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 to analyze your procurement spend, […]
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 the cutting edge of innovation […]
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 approval of payment. (Source: BusinessDictionary) […]
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 others, such as suppliers and […]
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 thoughts by Paul on Twitter […]
Procurement may not seem like the most exciting topic in business, but there are some new trends that are worth talking about. Whether you’re an experienced company or a new start-up, there’s always more you can do to improve your procurement process. At BioProcure, we’ve simplified and optimized the procurement process to bring the newest […]
In a time when the world lives online, people have begun to utilize virtual communication in both their personal and professional lives. Communication isn’t limited to video conference calls or emails with family and friends though. In fact, communication between suppliers and customers is a topic more businesses are showing interest in. This online communication […]
