Best practices

6 Best Practices for Procurement Teams

Feb 10, 2023 • 3 min read

Procurement best practices such as strategic sourcing, spend analysis, supplier management, automation, collaboration, and compliance can reduce costs, improve financial performance, and mitigate supplier risks for organizations. Implementing these strategies can streamline procurement processes and make informed purchasing decisions.

How Procurement Category Managers Can Transform Procurement

Feb 7, 2023 • 2 min read

A procurement category manager is hired to manage procurement of a specific category of goods/services, offering expertise and solution for challenges, expanding into new markets, driving innovation and identifying cost savings. With relevant knowledge and experience, a procurement category manager can improve the overall quality and cost of procurement for an organization.

5 Steps to Increase Efficiency for Procurement Teams

Feb 4, 2023 • 2 min read

Procurement teams can improve efficiency and reduce costs by adopting automation, data analysis, strategic sourcing and collaboration. Technology like procurement platforms can streamline processes and increase automation. Adopting these strategies can lead to cost reductions, improved supplier performance and increased revenue. Companies like Dell, Unilever, GE, and Nestle have seen success after implementing procurement platforms.

Vendor Management: Why Integrated Views are Most Effective

Jan 29, 2023 • 2 min read

Achieve integrated view of vendors through performance management, risk management, relationship management, and automation/technology. Automating vendor management with technology allows organizations to track vendor performance, risks, and relationship for better decision-making. An integrated view of vendors enables organizations to make informed decisions and improve overall performance.

5 Best Metrics to Evaluate Procurement Teams

Jan 11, 2023 • 3 min read

Measuring procurement teams' performance is crucial to evaluating procurement effectiveness and value. Metrics include cost savings, supplier performance, sustainability, spend analysis, and risk management. By regularly monitoring performance, organizations can continuously improve procurement processes and achieve greater efficiency and cost savings. Key metrics offer an effective way to track progress and drive results.

4 Reasons Why Sourcing for Multiple Factories is Beneficial

Dec 30, 2022 • 2 min read

Sourcing from multiple factories offers cost savings, improved efficiency, better inventory management, and improved supplier management. FactWise helps organizations increase savings by 25% and efficiency by 20% through comprehensive analytics and decision intelligence tools. Transform your procurement journey with FactWise.

9 Contract Manufacturing Best Practices to Ensure Success

Oct 16, 2022 • 4 min read

Success in contract manufacturing involves following best practices such as clear communication, thorough research of manufacturers, and strong partnerships. Choose the right partner with a proven track record and negotiate transparent pricing. Establish roles and responsibilities and regularly monitor performance while protecting intellectual property. Successful contract manufacturing companies focus on quality, customer service, and a well-established supply chain. External factors, such as market conditions and global events, can impact the success of contract manufacturers.

8 Skills of Successful Procurement Managers at Manufacturing Companies

Nov 30, 2022 • 3 min read

A good procurement manager in a manufacturing company should have strong negotiation, project management, communication, analytical, risk management, strategic thinking, and continuous improvement skills. FactWise offers a self-serve Source-to-Pay platform with an intuitive interface to automate low-value-add tasks and enable procurement managers to focus on strategic concerns.

10 Skills to Succeed at Procurement for SMBs

Nov 27, 2022 • 3 min read

Key attributes for a successful procurement professional in SMB include strong cost management, supplier management, communication, analytical, project management, industry, and technology skills, as well as understanding of procurement processes, compliance, and regulations. Align procurement activities with company's objectives to support overall business goals.

6 Steps for Procurement Professionals to Deliver Positive Impact in a New Team

Nov 24, 2022 • 2 min read

As a new procurement professional, you can bring cost savings, improved supplier relationships, increased efficiency, innovation, better risk management and compliance to your organization. Studies show companies with strong procurement practices have higher profitability and fewer supply chain disruptions, while reducing costs and regulatory fines.

9 Career Paths for Ambitious Young Procurement Professionals

Nov 21, 2022 • 3 min read

There are various career paths for a procurement executive, including Procurement Manager, Supply Chain Manager, Strategic Sourcing Manager, Category Manager, and more. Each role focuses on different aspects of procurement and supply chain management, providing opportunities for advancement and professional development. Continuously developing skills and seeking new opportunities is key for success in this field.

10 Attributes of Impressive Junior Procurement Executives

Nov 18, 2022 • 2 min read

Junior procurement executives require strong communication, analytical, organizational, negotiation, problem-solving skills, attention to detail, teamwork, knowledge of procurement policies and procedures, understanding of industry trends and laws/regulations for successful sourcing of goods and services.

10 Attributes of Successful Chief Procurement Officers

Nov 15, 2022 • 2 min read

CPOs struggle to realize value from procurement despite its role as a key cost-saving driver. 50+ leading product manufacturing companies reported these challenges, emphasizing the need for strong leadership, strategic thinking, analytical, negotiation, communication, project management, procurement policies, industry trend awareness, legal compliance, and financial skills in CPOs.

10 Top-of-Mind Concerns of Strong Chief Procurement Officers

Nov 12, 2022 • 3 min read

CPOs face challenges in cost reduction, supplier management, risk management, sustainability, innovation, compliance, supply chain disruption, stakeholder management, technology adoption, and procurement process optimization. They must find ways to balance these challenges while leading the procurement function and improving efficiency and cost-effectiveness. A strong CPO must be agile, strategic, and innovative.

Outsourcing vs. Insourcing Procurement Functions: Making the Best Choice for Your Organization

Mar 13, 2023 • 3 mins

Outsourcing vs. insourcing procurement functions is a critical decision that takes into consideration core competencies, cost analysis, technology, and risk. Examples from Nike, Siemens, Unilever, and Coca-Cola demonstrate how sustainable outcomes can be achieved by making the right choice and following a structured approach, leveraging technology, and optimizing operations.

Understanding the Different Roles in Procurement and How They Drive Business Success

Mar 20, 2023 • 2 mins

Procurement encompasses a diverse range of job roles, from analysts to Chief Procurement Officers (CPOs). Analysts collect data, specialists oversee the procurement process, managers lead teams, category managers focus on specific goods/services, and CPOs set strategy and manage suppliers. These roles work together to ensure efficient and effective acquisition of goods/services for organizations.