A business’s ability to embrace a strategic and systematic approach to sourcing goods and services results in many advantages. But how do you know if your business is ready to take purchasing to the next level and embrace a procurement mindset? And, how does procurement technology fit into the picture?
Industry 4.0 is the latest industrial revolution, and is all about smart manufacturing and using digital technologies to increase productivity, flexibility, and agility.
Procurement thinking is a strategic approach to sourcing and procurement that focuses on the entire supply chain rather than just the purchasing process. With this approach businesses can transform their sourcing and procurement operations for greater value creation and innovation.
A better understanding of the differences between ‘Procurement’ and ‘Purchasing’ will make it clear that the two terms are not interchangeable. They are differences that any organization operating in today’s business climate needs to know.
The deadline for aged care organisations to submit their first Quarterly Financial Report is fast approaching, and, if your organisation has chosen to manually collect the required information from multiple departments and meet the stringent reporting and record keeping obligations, you potentially have as many as 4 weeks of work ahead of you. There is however, a silver lining. You will also be collecting a swathe of information that will help you build a business case for investing in business improvement measures, or an ERP system.
