best practices

Top 6 Contract Lifecycle Management Benefits and Best Practices

Contracts are the center of many processes

Contracts are a critically important aspect of business that require accuracy and proper oversight. The entire process of monitoring contracts can be a tedious one. Fortunately, technology now allows organizations to automate this process, ensuring greater efficiency, improved compliance with legal requirements, and even cost savings. With a proper Contract Lifecycle Management (CLM) software in …

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4 Ways to Maximize Engagement with the Procurement Team

Team: Hands In!

Companies with an effective procurement department in place understand just how critical the process is to business. However, an established system doesn’t guarantee engagement. In fact, according to a Deloitte study, “Internally, engagement across the business remains an area of focus but, for many, a development point.”  To date, many internal employees try to avoid going through …

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4 Ways to Improve Procurement Processes and Boost Organizational Value

Improve your procurement process

Procurement teams…those are the people who find an organization’s suppliers, right? If you’ve adopted this sort of limited view about procurement (or are surrounded by people who have), you’re (or they’re) gravely underestimating the impact of these teams. The procurement processes themselves and the people who are responsible for implementing them, can affect almost all …

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5 Ways to Increase Your Procurement Team’s Performance

Improve procurement team performance

The role of traditional procurement teams is changing. By definition, procurement teams are typically responsible for obtaining goods and services based on a company’s needs. However, these days, their role is expanding and they’re also in charge of staying on top of supply market trends and understanding how these can affect the business. Companies rely …

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Reverse Auction Benefits: 3 Ways They Can Drive Better Business Value

Reverse Auctions drive better business value

We’ve dedicated quite a bit of time speaking to the virtues of the RFP process. Indeed, if you’re sourcing any complex good or service, running a Request for Proposal, is a great way to gather and evaluate the data the will ultimately support the decision you make. While running a comprehensive sourcing event makes sense …

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5 Benefits of eSourcing for Both Purchasers and Suppliers

eSourcing benefits buyers and suppliers

The benefits of eSourcing may be clear for buyers, but streamlining the procurement process tends to be met warily by vendors. The apprehension stems from the impression that any level of process automation commoditizes their products and services, and that eSourcing platforms are largely one-sided in favor of the purchaser. The fact is, however, that …

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