The Power of Strategic Sourcing: How Supplier Engagement and Technology Can Boost Your Procurement Function

Procurement is no longer just about finding the cheapest price for goods and services. Instead, it’s about finding suppliers who can provide the best value for your organization. This is where strategic sourcing comes in. What is Strategic Sourcing? Strategic...

April 6, 2023

Supplier Management

What is Supplier Management? Why and How it is Implemented?

In Procurement, Supplier Management refers to the meticulous process of managing and improving interactions with third-party vendors that provide goods or services. This includes assessing the suppliers’ strengths and capabilities in the entire lifecycle of a supplier in an organization...

May 10, 2021

Supplier Management

What Is Vendor Risk Management? Why And How It Is Implemented?

Vendors are vital to achieving a company’s objectives because of the growing importance of contingent workers in big organizations. Depending on the size of a company, it may already be dealing with a few or perhaps hundreds of suppliers for tasks ranging from raw material and labor to fulfillment and even management. A single...

February 11, 2021