Sourcing Strategies

Procurement Pro Sourcing Strategies
Sourcing Strategies

4 Factors to Consider When Evaluating RFPs

In a perfect world, manufacturers could choose their supply chain partners based exclusively on the lowest bidding price. But this may not yield the best products – or the best business partnerships. How should you evaluate RFPs and, more importantly, choose your suppliers? As artificial intelligence, big data and analytics, and machine learning change the

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Sourcing Strategies

What is a Request For Quotation (RFQ)? [Checklist]

An RFQ, or Request for Quotation, is the process of asking for the price of exactly what you’re looking for. In other words, a vendor asks another business to provide a quote for specific services or products. The process is a very common operation carried out by purchasing and supply managers, though it can be

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Sourcing Strategies

What is a Purchase Order? [FREE Template]

A purchase order (PO) is the official confirmation of an order. This document is sent from a purchaser to a vendor in order to authorizes a purchase. The purchase order is a form of risk protection. In addition to legal protection, purchase orders assist in inventory management and payment tracking. They allow suppliers to track

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Sourcing Strategies

8 Types of Inventory Defined

  • by
  • 23 January 2019
  • 3 minutes read

Inventory can be defined as the array of finished goods or goods used in production. These goods are either stored in-house or in a warehouse so that a business can meet demand and fulfill orders. For some manufacturers, inventory may look like raw materials and work-in-process. For others, it may be a supply of finished

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