Above is Pictorial re-presentation of Novation Process:
INTRODUCTION: Doing Business is very challenging, Clients / Owners are finding all best ways to minimize their Cost and Schedule of building Energy Sector Plants. Novation of Contracts / Purchase Order to EPC Contractor is one of the best techniques in Energy Sector to reduce cost and minimize schedule risk.Read More »
Procurement teams deal with huge volumes of complex data, which create a considerable administrative burden for the function and take up vast amounts of procurement professionals’ time. The function is among those that stand to benefit most from artificial intelligence (AI), yet it is often the poor relation of innovation – missing out on investments in technology made elsewhere in the business.
Knowledge management is becoming critical for organisations as the current generation retires. So how can procurement leverage technology to ensure knowledge isn’t lost?
“Knowledge is power,” proclaimed Francis Bacon, the English philosopher whose advocacy of the scientific method fuelled the scientific revolution. Centuries later, Dale Carnegie, the American philosopher and writer, and perhaps the father of corporate training, responded, “Knowledge isn’t power, until it is applied.”
Bacon’s and Carnegie’s time may have passed – our economies and businesses are exponentially more global and complex – yet, their words still ring true.
Around 20th February 2018, fast-food chain KFC closed nearly 650 of its outlets in the UK after its new logistics partner failed to deliver the chicken its stores needed.Behind the ’chicken chaos’ headlines are some serious lessons for procurement executives, regardless of the industry or the region in which they work.
The supply chain and logistics discipline is all about coordinating purchasing, production, logistics, materials and transportation to ensure the supply chain functions smoothly, providing the consumer, customer or user with the company’s products in a timely, efficient and satisfying manner. Keeping a supply chain running effectively requires excellent organization, attention to detail, communication, time management, multitasking and dedication, and working in the discipline demands nothing less in skills — especially if you’re aiming for a position in the procurement department, which oversees every aspect of the product acquisition process.Read More »
There’s an old saying: “People don’t quit jobs, they quit bosses.”
This phrase applies to the procurement workplace as much as it applies to any workplace.
In fact, this may apply to the procurement workplace just a teeny-tiny bit more than some other environments.
While purchasing general or professional services, agreements can generally be categorised as being either manpower-based or outcome-based.
More than half (51%) of jobs could be performed by machines in the next few years, according to research by consultancy McKinsey. While this sounds extreme, it is important to understand that predictions like this refer to job activities, not actual roles or positions.There is no doubt that jobs and roles, especially in procurement, will evolve because of the opportunities new technologies will bring to the workplace.
When you are involved in an RFP process to fulfill a specific business need, one of the most critical factors while negotiating agreements with shortlisted suppliers is the duration of the contract. The business could be awarded for one year or for multiple years. While there is the obvious benefit of a one-year contract (“What if prices in the future go down as compared with the current price?”), there are multiple benefits that come out of a multi-year contract.
Certain professionals are expected to adhere to higher standards for behavior: doctors, accountants, and country presidents are a few that come to mind. Procurement professionals should also “be presidential” in their behavior.
Over the past year, there has been a lot of conversation and debate about what presidential behavior is. I’ll home in on what it means to be presidential in procurement with this list of five “do’s” and five “don’ts.”