This article explores the five main types of procurement that organizations employ today: direct, indirect, strategic sourcing, outsourcing, and e-procurement. Each approach offers distinct advantages ...

As boards and executive teams clamor for more resilient supply chains, CFOs need to support efforts by their procurement groups to design and execute a modern approach to strategic sourcing that ...

The Fast Company Executive Board is a private, fee-based network of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. BY Guy Yehiav The ...

Companies are always looking for ways to save money. They may have already cut costs in areas like manufacturing and shipping. Now, they're turning to a hidden area where they can save more money ...

Organizations must move beyond seeing procurement as merely a cost center. Through discussions with chief procurement officers and financial leaders across sectors, three key elements consistently ...

Most companies only scratch the surface of procurement efficiency. Those that dig deeper discover that the savings can be dramatic. External purchasing is the largest single expense category for most ...

Getting the right materials at the right time and price is incredibly important for any successful business. Material procurement affects everything from product quality to company profits. Smart ...

Procurement involves identifying and agreeing to terms for the acquisition of goods, services, or works from an external source, often via a competitive bidding process. involving constrained decision ...