The Thomas Blog

4 Contract Management Best Practices For Improving Supply Chain Performance & Quality

There is no question that technology has improved almost every aspect of the business process.

In theory, this is particularly true within the procurement and supply chain sphere: online e-sourcing tools make conducting sourcing events more effective and less costly than ever; online ordering portals and spend management software cut down on the time necessary to complete the entire procurement cycle. 

Managing Total Cost Of Ownership In The Electrical Supplies Category

Although each category of purchasing that falls under Maintenance, Repair, and Operations (MRO) poses its own unique challenges, electrical supplies stands out as one that appears to be tactical. However, it does grant the opportunity for significant cost savings and value enhancement when viewed from a strategic perspective.

The “Electrical Supplies” umbrella covers a broad area of products, and depending on the needs of a particular organization, the level of complexity may vary particularly with wires and cables, automation supplies, lighting, and electrical distribution equipment. From a category perspective, there are opportunities to reduce costs when determining the preferred supplier base.

Forklift Sourcing 101: Know Your Options, Save Money

Though they serve as critical elements in many material handling operations, forklifts can come with many potential hidden costs, such as maintenance and operator salary — in total, costs can reach as high as $250,000 annually per machine!

Despite these expenditures, more and more companies are making use of forklifts; a recent Peerless Research Group survey of material handling managers found that 69% of respondents planned to acquire a new forklift in the near future, with a per-respondent average of seven planned purchases, up from six the year prior.

Reduce Costs in Product Design Through Raw Materials

It is often later in the product lifecycle that procurement teams are brought in to lead a competitive bid process and conduct negotiations accordingly. This might seem like a straightforward approach to reducing costs. However, taking a deeper look at your product design and raw materials before the manufacturing phase could be the best way to proactively optimize costs.

THOMASNET.com Version 3 Is Now Live!

Business never shuts off — a supplier evaluation is performed every 2 seconds on THOMASNET.com! We are constantly developing new ways for engineers, procurement managers, and MROs to better access data on the platform. That's why we just launched THOMASNET.com Version 3.

The following is an overview of the improvements included in this release:

Driving Compliance And Cleaning Up Your Tail

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.

What B2B Buyers Look For When Selecting Suppliers

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.

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.

Do You Have What It Takes To Be A Successful CPO?

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?