#category_management

Artificial intelligence is transforming supplier and third-party risk, but experts warn that human judgment, business context, and strategic oversight remain essential. Key takeaways AI augments risk, not ownership. Supplier-risk intelligence is shifting from detection to prediction. Human context still drives third-party risk decisions. Strategic leadership defines successful risk programs.

As complex as procurement is, Coupa believes it can usefully be categorised into four stages: STAGE 1 Tactical and operational At this stage of maturity, procurement is primarily concerned with ordering and invoice processes. STAGE 2 Efficient sourcing The introduction of strategic sourcing, contract management and supplier management deliver significant savings across the…

In essence, a procurement personnals needs to be able to answer five fundamental questions:• How big is the spend?• What am I buying?• Do I have full visibility and control over everything that I am buying?• What are our contracts – and when do they expire?• Who are my stakeholders – and what outcomes do they want?Answering such questions will help Procurement personnals realistically assess…

Solid relationship building skills will go a long way when looking to set up value-based procurements and improve the bottom line of the company. thats what i have to use my skills, experience & abilities to make Company achieve the goals & targets

Incoterms

Most incoterms apply to both air and sea freight with a few exceptions: FOB, FAS, CFR, and CIF apply to sea freight only. Incoterms that aren’t specific to ocean freight can be used for any mode of transport. Incoterms commonly used for air shipments are: EXW (Ex-works) The buyer assumes responsibility at the seller’s warehouse and takes care of everything including transportation and…

FOB (Free On Board), EXW (Ex Works) and FCA (Free Carrier) are the most familiar types of incoterms but there’s much about these and the other options to learn. Because they are legal terms, written from a legal perspective, incoterms can be confusing or easily misunderstood. And making the wrong choice might turn your shipment into an expensive nightmare.

Perfect explanation about Procurement.