Procurement Glossary

Interested in knowing more about the key aspects of E-Procurement. Read on to know more about this concept and its meaning

Automating purchasing procedures with procurement software is very helpful for reducing time and cost. Read more details about procurement software solutions

Wondering about the need to invest in purchasing software? Before concluding, read to learn more about its crucial impact

Concerned about the essential aspects of spend analysis? Here are some vital details about spend analysis and its meaning

Read to learn more about the latest developments related to spend analysis technology

What is supply chain management and its importance? All procedures that transform raw resources into finished commodities are made more efficient. Read more

Vendor management is a crucial organizational function. Read to know more about its essential aspects

Category management is a strategic approach that helps streamline procurement by grouping similar products/services into a single category.

In a centralized procurement system, a single department is in charge of acquiring goods and services on behalf of the entire company. Read on to learn more.

What is compliance risk management and its crucial impact? Read to learn more about this essential function.

What is the meaning of cost avoidance in procurement? Read on to know all about its meaning and implications.

An activity or group of activities that are decentralized are those that are administered by multiple teams as opposed to a single central authority. Read on.

Direct spend and indirect spend are the two most popular procurement tactics that businesses use. Read to learn more.

Read about the key aspects of Direct Procurement and its essential facets.

Here are all the details that you need to know about direct sourcing and its key aspects

What is ethical procurement? Does it have any importance in modern businesses? Read to learn more about ethical procurement.

Keep reading to know more about the key aspects of global sourcing and its implications.

Are there any benefits of OEM procurement? What is the process to complete it? Read on to know more about its crucial impact.

Interested in knowing more about Procurement Contract Management? Here are the crucial details and its meaning.

Procurement data management is an essential organizational activity. Read on to learn all about its meaning and implications.

What is the meaning of Procurement KPI? What is its importance? Read on to learn more.

Wondering about the need for procurement technology? Read on to learn more about the need for procurement technology and its crucial impacts.

Procurement Transformation is a crucial corporate concept of modern times. Here are all the important details related to it.

Wondering about the need for Strategic Procurement? Read on to learn more about the key aspects of Strategic Procurement.

It has long been a very common and time-consuming company task to source suppliers. Continue reading to discover its full significance and meaning.

Are you curious to learn more about the supply chain? Continue reading to learn more about the idea of supply chain and the best ways to define it.

What is forecasting for the supply chain? Why are supply chain forecasting techniques and establishing forecasting models necessary? Read on to know more.

Looking for crucial Supply Risk Management information? Continue reading to learn more about comprehensive end-to-end supply chain risk management techniques.

Third Party Risk Management is a crucial concept. Read on to know all about its key aspects and implications in the supply chain management domain

Are you considering purchasing vendor risk management solutions? Learn more about vendor risk management and its role in supply chain management by reading on.

What is the meaning of compliance? Does it have any importance? Read on to know all about this concept and its implications.

Looking for important aspects related to Procurement? Read on to learn more.

Looking for all the essential details on sourcing? Here are some crucial facts you need to know about this operation.

Indirect procurement is becoming extremely popular. Read on to learn about its meaning, key aspects, and implications.

MRO in Procurement has become an extremely popular organizational function. Read on to learn all about its meaning and critical aspects.

What is the meaning of MRO Inventory? What are the benefits of the MRO Inventory? Read on to know more about it.

S2P or Source-to-pay makes complex procurement processes easy and going.

Enterprise Resource Planning systems or ERP’s are system tools that make resource planning processes effortless

Learn the definition of Consortia Procurement and the advantages of being in a consortium.

What is Procurement? Definition and Types of Procurements. Click here to learn more about procurement.

A summary of the Purchase Order and its benefits. Click here to learn more about Purchase Orders (PO).

Learn more about the definition of Mergers and Acquisitions and their types.

If performed manually, procure-to-pay (P2P) can be time-consuming and error-prone. Learn more about Procure-to-Pay (P2P) and maximize your efficiency.

Integrated logistics is a crucial business process, helping transport of finished products from the warehouse to the customer. Read this article to learn more.

Contract compliance is crucial for ensuring standardized client-service provider relationships and avoiding conflict and miscommunication. Here's how it helps.

You may be pondering about what taxonomy is in business. Read the article below to know what taxonomy means.

Is the Cost of goods sold revenue or expense? Click here to learn more about COGS.

Material Requirement Planning (MRP) system is crucial for businesses. Read this article to learn more about the MRP system.

Can Master Data Management software help improve a business's efficiency? Read the article below to understand the importance of master data management.

What does capital expenditure include? Read the below article to know what CAPEX means and how Capital Expenditure is calculated.

Consumer packaged goods are popular among customers globally. But exactly what is a CPG company? And how does the CPG industry work? Let's find out.

Invoice management is a crucial part of any business, helping avoid payment errors and delays. Here's a quick guide on how to handle invoices effectively.

The devolving operating model is crucial in decentralizing business operations. Known to improve flexibility and efficiency, here's how it helps:

Cold chains leverage temperature changes for procurement. Read this post for more information.

Discover the process of S&OP and maximize the productivity of your procurement process.

Curious how Cost Breakdown can aid the monetary aspects of your business? Learn more about it here!

Learn about the end-to-end solution of Supply Chain Resilience in procurement.

Learn how WMS can pillar your tracking and managing processes.

Why is it necessary to maintain a supplier database? Continue reading to discover the essential components of creating a comprehensive supplier database.

Cut out on invoice dispensaries and improve your finances using Invoice Reconciliation!

Learn about new standards of higher quality and value for money in procurement through Competitive Bidding.

Cost advantage is the key to getting an edge over your rivals. Know how it can help your business thrive.

Looking for ways to make supply chain operations more efficient? Learn about Scor Model Supply Chain.

