It is estimated that companies lose around 4% of savings opportunities because of auto-renewing evergreen contracts every year. The amount of turnover that this represents will vary by company, but it is not an insignificant amount of money to leave on the table, especially these days. What Mistakes Are Companies…

Procurement is an integral part of every business’s operations. It is the process of sourcing and negotiating terms in which goods and services are exchanged between a business and a third party. It usually involves a competitive bidding procedure known as tendering, in which potential suppliers make offers for the…

This article will detail the benefits of contract management software, what companies it is best suited for, and its main features. What is contract management software? Contract management software is a digital platform designed to be a repository for a company’s legal contracts as well as offering functions such as contract creation, contract negotiation, contract…

Supplier management is a process that drives the best value between a company and the suppliers they work with. Within strategic procurement, Supplier Management allows companies to plan, manage and improve interactions with third-parties that provide them with goods or services. …

eSourcing, sometimes referred to as electronic sourcing is the process a company uses to procure goods and services from suppliers with the ability to compare them side by side based on quoted pricing or capabilities in order to choose a preferred supplier based on data. …

Procurement software can be used to support businesses with tools to source goods and services, contract management, supplier management, and savings management. …

eProcurement, also known as electronic procurement is typically known as the process of purchasing goods and services from a supplier via a procurement software. eProcurement has evolved in recent years. Legacy eprocurement systems tend to focus on purely procuring goods and services from a supplier through a typical sourcing, eTender…

Procurement departments are the engines within a business that drive greater strategic value. Efficient procurement functions manage end-to-end activities to reveal critical insights not readily available to the wider company. Procurement departments however can struggle to produce these insights due to manual data processes or using legacy or in-house systems…

On average 70% of a company’s revenues are spent with third-party suppliers Less than 75% of third-party spend is actively managed Effective management of spend can on average release savings of between 7–12% Gain full control of every part of the procurement cycle to support recovery and growth A new…