May 08, 2024 | Procurement Strategy
A purchase order (PO) number assigns a unique identifier to the PO form.
It captures the buyer’s essential information such as contact details, quantity, product description, price, delivery date, payment terms and more.
This information forms a master document for the buyer to purchase goods or services from a seller. The purchase order number is associated with the seller for a transaction.
May 07, 2024 | Procurement Strategy
Vendor fraud can go undetected for years and the consequences only worsen with time. An investigation into vendor fraud brings down the finance function’s operational efficiency. It can cause delays as systems must be examined, risk assessed and overhauled. Additionally, suppliers miss out on owed payments.
May 07, 2024 | Procurement Strategy
Understanding the standard pricing for goods and services is crucial when negotiating new purchases.
Potential suppliers are likely to use benchmarks such as the prevailing industry prices as reference points in their bids. Additionally, being aware of purchase price variance or PPV helps understand if procurement’s cost-saving initiatives are working or not.
This case study details how a major oil and gas company updated its procurement system, integrating over 70% of suppliers before launch of the project. Achieving 98% data accuracy with zero major issues, it met 85% of its goals immediately. The project, completed on time and within budget, streamlined supplier management and data processing.
May 02, 2024 | Procurement Strategy
Retail procurement leaders face a constant battle against inefficiency, lack of visibility, and suboptimal supplier relationships.
Outdated manual processes, siloed data, and limited technological integration often lead to slow, error-prone, and costly procurement operations. These challenges can significantly impact a retailer's ability to optimize inventory, manage the supply chain effectively, and ultimately, deliver a superior customer experience.
April 30, 2024 | Procurement Software
Your procurement function needs a technology makeover.
But you need a solution that is designed not only to meet current requirements but can also adapt quickly to meet future requirements.
Can legacy systems live up to these expectations?
Long deployment times and static features make legacy procurement systems unsuitable for evolving requirements.
Fast-changing customer needs as well as market conditions make it vital to have a procurement stack that is flexible and easy to deploy.
April 24, 2024 | Procurement Strategy
Ever wondered what separates a request for office supplies from a binding agreement with a vendor?
The answer, in large part, comes down to two critical documents, the purchase requisition and the purchase order. Though related to one another in the procurement process, they can be remarkably different in purpose and audience.
Here's a breakdown to shed light on these distinct functions:
Generative AI goes above and beyond previous tools. It’s capable of generating entirely new content. How can procurement capitalize on this revolution?
Check out this summary of our recent webcast — Procurement Transformation in the Age of Generative AI — for a quick overview of generative AI and how it will impact procurement through use cases.
Key Takeaways:
April 16, 2024 | Sourcing Strategy
Businesses need to adjust their IT strategic sourcing strategies due to technological advancements, labor shortages and price fluctuations. Learn more in this GEP blog.
GEP has been named a Leader by ISG, a leading global research advisory firm, in the ISG Provider Lens™ Procurement Services Strategic Sourcing and Category Management 2024 report.
