Procurement Blogs

BLOGS

Imminent! Transformation of the World Bank’s Procurement Framework

Submitted by : Robert Hunja, Director, Public Integrity and Openness, The World Bank

In keeping with recent global trends in the procurement arena, the World Bank is transforming and modernizing its procurement framework. In the private sector, companies have long viewed maximizing of supply chains as key to healthier bottom lines. In the public sector, many governments have been moving from overly rule-based procurement...

How To Reduce Fear of Discretion in Public Procurement

Submitted by : Devesh C. Mishra and Belita Manka

Lessons Learnt from Procurement and Contracts Management of Large and Complex Contracts Financed by Multilateral Development Banks (MDBs): A Procurement Practitioner’s Perspective. This paper seeks to analyze the impact of fear of discretion in procurement and contracts management of large and complex contracts in MDB financed projects. “Fear...

Nobel Prize For Behavioural Economics & Problems In Project Procurement

Submitted by : Dr. Ajit Patwardhan, Consultant, The World Bank

This year, the Nobel Prize for Economics, has been awarded to Prof. Richard Thaler of Chicago University, for his contribution to Behavioural Economics. In the press statement, the Royal Swedish Academy of Sciences described his contribution as under: “Thaler has incorporated psychologically realistic assumptions into analyses of economics...

Artificial Intelligence (AI) & Its Impact on Procurement

Submitted by : Linda Ashok

McKinsey & Company recently surveyed 3,000 global C-level executives and figured that investment in Artificial Investment is growing by leaps and bounds. This growth led by technology giants such as Google and Baidu, also includes many automotive and financial services companies of global...

How Procurement Automation Can Help in Procurement Transformation?

Submitted by : Malvi Goyal

Decisions taken by a procurement department of an organization are of prime importance as they can significantly impact the costs savings. To deliver continuous cost savings and increase process efficiency, procurement professionals are now looking at automating steps of a procurement cycle. Although procurement automation seems like a viable...

Unlocking The Full Potential Of Procurement Through Integration

Submitted by : Sanjeevani Kumar

Integration can no longer be a peripheral factor for companies to decide the procurement solution they opt for, it is vital for an efficient and top performing procurement function. Procurement’s rising stature and increased docket of responsibilities means that it cannot function in silos, and needs seamless integration and interfacing with...

Efficient Procurement Measures for Effective Cost Benchmarking

Submitted by : Linda Ashok

If you are given a role-play, would you represent Y or X? I would certainly enact X’s role who unlike Y, is more sure of what exactly made an impact for her company, which is automation that led to a huge cost difference. I’m happy when my organization makes is able to achieve an impressive savings outcome. Here, Y knows at his heart that...

Procurement Lessons From The Fifa 2018 World Cup

Submitted by : Swetalina Routray

The recently concluded FIFA World Cup 2018 – had France crowned as 2nd time victors, after defeating Croatia in the finals. While France was one of the pre-tournament favorites, Croatia’s run was an unexpected fairytale. Here are some key takeaways for procurement & sourcing professionals from the soccer...