procure-to-pay

6 Procure-to-pay (P2P) Mistakes That Are Crippling Your Procurement Resources

When I started my career in supply chain and procurement as a buyer, one of the first tasks given to me was three-way matching – and it was tedious and painful. On the top of that, I used to chase people to process non-PO based invoices, get approvals from senior managers and deal with inquiries from suppliers regarding when they will get paid (and the threats which come with it). Despite my super enthusiasm towards procurement as profession, I didn’t like this part of the job, as I felt it was a waste of time. I am sure most of […]

cost reduction strategies

27 Uplifting Cost Reduction Strategies You Should Try

For supply chain, procurement, logistics and operations professionals one of the top goal is to reduce cost, while keeping other metrics such as on-time delivery, quality, productivity and safety at the highest possible level. Whilst the focus is there, it’s hard to find many cost reduction strategies. So, what should you do? While most business concentrate on increasing sales, reducing outlays, it is equally important to focus on cost reduction strategies when trying to attain profitability. As one of my colleagues put it “Volume is Vanity, Profit is Sanity and Cash is King” That is partially because profit margins come […]