It’s a testament to what humanity can achieve when we work together that vaccines for COVID-19 are already being administered. While it’s a cause for celebration, it’s important to remember that it will be a long time before we reach worldwide herd immunity (if ever). As procurement professionals, we know…
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Reverse Auctions are a great way to generate significant cost savings. According to CNBC, companies are typically saving 10 to 20% by using reverse auctions, but I’ve also seen others quote savings over 30%. However, it’s got to be done right. So, how do you run a successful reverse auction?…
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Just last year, we published a blog outlining the value of a particular auction type: the reverse auction. It listed 5 benefits, which included: Lower purchasing costs through increased competition The potential to gain better savings than a present ‘target’ amount Time savings through a reduced negotiation phase Increased ability…
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The new financial year means new contracts, but are you ready to negotiate? Here are my top tips for negotiation approaches in procurement. Don’t be afraid to walk away You should always be prepared to walk away, no matter how much you’ve already sunk into the negotiation. Don’t get me…
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Life used to be simple. There were blue collar workers and white collar workers. You either wore denim to the factory or starched and pressed whites to the office. Now, though, the coronavirus lockdown has introduced a “new” collar. The pyjama shirt collar. When we begin to leave lockdown, some…
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Choosing a supplier is like choosing a life partner. The wise decision means you’ll have a loving, supporting companion who’ll stick with you through sickness and health until death parts you. The wrong choice leads to a bitter divorce or, worse, a loveless marriage that you stick with because the…
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There’s a joke among engineers that new grads lament not taking more maths subjects during their degree but, as they progress, rue not improving their communication skills. Procurement professionals don’t have the luxury of hindsight. From day one, our ‘soft skills’ make or break us. According to the Ikaros community,…
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Because time waits for no one! At the end of financial year – motivation definitely drives decisions, and there is no shortage of motivation from stakeholders to purchase nor suppliers to sell. This is a match made in heaven and an opportunity for you to really shine. Whilst the current…
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“What is the best deal you can offer me?” that is the heart of negotiations. Reverse auctions are a tried and tested tool to get to the “best deal”. A brief intro on “what is a reverse auction”: In the case of normal auctions, the vendor puts up a good,…
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Procurement is about making deals. What does it mean to make deals in 2019? For too long, savings has dominated the procurement agenda. A success of a procurement department is measured by how much value they derive for the organisation and yes, of course this comes down to savings on…
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