Order Management: What is it and Why is it Important?
Order management may seem like a simple term, but what does it really mean? And why is it so important? Many business owners are unsure of what order management includes, so let’s take a closer look and get a better understanding. What is Order Management? To put it simply, order ... Read More »
Automation in Procurement
This is a guest blog by Paul Giese. Paul is the founder of intheBlk software, a firm that specializes in long-range planning and ASC606 revenue recognition for biotech organizations. When he isn’t working on financial models, Paul enjoys spending time with his wife and one-year-old son. You can find more ... Read More »
Accounts Payable for Non-Accountants
Accounts payable is a term that we must understand in order to be effective procurement professionals, and that all executive team members must understand in order to successfully run a business. In simple terms, accounts payable is a record of what the company owes in terms of payments owed to ... Read More »
Procurement vs. Purchasing – What’s the Difference?
Although the words are used interchangeably more often than not, procurement and purchasing are not synonymous. First, let’s take a look at their definitions: Procurement: The act of obtaining or buying goods and services. The process includes preparation and processing of a demand as well as the end receipt and ... Read More »
A Quick Guide to Spend Visibility
Companies and investors have long been under the illusion that they can either hire a visionary leader that focuses on an innovative company culture or a financially-oriented leader who is focused on cutting costs and reaching the bottom-line. Contrary to popular belief, it is possible to be a company at ... Read More »
Tips to Understand Procurement Spend
In order to efficiently manage your procurement, the first step is to understand your purchase spend, which is much easier said than done, especially without a dedicated procurement team. Below are tips to get you started with your procurement spend analysis. Identify Sources Before you can begin to collect data ... Read More »
Top Three Ways Outsourced Procurement Saves Businesses Money
Although procurement is not always a core competency within a business, it is one of the most demanding aspects of any business. If a business’ procurement processes are ineffective, research and production can be brought to a halt. Even worse, the company could end up not being profitable. This is ... Read More »
How Outsourced Procurement Provides Large Discounts for Small Companies
Startups and small businesses often rely on operations and lab managers for a variety of roles including managing inventory, ordering of equipment and consumables, and maintaining records. It doesn’t take long for these roles to lead their focus away from other priorities such as staffing, financing, and the direction of ... Read More »
Gain Strategic Advantages in the Biotech Industry with Professional Procurement Services
In an ideal world, biotech organizations would have full-service purchasing and AP departments. In reality, most of the emerging biotech startups have scientists and a small administrative staff to handle purchasing and accounting, taking time away from the core operational work and vital research in the lab. Outsourcing these functions ... Read More »
Why Hire Procurement Services
Companies small and large make the business decision to hire firms to do procurement services for them. Good procurement strategies are often what sets apart profitable companies from struggling ones ... Read More »