BLOGS
Buying the Cheapest, the Biggest Myth about Procurement
Submitted by : www.procurement.org
It is saddening how some organizations still think the only idea of Procurement is to buy the cheapest. This leads to numerous erroneous opinions about Procurement function and profession in general. Because of this very myth, other departments within organizations try to avoid Procurement department while making strategic decisions. Consequently,...
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...