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s a CFO, you know that managing invoices can be a time-consuming and costly process. Manual invoice processing can lead to errors, delays, and a significant drain on your company’s resources. Fortunately, there is a solution: OCR invoice processing.
OCR, or Optical Character Recognition, is a technology that enables computers to rea
Deploying a new procurement system in an organization can be a complex and potentially disruptive process, especially if it requires employees to learn and use a new software. However, with careful planning and a phased approach, it is possible to introduce the new system without creating undue stress or frustration for employees…
Procurement is the process of acquiring goods and services from external vendors, which is an essential aspect of any business. However, procurement can also be a source of frustration and inefficiencies due to a range of common problems. This article will explore seven of the most common issues faced by procurement teams and discuss potential solutions…
Managing procurement in Excel can be a challenging and time-consuming task, with many potential drawbacks and limitations. One of the key problems with using Excel for procurement is the potential for errors and inconsistencies in data entry. Excel spreadsheets rely on manual data entry, which can be prone to mistakes and omissions. This can lead to inaccurate records, incorrect calculations, and difficulties in tracking and analyzing procurement data…
When we start implementing a new procurement system (in truth, everything written here is true regarding the implementation of most organizational systems), we are faced with the dilemma – should we change the entire organizational procurement procedure so that it aligns with the system’s guidelines? Alternatively, should we continue the existing situation and, at the same time, start working gradually with the new procurement system?
In public sector organizations, the procurement process is generally similar to the process in private sector organizations – but with some crucial differences. Because the people handling public funds must naturally follow strict principles during the procurement process, these principles can be considered an ethical code of conduct requiring public employees to be responsible for their purchases. Some of the principles may also be useful for organizations in the private sector…
Procurement, purchasing, sourcing, and supply chain are often used interchangeably. However, there are essential differences between them.
Procurement vs. Purchase: If procurement involves the purchase
The nine main stages of the procurement process can be thought of in three separate stages: exploration, purchase, and acceptance.
Three key elements work together to make the procurement process happen: people, process, and paperwork.
In many companies, procurement and finance teams operate as separate departments. Historically, they have sometimes been at odds for one key reason…
Procurement processes vary greatly depending on the structure and needs of each company but generally include the following nine core stages…
By tracking procurement metrics, businesses can increase the efficiency of their procurement process, track progress toward business goals, and identify areas for improvement. Below are some commonly measured procurement metrics…
Spend Management Software is a system for purchasing goods or services combined with financial control in businesses and companies…
As in almost every other area of business, technology can increase the productivity of procurement groups while reducing process costs by up to…
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