Ecosystem

Customer Relationship Management (CRM) refers to the principles, practices, and guidelines that an organization follows when interacting with its customers. CRM is a tool that helps with contact management, sales management, productivity, and more with the simple goal to improve business relationships.

Enterprise Asset Management (EAM) tools have a similar functionality to products in Computerized Maintenance Management Systems (CMMS) category. EAM also includes lifecycle planning tools, workflow analysis, multiple predictive maintenance methods, and advanced metrics to determine an asset’s future state and continued reliability.

To stay competitive, manufacturers are turning to two types of solutions to handle their supply chain: Inventory Optimization (IO) and Multi-Echelon Inventory Optimization (MEIO). The all-encompassing goal of both IO and MEIO solutions is to efficiently match inventory levels to accommodate forecasted demand.

Enterprise Resource Planning (ERP) refers to a type of software that organizations use to manage day-to-day business activities such as accounting, procurement, project management, risk management and compliance, and supply chain operations. A complete ERP suite also includes Enterprise Performance Management (EPM), software that helps plan, budget, predict, and report on an organization’s financial results.

A great deal of companies provides such solutions and before making decisions on what path to take, companies must also understand that most require custom packages based on need which will become costly thus, making a project plan extremely important by outlining what are the key requirements and not to give in to the “bells and whistles” sold by sales teams.

Procurement is not known for being the front-runner in adopting new technologies however, efforts made over the past decades by digitizing supply chains and procurement processes has allowed many front runners to adopt Artificial Intelligence (AI) solutions today and not the distant future. Data formulation and analysis will be the key on the sourcing and procurement side. The traditional procurement as we understand today will not survive.

IoT in procurement; mobile devices are now commonly used in the procurement function to gain instant access to analytics, order data, and requisition and invoice approval. Worldwide Spending on the Internet of Things to Reach $745 Billion in 2019, Led by the Manufacturing, Consumer, Transportation, and Utilities Sectors.

A Cryptocurrency is a digital or virtual currency that uses cryptography for security and cryptocurrency is difficult to counterfeit because of this security feature. Many cryptocurrencies are decentralized systems based on Blockchain Technology; a distributed ledger enforced by a disparate network of computers.

Many considerations will go into the decision to choose a credit card processing, mobile payment processing, or merchant services such as cost, equipment leases, pricing models, types of payments accepted, fees, security, privacy, fraud, ease of use, and time to clear account and funding options.

The motto of the GPOs is based on stronger together thus, pulling together purchasing power through cost savings, supply chain management, procurement partnerships, cost comparison analysis, customized membership programs, and data analytics. In accordance, the markets served vary such as automotive solutions, healthcare solutions, financial products, manufacturing solutions, franchise solutions, hospitality solutions, education solutions, government solutions, and construction solutions.

Body of law that governs oral and written agreements associated with exchange of goods and services, money, and properties. It includes topics such as the nature of contractual obligations, limitation of actions, freedom of contract, privity of contract, termination of contract, and covers also agency relationships, commercial paper, and contracts of employment.

Personality is key in contract negotiations and as any seasoned veteran will always state to listen first and let the other side speak and if you are uncomfortable with the progress know when to take a step back and regroup. Also, know your Core Negotiation Strategy (CNS), why are you entering into negotiations in the first place, know what it is that you want and be able to draw the line, study the other sides body language and tone of voice and play the reluctant party.

Important topics that will need to be considered in such internal management reports include compliance rate, number of suppliers, purchase order cycle time, supplier availability, supplier defect rate, lead time on delivery, cost of purchase order, procurement cost reductions, cost savings per vendor, sourcing and procurement Return on Investment (ROI) to mention a few.

Procurement analytics is the process of using quantitative methods to derive actionable insights and outcomes from data. It involves the capture and use of data to support fact-based decision making and gaining competitive advantage. It reports typically on what has happened in the past and creates estimate, using the predictive analytics based on historical data to guess what will happen in the future.

Procurement KPI (key performance indicator) or metric is a measurable value that tracks all relevant aspects of obtaining or buying goods and services. These KPIs enable the procurement department to control and optimize the quantity, quality, costs, timing and sourcing of purchasing processes.

Change Management or Organizational Change Management (OCM) is a systematic approach to dealing with the transition or transformation of an organization’s goals, processes or technologies. The purpose of change management is to implement strategies for effecting change, controlling change and helping people to adapt to change.

The benefits of prioritizing procurement in acquisitions cannot be overemphasized. Procurement departments often have a broader, deeper view of their parent companies than other business units do, and that perspective can help merging companies avoid pitfalls and seize opportunities. With the right software solution and buy-in from key decision-makers, procurement leaders can practice more effective project management and boost procurement synergies significantly.

Mergers and Acquisitions (M&A) are more frequent than ever and larger in size. Yet making the organizational changes necessary to deliver success is not trivial. It requires careful attention to change management resistance to the changes, reorganization design, implementation, and evaluation of the newly created and accepted processes.

No one or entity can ever fully guarantee no risk related to an associated business plan, project, purchasing, and so forth however, managing risk involves taking steps to minimize the likelihood of something going wrong thus, anticipating. Risk Management in a business or corporate setting is the ongoing process undertaken by a company to identify, evaluate, and treat potential exposure to loss, and to monitor risk factors to reduce the effects of damages or loss.

The needs of each client will differ based on a multitude of factors such as spend analysis, category strategy, sourcing execution, market intelligence, contract management, supplier relationship management, order management, spot buying, accounts payable, master data management, catalog management, help desk and buyer portal services.

