Author name: Ganeswar Swain

Auto Sourcing refers to the process of using advanced AI technologies to autonomously manage sourcing events. This includes identifying suppliers, gathering bids, analyzing terms, and optimizing the procurement process without the need for constant human intervention. Auto Sourcing aims to make the sourcing process more efficient by automating repetitive tasks, leveraging data-driven insights, and adapting […]

Catalog Filtering refers to the process of narrowing down available items in a procurement catalog to meet specific criteria, allowing users to efficiently find products or services that match their requirements. This involves applying filters such as price range, supplier, category, or product specifications to streamline selection and enhance procurement efficiency.

Child Contract: In procurement, a child contract is a subordinate agreement derived from a parent or master contract. It inherits terms and conditions from the master contract but can contain additional specific provisions tailored to a particular transaction or project. This structure is used to simplify contract management by maintaining consistency while allowing flexibility to

Spend Visibility refers to the ability to gain clear, comprehensive insights into how an organization allocates and utilizes its financial resources across various procurement activities. This visibility is crucial for identifying spending patterns, controlling costs, ensuring compliance, and optimizing supplier relationships, thereby enhancing overall procurement efficiency and effectiveness.

Supplier Consolidation is the strategic process of reducing the number of suppliers an organization uses, aiming to simplify procurement operations, enhance negotiating power, improve supplier relationships, and achieve cost savings. This approach often involves selecting preferred suppliers, concentrating purchasing power, and leveraging economies of scale to optimize procurement efficiency and value across the supply chain.

Supplier Performance Metrics are quantitative assessments used to evaluate a supplier’s effectiveness and efficiency in delivering goods or services. These metrics typically encompass delivery reliability, quality of products or services, cost management, compliance with contractual terms, and responsiveness to communication or issues. They are critical for procurement teams to monitor supplier performance, identify areas for

Supplier statement reconciliation is the process of comparing the financial records of a business regarding its suppliers’ transactions with the corresponding records maintained by the suppliers. This process ensures that transactions such as invoices, payments, and credits are accurately recorded and accounted for in both parties’ records. The objective is to identify discrepancies, resolve any

Supply Chain Finance (SCF) refers to a set of technology-enabled solutions that optimize the flow of money, or liquidity, within a supply chain. SCF helps businesses manage their capital more efficiently by improving payment terms and mitigating supplier risk, thereby enhancing overall collaboration between buyers and suppliers. The approach often involves financial instruments and practices

Contract risk refers to the potential for financial loss, legal liability, or reputational damage arising from uncertainties and unfavorable outcomes in the management and execution of contracts. This includes risks related to non-compliance with contractual terms, failure to meet performance obligations, and external factors affecting contract fulfillment.

A Contract Line Item refers to an individual, detailed entry within a contract that specifies the procurement of a specific good or service. It outlines key details such as the item description, quantity, unit price, delivery terms, and any applicable conditions. Contract Line Items are integral components of a contract, allowing for precise management and