.O.W (End of the Week) Notable Tip: Product Innovation for lower freight costs
Happy Friday! I hope you’ve had a great week. Freight and shipping costs can eat away at profits but they don’t have to. By having strong auditing, procurement and vendor management processes you can yield better profits. One way to reduce freight costs is by working with suppliers on product innovations that reduce the weightContinue reading “E.O.W (End of the Week) Notable Tip: Product Innovation for lower freight costs”
Conducting an Effective Procurement Process Audit
Many clients bring me in to audit their expenses and identify inefficiencies in their procurement and Accounts Payable processes. Generally, a procurement process involves the following factors: Current business need to purchase raw materials and supplies Vendor research and price comparison, including the development of a quality plan Approving the vendor and authorizing the purchaseContinue reading “Conducting an Effective Procurement Process Audit”
E.O.W (End of Week) Notable Tip: Key Performance Factors for effective Supplier Selection
Happy Friday! Hope you all had an amazing week! Today, I want to discuss the 12 most important factors you should consider when choosing a supplier. These are important because they ensure supplier selection success and help you realize quality opportunities. Without further ado, please read below for the top 12 factors to consider whenContinue reading “E.O.W (End of Week) Notable Tip: Key Performance Factors for effective Supplier Selection”
A Visual Management Approach to Accounts Payable
Purchase order approval audit trails and visual bill entry controls can be an effective way to reduce the time it takes to resolve Accounts Payable errors and keep your vendors happy. Visual management allows for standardized visual controls that are visible to all Accounts Payable (and also accounting team) on how approvals should be obtainedContinue reading “A Visual Management Approach to Accounts Payable”
Simple Procurement Hacks to realize Savings
To elaborate further on previous article, “Price focused Sourcing is bad for Business”, I have created a list of procurement hacks for realizing savings. 1) Audit invoices and purchase orders to identify unapproved vendor charges, price discrepancies, and unapproved purchases. 2) Audit vendor database to ensure accurate data, remove duplicate information and ensure vendor hasContinue reading “Simple Procurement Hacks to realize Savings”
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