Benefits of using workflows are the reduction of project risk, management of organizational changes, improvement in process changes, increased access to data and information across units, improvement on project timeline estimates, better focus on strategy, and understanding of rules set by company. SOPs come down to one thing: consistency.

TCO looks at the cost of owning an asset in long terms by assessing both its purchase price and the costs of operation. Accordingly, TCO also distinguishes the difference between purchase price and the related long-term cost. By incorporating this into the acquisition process, it directly impacts outcomes in cost savings, vendor selection, prioritization of capital acquisition, and overall corporate budgeting.

KAIZEN means improvement. Moreover, it means continuing improvement in personal life, home life, social life, and working life. When applied to the workplace KAIZEN means continuing improvement involving everyone – managers and workers alike.

A feasibility study also called Feasibility Analysis is an analysis that takes all project’s relevant factors into account to include economic, technical, legal, and scheduling considerations to ascertain the likelihood of completing the project successfully.

E-Sourcing encompasses the entire purchasing process from inviting potential suppliers to tender, requesting and collecting supplier information, bid management process, and/or holding eAuctions, analysis of responses, and finally, awarding suppliers with a contract and managing the deal to completion.

E-procurement (electronic procurement, sometimes also known as supplier exchange) is the business-to-business or business-to-consumer or business-to-government purchase and sale of supplies, work, and services through the Internet as well as other information and networking systems, such as Electronic Data Interchange (EDI) and Enterprise Resource Planning (ERP).

Supplier Relationship Management (SRM) is about strategically planning and managing the relationship between companies and all vendors that provide goods and services. We cannot emphasize more the importance of such interactions between companies and vendors utilized. However, companies also need to be mindful that vendors will utilize tactics in order to win business. Clear guidelines need to be established for procurement professionals in handling supplier relationships.

Politics and economics go hand in hand. Throughout history, political power follows economic power. In accordance, political leaders, central bankers, economists, and business leaders are grappling with a varied field of problems or as we view at RREVENU; opportunities for growth through assisting our clients. The complex roles that Procurement Officers and Managers hold will continue to become even more time consuming and difficult to manage.

The main purpose of establishing a global sourcing process is to be efficient in operations and avoiding the risks that might be encountered. Sourcing process involves six major steps that can be adopted for both domestic and international sourcing and procurement: Internal Need Analysis, Supplier Market Assessment, Supplier Information, Sourcing Strategy, Evaluating Bids, and Negotiating with Suppliers.

Implementing Total Quality Management (TQM) will require commitment from employees, quality improvement culture, continuous improvement in process, co-operation from employees, focus on customer requirements, and effective control clearly laid out for employees to follow. TQM, Kaizen, Lean, Six Sigma, PDCA (Plan-Do-Check-Act), and Agile are effective tools to enhance quality of products as well as services.

As an entrepreneur or small business owner, a multitude of actions and considerations will need to be made while forming a business or taking steps to build your business. For example, what type of business concept will be pursued such as service, merchandising, and manufacturing or forms of Business Organization such as Sole Proprietorship, Partnership, Limited Partnership, Corporation (S-Corp or C-Corp), Limited Liability Organization (LLCs), Non-Profit, or Cooperative (Co-op).

The field of Transportation & Logistics is simply too vast to attempt to cover here however, RREVENU will provide research and solutions to our clients on a per need basis. For example, a choice between UPS and FedEx when it comes to the Tier Pricing Structure on how the mentioned companies offer to clients thus, making the negotiations of such rates very important.

An integrated supply chain will include departments such as distribution, finance, information technology (IT) & Information Systems (IS), logistics, manufacturing, operations, procurement, purchasing, sourcing, supply chain, warehousing, and contracts. The last one listed contracts, seems to be the one key area that companies tend to not pay as much attention. We elaborate further on this topic in our Contracts section under Services.

Socially Responsible Procurement (SRP) as a framework of measurable corporate policies and procedures and resulting behavior designed to benefit the workplace and, by extension, the individual, the organization, and the community. Procurement professionals must set priorities and make tradeoffs between these dimensions in order to properly allocate what are typically limited resources.

Time Management (TM) is about finding what works for you and no one tip or set of recommended techniques will work for all. Project Time Management (PTM) as a component of overall project management in which a timeline is analyzed and developed for the completion of a project or deliverable.

“I would never give procurement authority to a project manager. There is just too much at stake, too many non-technical matters to know, which most project managers are typically not prepared to handle. Procurement authority must be restricted to people who are familiar with contracting terms, procurement regulations, funding and contractual compliance issues. We delegate procurement authority to only procurement people, but who are assigned to support the project manager.”

The procurement function and department roles are changing, and more companies are realizing the valuable benefits that can be realized from the procurement departments. The procurement function is becoming more strategic, more collaborative, and more technology-driven than ever before and these transformative trends are ongoing.

The terms “Cloud Storage” and “Cloud Computing” are oftentimes used interchangeably. One may be tempted to believe they have the same meaning, but this is far from the truth. As much as cloud computing and cloud storage have a lot in common and are derived from the same source (the cloud), they are different concepts.

Enterprise Content Management (ECM) solutions enable an organization to take full advantage of the customer information and company knowledge embedded in its content. ECM solutions capture, store, activate, analyze and automate business content, providing new value from data that was previously unstructured and unavailable.

In the U.S., the definition of a Small to Medium Enterprise (SME) varies by industry, based on the North American Industry Classification System (NAICS). NAICS is a system developed by the U.S., Canada, and Mexico to standardize and facilitate the collection and analysis of business statistics.