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Procurement jargon buster

The Procurement industry has many unique terms. Some are easy to understand, some less so. You can use our Jargon Buster below to find out what these terms mean, so you never feel lost in a meeting again.

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The Language of Procurement

Language is a very interesting thing. It is one of the things that separates us as higher thinking animals. It allows us to partake in our daily activities and communications with a depth and ease that we usually take for granted.

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Top Trending Commodities: Latest Report

  • The world 2016/17 harvest is expected to be strong for the 4th year in a row and will add to accumulated stocks
  • World prices remain stable due to good supply
  • Despite a good start to the growing season, UK Winter wheat planted areas show a drop of 5% YoY to 1.6m ha
  • EU soft wheat exports have slowed in recent weeks, a drop of 11% on figures for the same period in the 2015/16 season

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Procurement Complexity Simplified: Lower cost, increased profitability

Procurement professionals understand the direct impact they can deliver to the bottom line. 5% of reduced COGS deliver at a minimum an equal margin benefit as 50% increases sales – Can your company afford not to value procurement professionals?

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“Lean Procurement ” – customer centricity at its best

The main objective of any company is to improve the bottom line and return equitable value to shareholders. This is achieved in three ways:

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Long-term value at iDDea

I am writing this piece on long-term value for our stakeholders and clients following a day of strategic sourcing discussions. It is strategy-driven procurement principles that produce sustainable practices.  So, to answer your next question …

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PLMA – Private Label Manufacturers Association

Private Label accounts for 38% of the market share in Europe. (Bord Bia)  However, CEO Tara McCarthy of Bord Bia referenced significant opportunities for growth in a number of categories. Continental European retailers are at a market share level of 32% which is significantly behind the UK rate of 52% (IRI Worldwide).

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Introduction to contract management

Why contract management?

Historically, contract management is the poorer relative in the phases of the strategic sourcing cycle. It does not get much attention as it is time-consuming, labor intensive and it sits between various user departments and procurement with a supervisory role. Most the time, no clear demarcation of ownership and responsibility is the root cause of contract issues.

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The Science of Value

Everyone likes formulae. Once we can quantify, we can measure, we can compare, equalize or subtract, we believe it to be closer to the truth. Our understanding is amplified with the supporting data that we can verify and validate…

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Looking forward to the Strategic Public Procurement Conference in Paris

This conference aims to raise awareness among decision makers and the procurement community about the benefits of strategic procurement, with an emphasis on sustainability, social responsibility, and innovation. It will feature speakers recognised for their expertise and leadership in the field. 

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