Compiling a thorough list of suppliers for the necessary goods and services is vital. Read to learn more about supplier evaluation.

Read about the Just in time supply chain and how it enables businesses to maximize efficiency, reduce inventory costs and refine supply chain operations.

Supply chain design refers to defining a plan to attain, store, and use the resources while taking care of the demand. Learn more about supply chain design.

Curious to know how Vendor Managed Inventory (VMI) in the supply chain can help your business? Read the definition and benefits here!

4pl logistics is overseeing and managing a company's supply chain end-to-end. Discover the process of 4pl logistics. Read now!

Capital purchases mean the purchases (goods or services) that are intended to serve a business in the long run. Read more about Capital Purchases.

Learn the definition and basics of Tail Spend, its need, and the benefits of integrating it with your business. Click here to read now!

Know why it's essential for businesses to acquire sustainable sourcing and how it helps them remain environment friendly. Click to read more!

Take the interaction between your business and suppliers to the next level using Supplier Relationship Management (SRM). Read more about building SRM.

Use the power of AI to automate monotonous tasks with procurement automation and spend your time on other important business aspects. Learn more!

Learn how strategic sourcing can help your business get the best value. Improve quality with strategic sourcing and set up an efficient system. Read Now!

Learn basics of the quality management process and how it's enabling businesses to maximize productivity by ensuring quality products. Read now!

A bill of materials (BOM) is a comprehensive list of all the components, pieces, and raw materials used in the production of a product. Click to learn more!

Businesses can conveniently manage purchase orders (POs) and streamline processes using the service known as purchase order management. Read now!

Materials employed in the manufacturing process but cannot be immediately linked to the finished product are known as indirect materials.

Know what is an Online catalog and what are its key features and how it helps flourish online business. Click to know more

An e-auction is a method of purchasing and selling items, goods or services electronically. Learn more about e-auction and e-auction types.

In this article, learn about RFX and how RFX Software helps make procurement easy. Click to learn more about RFX.

The tender process is open to all companies, but only those who are able to meet specific criteria will be awarded the contract.

A document known as an RFI, or Request for Information, requests information from your suppliers regarding their goods and/or services.

The commercial negotiation process involves two parties with opposing goals agreeing on the cost of the business transaction they are engaged.

The term "cooperative purchasing" refers to the practice of buying goods or services as a buying group. Read to know more how cooperative purchasing improves quality

The term "third-party means" describes the method used to transport items efficiently and effectively. Click to learn more

Learn what is P2P meaning and how it accelerates business functions and make operations productive and competent. Click to learn more!

Supply chain agility enables companies to understand and act upon sudden changes in demand for a service/product. Read this post for more information.

Sustainable cost savings is the process of promoting cost savings in procurement for the long term. Discover why sustainable cost savings are better.

Supply chain execution refers to the process of managing the entire supply chain from planning to delivery of products and is an endlong process. Learn more!

Learn about reverse auction definition, significance and process and how it drives more value to businesses.

Learn how your business can go sustainable with the help of a closed-loop supply chain. Find out what a closed-loop supply chain is.

Learn about Flip in procurement, which helps business exchange information smoothly.

Control the costs involved in your procurement process through strategic cost management and maximize the revenue. What is meant by strategic cost management?

Discover the downstream supply chain operations and make your supply chain more efficient. Learn more!

The end-to-end procurement process is called source to contract. Learn more about the source to contract and how it helps streamline the procurement process.

What are Accounts Payable?

What is Purchase Order and its benefits?

What is an RFP in procurement?

What Is Purchase Requisition?

Contract lifecycle management streamlines an organization’s contracts throughout the contract lifecycle from contract initiation to termination/renewal.

Cost benchmarking is comparing an organization's expenses to industry standards to identify cost reduction opportunities and enhance efficiency.

Cost modeling is a strategic tool used to make data-driven decisions by accurately analyzing various cost factors in manufacturing/production processes.

Demand management involves comprehensive procedures to optimize product/service consumption by assessing demand patterns and minimizing overall costs.

A diverse supplier refers to the business organizations in which more than 51% are owned, operated, and controlled by underrepresented/underserved groups.

E-sourcing involves the utilization of digital platforms to streamline and automate strategic sourcing activities.

Forecasting predicts future demand by analyzing past and current data, helping buyers in proactive budget planning and inventory management.

Green procurement is the process of procurement of goods and services that have a reduced impact on the environment from production to disposal.

Inventory management is the systematic process of overseeing and controlling the inventory of goods, raw materials & finished products in an organization.

Nearshoring is relocating business units or production closer to the market and partnering with local supply chain entities.

Supplier risk management involves identifying, assessing, and mitigating supplier risks to impact the organization's supply chain & operations positively.

Category strategy aligns stakeholder needs with market insights for efficient supplier management, pricing, and contract optimization.

Category intelligence is utilizing gathered category data and insights to make informed procurement decisions, reduce costs, and mitigate risks.

Supplier risk management software is a tool that assesses and mitigates vendor risks, ensuring stable supplier relationships, and supply chain resilience.

Sustainability is balancing current needs without compromising the needs of future generations, in terms of economic, environmental, and social challenges.

Cost savings refers to the process of analyzing and reviewing existing contract terms with previous data to reduce potential costs during procurement.

Procurement digitalization integrates legacy systems into a single ERP framework to streamline internal operations and improve information visibility.

Market research helps identify information on key suppliers, capacity, technology trends, price, etc. to align with internal stakeholders' requirements.

Contract negotiation is the process through which purchasers and suppliers reach an agreement on market and pricing issues that are mutually beneficial.

Low-cost country sourcing is sourcing goods/services from countries with low manufacturing costs to developed countries for cost savings and quality.