For the past 12 months or so, the world has seen record level inflation, where prices of key commodities like energy, fuel, steel, plastics, aluminum, paper and cellulose have been rising steadily at alarming rates. If not managed properly, this can have a devastating effect on the bottom line for companies that are not prepared. Here we will discuss 7…
Riding the Waves of Supply Chain Uncertainties : How can Procurement take the lead to drive competitive advantage ?
Without a doubt, covid 19 in the last 18 months or so, has subjected organizations and the global supply chain to an extreme test of resilience and, almost to a quasi-game of survival. And as organizations slowly emerge from the aftermath of this worldwide pandemic, it is predicted that the tides of uncertainties and it’s rippling effect will continue to…
Cost Modelling is Fundamental to Smart Buying
Critical to smart buying is the ability to determine whether the cost of acquiring certain goods or services is, by far, surpassed by the benefits that can be gained. It is also fair to say that a good understanding of what drives the cost of goods or services is key to the buyer’s ability to maximizing the value that can…
It’s A Risky Business, How do you Protect your Organization ?
In the face of economic, technological, environmental, political and socio-cultural changes, the threats to businesses continuously rise every day. These risks grow not just in terms of number and variety, but also in terms of the extent of the potential damage that each can do to the organization. As a result, organizations are starting to direct their focus on Risk…
Key Fundamentals of Supplier Relationship Management
Large manufacturers have traditionally been the dominant player in the supply chain, and hence had enjoyed the upper hand when it comes to impelling support and engagement from their supply chain partners. Big OEM’s, for instance, would have a major influence on how their part suppliers and distributors would operate, and would play this to their maximum advantage. Nowadays, with…
How to Boost Your Chance of Success When Negotiating
No doubt, one of the most important and useful skills that anyone can have, regardless of status or profession, is great negotiation skills. After all, in our everyday lives, we are commonly exposed to situations where we negotiate, at varying levels or extent, to keep harmony in our relationships and avoid conflict. In almost every interaction setting, we are likely to…
Guidelines for Writing a Comprehensive Statement of Work
A Statement of Work (SOW) is a document that a client or customer shares with a potential supplier or service provider, to communicate his requirements that must be satisfied. It is an essential document that sets out the objective of the project and the client’s expectations on how it should be met and delivered. A clear, well-written, accurate and…
Maximizing Benefits Through Effective Contract Management
Contracting is a process where two parties enter into a legal agreement, where needs are defined and commitments and capabilities are aligned to meet those needs. It involves a legally binding document that clearly sets the expectations, rights and obligations, terms and conditions, rules for ensuring compliance and a process to manage any adjustments or provide resolution. Undertaking the contracting…