Best practices to encourage procurement savings

The purpose of any organization is to make profits in a sustainable way. Procurement plays an important role in achieving those recurrent profits. One of the most essential factors to consider for achieving the best business results lies in a cost-effective procurement and making savings. The aim of procurement savings are to drive down procurement costs,…

What are the current transportation challenges in supply chain?

  Transportation accounts for a huge amount of expenses in the supply chain logistic overall cost and thus stands for the largest element in it. The backbone of any sustainable supply chain relies on a performing and reliable transportation network. Transportation has been a major component enabling trade for centuries. Its processes are a significant…

Cost Management Training for continuous Business Success

Organizations are in constant pursuit of increased profitability through cost reduction as this is a vital factor for competitive advantage and strategic positioning in the market. To ensure sustainable development of a business, an effective cost management strategy is required. A good cost management system allows companies to predict expenditures and prevent the risk of…

How to achieve a sustainable cost reduction in Procurement?

In today’s evolving economic climate, companies are facing increased pressure to cut costs and be more efficient. A growing percentage of revenue is spent on procurement due to the trend of outsourcing tasks as well as commodities expenditures. Since procurement has a huge impact on profitability, organizations found it wiser to start the cost reduction process…