Author name: Ganeswar Swain

An auction is a competitive process where potential buyers place bids for goods or services, and the highest bidder wins the item being sold. This mechanism is commonly used to sell items and allocate resources efficiently by leveraging competitive tension among participants.

Automated Invoice Processing is the use of technology to streamline and manage the entire invoicing process electronically. It involves the automation of invoice data capture, approval workflows, and payment procedures, enhancing efficiency by reducing manual data entry, minimizing errors, and improving processing speed.

The battery materials supply chain encompasses the entire sequence of processes, operations, and logistics involved in sourcing, producing, and delivering raw materials necessary for battery manufacturing. It includes the extraction of minerals like lithium, cobalt, and nickel, their refinement, and subsequent transport to battery production facilities, ensuring the efficient and sustainable supply of these critical

A Backward Auction, also known as a reverse auction, is a type of auction where the roles of buyer and seller are inverted. In this auction format, sellers compete to offer goods or services at the lowest price, bidding decreases over time rather than increasing. This auction type is typically used by buyers to procure

Automated Expense Reporting is the use of technology to streamline and simplify the traditional process of recording, submitting, and approving business expenses. It involves the automatic capture and categorization of expenses, the integration with accounting systems, and the enforcement of corporate expense policies, all without significant manual intervention. This process increases efficiency, reduces errors, and

Assets Tooling refers to the set of tools and technologies used in procurement and supply chain management to manage, track, and optimize assets throughout their lifecycle. This includes monitoring the usage, performance, and maintenance of assets, ensuring they deliver maximum value and efficiency. Such tools are integral in automating routine tasks and improving decision-making through

Acquisition cost refers to the total expense incurred by a company to acquire a new asset or customer. This cost may include various elements such as purchase price, taxes, shipping, installation, and any other charges necessary to make the asset ready for use. In marketing, acquisition cost is often used to indicate the cost associated

An Approved Supplier is a vendor that has been vetted, evaluated, and granted approval by an organization to provide goods or services. This designation ensures the supplier meets predefined criteria, such as quality standards, compliance requirements, and cost-effectiveness, enabling the organization to streamline procurement processes and reduce risk in supplier transactions.

ABC Analysis is a method of categorizing inventory items based on their importance, using metrics such as usage value or frequency of use. Items are classified into three categories: A (most important), B (moderately important), and C (least important). This approach helps organizations prioritize management focus and resources on the most critical items.

Added value is the enhancement a company gives its product or service before offering it to consumers. It represents the extra features or benefits that make the offering more attractive and provide consumers with a reason to choose it over similar options available.