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Making Procurement Performance Count – Part 3: Streamlining the Procurement Process

In our previous blog we explored the scenarios mandating a new approach for procurement and the need to track and measure procurement performance. We mentioned measures that can be adopted by organizations to improve their savings tracking process. Let us now focus on how organizations can streamline the process of mapping procurement performance by leveraging […]

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Making Procurement Performance Count – Part 2: Resolving Procurement Woes

In the previous blog we discussed the evolution of procurement from a clerical purchasing function to a strategic growth partner. We also shed light on the growing importance of procurement and the need to track and measure procurement performance and align it with organizational objectives. In this post we will discuss what measures can be

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Making Procurement Performance Count – Part 1: Evolution of Procurement

Financial Savings Management, Procurement Technology / By Zycus

Procurement has come a long way from a purchasing center to being considered as a strategic partner. Prior to World War, procurement or purchasing was primarily clerical. With evolution of simple trade era to production era, following industrial revolution there was mass production and thus increased purchasing. During World War I and II, it started

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Pulse of Procurement – key trends and findings for Europe 2013

Procurement Technology / By Zycus

In our constant endeavor to better procurement performance, Zycus will soon launch its latest research report “Pulse of Procurement Europe 2013”. This report is a part of larger initiative to understand the best practices and challenges in procurement, across the globe. Pulse of Procurement Europe 2013 highlights the problems hindering procurement and explores the trends

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CPO Connect Europe 2013

Procurement Technology / By Zycus

As a part of ongoing initiative to comprehend and document procurement performance benchmarks, best practices and challenges around the globe, Zycus will launch an exclusive “Pulse of Procurement Europe 2013” research report at CPO Connect executive round-table sessions, the first on 26 February in Amsterdam and the second on 27 February in London. The key

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5 Steps to Manage Contracts Efficiently –Step 5

Contract Management, Procurement Technology / By Zycus

Till now we discussed how the contract life cycle management process can be made efficient by leveraging technology to automate contract creation, encourage collaboration during contract authoring and negotiation, create contract repositories to store all the contracts and manage metrics to track contracts. This brings us to the last step in the series. Step 5

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5 Steps to Manage Contracts Efficiently –Step 4

Contract Management, Procurement Technology / By Zycus

In the previous blog post we discussed how creating contract repositories can help track contract expiration, any other important clauses with respect to commodity prices or help avoid unintended contract renewals. It also helps in tracking contract compliance. Today we will discuss step 4 – MANAGE CONTRACT METRICS To ensure maximum operational and financial performance and

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5 Steps to Manage Contracts Efficiently –Step 3

Contract Management, Procurement Technology / By Zycus

Step 1 in managing contracts efficiently dealt with automating contract creation which helps standardize the contracting process and in step 2 we discussed the significance of collaboration while authoring and negotiating contracts. Moving onto step 3 – CREATE CONTRACT REPOSITORIES Consider this instance; Company ABC with a transport contract of $100,000 dependent upon the fuel prices.

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5 Steps to Manage Contracts Efficiently –Step 2

Contract Management, Procurement Technology / By Zycus

Till now we discussed how a successful sourcing strategy can be toppled by ineffective contract management and in our endeavor to manage contracts efficiently, discussed the first step – Automating Contract Creation. Today we move onto the next step in the series – COLLABORATION To begin with let me cite a quote highlighting the significance of

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