E-SOURCING & E-PROCUREMENT: THE TECHNOLOGICAL REVOLUTION
Exploring e-Sourcing and e-Procurement: What is E-Sourcing? In E-sourcing sellers use online forums to collect and compare supplier bids, helping minimize the purchasing cost. Businesses are finding best deals quite frequently by this method setting their specific requirements and enhancing supplier competition with better exposure. This method aids in a clear bidding process and fair […]
11 STRATEGIES FOR COST REDUCTION IN PROCUREMENT
Are you facing resource exhaustion in your procurement process and seriously considering uncovering hidden cost-saving opportunities? Deloitte’s latest survey reveals that companies can achieve up to 20% cost reduction through effective cost management. Cost reduction refers to savings during the purchasing process. These savings are achieved through renegotiating contract terms, improving administrative and operational efficiency, […]
4 METHODS OF SUPPLIER PRICING – A COMPREHENSIVE OVERVIEW
Worried about manufacturers pricing in an increasingly competitive global market? Curious about the key methods to determine procurement pricing models and wanted to learn techniques to crack the best deals? When closely observing products sourced from China, the purchasing price is the primary concern for buyers. Comparing prices across different manufacturers is a common practice […]
PROCUREMENT NEGOTIATION GUIDE: TIPS AND RESOURCES
Are your procurement negotiations up to the mark? Do you want to enhance your negotiation skill to improve your vendor performance? Procurement negotiation can work wonders if it’s a delicate balance of act. The skills to negotiate often seem at odds with one another. You must be straightforward but smart and persistent at the same […]
THE 5 STAGES OF THE PRODUCT DEVELOPMENT PROCESS
Do you want to transform a simple idea into a market ready product? Ignite the curiosity about how groundbreaking products are born? Most of the business starts with a simple idea but innovation and diversity of that idea brings gigantic success to the business. Taking through the conceptual journey to concrete ideas gives life to […]
The Ultimate Guide to Advanced Product Quality Planning (APQP)
Are you facing difficulty in ensuring consistent and high quality production? Do you want to explore strategies to meet stringent customer and regulatory requirements ? Process of developing high quality is like “striking while the iron is hot”. This is where the importance of Advanced product quality planning is witnessed, it’s a structured method to […]
12 Smart Tactics for E-Commerce Product Sourcing
What is Product Sourcing? Product sourcing means finding the right products to sell. It’s like shopping for your own store! It is a process where you identify good quality products for your consumers and sell them at reasonable costs from recognized and reliable sources. When it comes to e-commerce, the ultimate goal of sourcing is […]
7 Expert Tips for Strategic Vendor Selection Criteria and Procurement
Are you worried about the selection criteria for vendors? Do you need guidance to develop a list of prospective vendors? The organizations become more comfortable in relying on third-party vendors as strategic selection is becoming increasingly crucial for the supply chain. Procuring right vendors ensures healthy cyber hygiene and potential to combat new cyber […]
MINIMUM ORDER QUANTITY (MOQ) MEANING: A COMPREHENSIVE GUIDE
Wonder why MOQ is crucial for the supply chain? Do you want some effective strategies for your business to negotiate lower MOQ with suppliers? Here is the comprehensive guide to cater all your queries regarding MOQ and its requirements to maintain product quality and consistency. Minimum Order Quantity Definition In the world of product sourcing, […]
HOW CAN QUANTITY DISCOUNT ANALYSIS SAVE YOU MONEY THROUGH VOLUME PRICING?
Wondering a secret formula to unlock massive discounts with every large order? Thinking of buying bulk so that you can save a few bucks out of it? Quantity discount is an essential concept when making high volume purchases from Chinese products. This guide provides a comprehensive approach to the quantity discount, why suppliers should opt […]