Tag: purchasingpower

Tail Spend: The Hidden Procurement That’s Hurting Your Bottom Line!

Indirect Procurement – It’s Time to Rise and Shine!

In the fast-changing world of strategic Procurement, certain categories of spend get all the thunder: IT Procurement gets to help drive a company’s innovation. Business Services Procurement gets to restructure a company’s operations and drive competitiveness. Travel Procurement gets to look at pictures of exotic destinations all day (just kidding). But what about tail spend?

And most large companies are well aware – by now – of the cost savings and strategic advantages of being more strategic about the way you buy things in an organization. For the most part. For most of the stuff a company buys.

But there’s another sort of spend that never gets any love, a sleeping giant that’s actually costing companies millions of dollars and opening them up to risk: Tail Spend.

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What is the Best Supplier Vetting Process?

Strategic Supplier Relationship Management – Do’s and Don’ts

Does your business rely on at least one supplier? Or do you need multiple suppliers in order to perform your daily operations? Either way the quality, reliability, and value for cost of your suppliers and supplier vetting is crucial to your organization’s success.

On the other side, if your suppliers don’t live up to the standards you require, your organization can be damaged. 

Suppliers can tarnish your reputation by causing you to deliver unsatisfactory products to your customers.  A supplier with internal problems can delay your orders, making you miss deadlines and break promises.  Late or low-quality products could cause you to lose major customers or be forced to process refunds.

It’s vital, then, to use a consistent Supplier Management system to vet excellent suppliers and secure the ones that will help your brand to stay strong.

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