There's been a great myth sweeping across the world of procurement. It's come about as procurement technology has grown widespread and companies are vying for customers to sign onto their solutions. The myth takes the form of an eraser, scrubbing away the lines between direct and indirect procurement.
Basware has joined with MasterCard to develop an electronic-payment application which speeds up payment to suppliers upon invoice approval, while extending payment terms for buyers.
Energy consumption in the U.S. manufacturing sector decreased by 17 percent from 2002 to 2010, according to the U.S. Energy Information Administration. It notes that manufacturing gross output decreased by only three percent over the same period.
Most procurement functions are covering the basics of incorporating corporate social responsibility (CSR) processes, but this effort is more tactical than strategic. According to a recent Procurement Leaders study, 82 percent of procurement functions have managed to include CSR in their supplier selection and evaluation criteria.
More than half of chief procurement officers have agreed that their company pursues short-term savings from suppliers that undermine long-term value, according to a survey by the Consero Group.
