Are you making these information mistakes?

Are you making these information mistakes?
"Do you simply have data about your company or do you have accurate information?" Data is gathered for a purpose, the goal is to turn data into information and provide a basis for taking action. Did you know, that Information can make or break your business? Do you wonder how? In the words of Peter Drucker - The Purpose of Information is not knowledge. It is being able to take the right action. Hence, Information is valuable because it influences a decision or an outcome. For example, if a manager observes that the company's inventory has increased month over month, the manager uses t...
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How to achieve Digital Transformation? How to create Digital Transformation Strategy?

How to achieve Digital Transformation? How to create Digital Transformation Strategy?
Digital transformation is a fundamental reality for businesses today. Organizations of all sizes realize that to delay digital transformation further is to risk obsolescence. And it is up to a company's leadership team to commandeer this revolution while ensuring business continuity! - Warren Buffett, Chairman and CEO of Berkshire Hathaway   What is Digital Transformation? In this age, which is driven by Information Technology, businesses must adopt new and emerging technologies into business processes and organization strategies to survive the fierce competition. Digitization is ...
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What is management by exception? How to implement it with Spectrum ERP?

What is management by exception?  How to implement it with Spectrum ERP?
What is Management by Exception? Management by exception primarily focuses on identifying and handling cases that deviate from the specified acceptable norms. It implies raising a flag, in situations that might cause difficulties to the business. It involves determining the reasons for an exception, resolving the causes and handling deviation with the help of skilled staff and management guidance. How you can set up "predetermined rules" for your business?  Spectrum ERP measures and monitors your business activities in real-time. It also allows you to identify a set of business activities a...
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Why is speed important for a business to succeed?

Why is speed important for a business to succeed?
"Speed is the New Currency of Business" - Marc Benioff - Chairman and CEO Salesforce Why is speed important for a business to succeed? Business is all about Speed they say!  But before we get into how or why speed is critical for any business to succeed, let us understand what exactly is speed in business. What is Speed in Business? In terms of Business, Speed essentially means how quickly your business performs. What is your turnaround time? How soon do you respond to prospect queries, clients requirements, customers feedback etc. In terms of a typical manufacturing business, it will m...
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Future of Procurement

Future of Procurement
What does the future of procurement look like? Let us look at how digital transformation and technology advancements are likely to shape the future of Procurement. Procurement has started to get recognition as a strategic function that provides a competitive edge. With Procurement KPI and measurement metrics being implemented religiously, organizations have become conscious, that streamlined procurement processes can significantly improve their profitability.  Organizations have therefore shifted their focus from manual sourcing and demand management to a more digital, automated and technolog...
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How to measure the success of e-Procurement?

How to measure the success of e-Procurement?
How to measure the success of e-Procurement? It's an established fact, that e-procurement solutions help organizations in implementing effective procurement processes and strategies. Saving on procurement price and procurement time are two easy to recognize benefits. e-procurement solutions provide many more tangible and intangible benefits beyond these two easy recognizable points. It is often difficult for organizations to define procurement KPI and metrics which help understand how to measure the success of e-Procurement solution implemented. Given below are some important points which ma...
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Procurement KPI & Metrics

Procurement KPI & Metrics
Procurement KPI Metrics Procurement is a vital business function and impacts the performance of an organization. It may affect product quality, costing, timely delivery, and customer satisfaction. So it is important for organizations to monitor and improve, performance and health of procurement. Procurement KPI metrics help organizations to track and report performance and effectiveness of procurement in meeting business objectives. If you can measure it, you can improve it ! Here is the list of KPIs and metrics, which may help you to measure and improve the performance of procurement. P...
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9 steps of effective Procurement Process

9 steps of effective Procurement Process
9 steps of effective Procurement Process The procurement process involves a series of activities undertaken to ensure the required materials are available at the right time in the right quantity. Procurement is a strategic business function which impacts the operations, supply chain, quality, cost and profits of most business organization. Hence it is crucial to have an effective Procurement Process. An effective procurement process involves understanding & consolidating the procurement needs of all departments/units of an organization, finding out suitable vendors, evaluating their te...
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Difference between Procurement and Purchasing

Difference between Procurement and Purchasing
Difference between Procurement and Purchasing Both procurement and purchasing are business terms that are quite similar and many people and organizations use these terms interchangeably. However, there is a distinct difference between Procurement and Purchasing. Purchase is more or less a term for transaction activities whereas Procurement is a term for rational activities or strategic activities which includes transactional activities also. In other words, Purchase is a subset of procurement.  Let's have a detail look at both business terms What is Purchasing? Purchasing is a term assoc...
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8 Steps to eProcurement Success

8 Steps to eProcurement Success
8 Steps to eProcurement Success Do you want to save time, effort and procurement costs? Have you noticed that manual procurement process is person dependent, involves a lot of paperwork, repetitive tasks and is time-consuming? Redefine Procurement! Digitize & Automate your procurement process with an e-Procurement software solution. e-Procurement or electronic procurement refers to the purchase of goods or services online. Implementing e-Procurement in an organization involves automating the procurement process, using a suitable software solution. A well thought implementation methodo...
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