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How To Set Up A Purchase Order System For Large Organizations
The larger an organization grows, the more important it becomes to keep track of purchasing. A poorly functioning purchase order (PO) system or, worse, no system at all will result in purchasing problems that cost your company money. And since […]
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How To Avoid the Most Common Mistakes That Companies Make When Implementing New e-Procurement Software
Do you want a procurement solution that only half-works? Or that fails entirely after you’ve poured money into it? Of course not! But unfortunately, that’s what a large percentage of companies end up with when they try to implement an […]
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To Receive Or Not To Receive: Inventory Management and 3-Way Matching
Just about everyone is using purchase orders nowadays. Companies of all sizes find this system is a more straightforward way of managing orders, reviewing purchases, and getting some insight into where their spend is coming from. It makes sense to […]
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Discover 5 Of The Best Tools You Have For Preventing Invoice Fraud With AP Automation
Fraudulent invoices slip through accounts payable far more often than you might think. They’re typically low amounts that don’t need payment approval and show charges for things your company actually buys, such as printer paper or telecommunications services. At first, […]
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5 Painless Steps To Create An Effective Vendor Compliance Policy (And Why You Should Bother)
Maybe you’ve never thought about creating a vendor compliance policy. You place an order, the vendor delivers it. Pretty simple most of the time. You’ve got purchase orders to provide legal documentation if there’s a problem with the order and […]
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4 Traits That Make Millennials A Perfect Fit For Procurement Automation Software
Experts estimate that millennials will make up half the workforce by the year 2020. This is can be a terrifying prospect for hiring managers, who’ve heard that millennials are entitled, lazy, and refuse to stay in a job for more […]
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Implementing An Agile Procurement System That Works For You
Being able to react quickly gives companies a decided advantage in today’s fast-paced business world. Agile procurement systems, for example, let your company adapt to changes in supply availability and prices without any wasted time. This saves money and time […]
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3 Deadly Purchasing Pitfalls to Avoid
When looking at the procure to pay process of a company, a lot of companies will focus on the payment side of the equation. Accounts payable and cash flow are both definitely important. However, purchasing is a critically relevant department that […]
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Don’t Cripple Your Business by Refusing to Centralize Purchasing
Having many people in charge of purchasing often leads to confusion, especially in large businesses. It’s hard to take advantage of bulk ordering discounts or keep track of inventory when different people are in charge of purchasing the same items. […]
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Four New Tactics for Supplier Engagement
Keeping suppliers actively engaged and excited to work with you is critical. A recent survey showed that supplier engagement was more important to purchasing executives than any other procurement concern, including cost control. Although most businesses have more control in their […]
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Going Green With Paperless Procurement
As society pushes the modern business world toward sustainable practices, the “bottom line” becomes about more than just finances. The green movement encourages companies to take social and environmental factors into consideration in addition to economic concerns. In the long-term, […]
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How to Leverage Automation to Kickstart Six Sigma Principles in your Business
Evaluating your business for efficacy brings up some important questions about how you can streamline processes. Improving the way your company functions on the back end will lead to greater gains across the board. Six Sigma is a huge part […]
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