Tail spend optimization can be the key to reducing costs and increasing the overall performance of your supply chain. However, many organizations fail to properly analyze their tail spend, or they don't take the proper measures to clean it up and ensure compliance.
Fortunately, there are some proven methods you can use to clean up your tail.
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Creating a shortlist is an essential component of the supplier discovery and selection process. But what, exactly, are supply chain professionals looking for when making their lists?
To find out, Thomasnet.com conducted an informal survey of our users – buyers, engineers and procurement professionals – to find out what factors they consider the most important when evaluating new suppliers.Read More »
Thomas Publishing CEO Tony Uphoff Talks Supply Chain Risk, Trends And Tools With Procurement Insights
It’s no secret that managing supply chain risk is paramount to procurement and supply chain professionals. In fact, our survey of more than 1,000 buyers and suppliers revealed that 84% of buyers in decision-making roles assess a supplier’s financial stability before contacting potential supplier partners.Read More »
Mitigating risk is among the most critical priorities for any procurement professional, and one of the ways they do that is by assessing a supplier’s financial and operational stability during the supplier evaluation process.
In fact, THOMASNET.com, in partnership with Dun & Bradstreet, recently conducted a survey of more than 1,000 buyers and suppliers, and we found that 89% of buyers believe that a potential supplier’s financial stability is important when evaluating potential partners.Read More »
In today’s increasingly dynamic and ever-changing market, organizational change isn’t only to be expected; it’s essential. However, change isn’t always easy, and it’s important to understand how different employees will respond in order to implement and manage change effectively.
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Strategic sourcing is all about generating a return on investment for every sourcing initiative. However, different sourcing scenarios require different levels of investment — in terms of time, effort and resources. Therefore, it’s important to approach each situation differently as well in order to produce the best results.Read More »
It takes a lot of skill to become a successful CPO. Not only do procurement leaders need to understand how globalization affects their department, they also need to stay up to date on emerging procurement technologies and evolving business standards. But what makes the difference between an average CPO and a CPO that goes above and beyond?Read More »
When setting out to find a new supplier, you may be tempted to focus on the best price. However, concentrating only on low costs can hurt you in the long term. That's because shaving a few cents off the price of a product is no help if the quality is below standard and the component or material does not arrive when you need it.
So instead of cost, focus on quality by incorporating these 12 tips into your sourcing strategy:
Bringing in a new supplier can be a challenge for any organization. However, adopting a dual sourcing strategy could make the process a lot more efficient and effective.Read More »