For medium and large enterprises in particular, onboarding a new vendor tends to be especially inefficient. Comprising numerous players and moving parts, the process is often characterized by delays and frustration. In this two-part series, we’ll look at the three central challenges to vendor onboarding, examine who these challenges impact, and how to overcome them….
Traditionally, different departments within an organization are structured around their own unique functions, objectives and operations. This is often the case for the procurement and finance departments, despite the fact that the relationship between the two is so heavily intertwined. Is procurement a part of finance? While at their core, procurement and finance functions differ,…
Discovering that procurement and purchasing actually relate to two different business activities comes as a major surprise to many. Sure, procurement involves the act of purchasing something. But procurement and purchasing are two separate and unique processes, and it’s important to understand the differences between them. Let’s begin with a couple simple definitions: Procurement involves…
