Agile Spend Analytics in Procurement
At CostBits, we think spend and transparency need to be rethought and delivered entirely differently to real day-to-day users.
CostBits Insights
Bridging Business Gaps Through Reflective Procurement
Kelly Barner from Art of Procurement discusses procurement with our founder.
Embracing AI in Procurement
Shaping the Future of Collaboration within and outside of procurement
Embracing a New Approach to Work
Measuring Success based on output not input also in Procurement
Combating Corruption in Procurement
Prioritizing Integrity, Transparency and Fair Competition in Procurement.
Navigating the Data Imperfections
We need to learn to thrive with Less-than-Perfect procurement Data.
Exploring Differences and Alignments within Procurement and Finance
Procurement and finance, while distinct functions within an organisation, are intricately interconnected, often joining forces to achieve common...
Shielding Your Business from Fines and Legal Risks Amid Global Sanctions
Procurements compliance with sanctions has grown increasingly crucial in a constantly shifting global environment, particularly in the wake of recent...
Aligning Procurement & Finance in the Digital Age
Unlocking the full potential of your organization's financial performance requires more than just balancing the books - you need to talk to your...
The Impact of Customised Supplier Sustainability Assessments on Procurement Decisions
Organizations are rethinking their procurement goals in today’s dynamic commercial context, where environmental, social, and ethical considerations...
Beyond Business: The Remarkable Journeys of Extraordinary Business Leaders
It is not often that we get to have a thoroughly enjoyable discussion about the absolutely bumpy road of startups in digital procurement and the...
Supply Chain Visibility: A Game Changer
The effectiveness and efficiency of your supply chain play a big role in determining how successful your firm is in the current global economy.
Supplier Performance Management: A mutual Win-Win Strategy if done right
Supplier Performance Management (SPM) becomes essential in the quest for a profitable and efficient supply chain.
Examining the Relationship Between Supplier Performance Management and Supply Chain Visibility
Two entangled threads that stand out in the complicated fabric of business operations are supply chain visibility and supplier performance management.
Harnessing AI in Procurement: Can we revolutionize Resource Efficiency and Strategy Execution?
Revolutionize your procurement process with AI. From automating routine tasks to enhancing strategic decision-making, can AI transform procurement...
Professional procurement is about more than just pricing.
The primary distinction between basic procurement activities and high-impact professional procurement teams is the teams ability to look beyond...
Our journey from employees to startups founders
Becoming a founder of an ambitious SAAS company in the highly competitive procurement space is not a straight line.
Leveraging Strategic Reuse in Procurement
In the world of procurement, not all expenses are created equal. Prioritizing strategic costs is pivotal for anyone keen on optimizing their budget
Streamlining Suppliers in Procurement
Consolidating suppliers via procurement is a strategic move that many enterprises underestimate.
Improving Contract Compliance in Procurement
Contract compliance in procurement pivots around human behavior, making people instrumental to its success.
Optimizing inventory levels across Procurement and Supply Chain
Evaluating inventory levels, particularly for non-critical SKUs, is a pragmatic step that doesn’t demand exorbitant procurement or supply chain...
Free up cashflow through improved payment term management
The bedrock of streamlined financial operations is consistency, especially when it comes to procurement enabled supplier payment terms.
Cost Efficiency Beyond Price: The Hidden Benefits of Aggregators
Shifting a significant portion of tail-end spending towards aggregator-style suppliers, such as wholesalers, can be an effective strategy to simplify...
Expediting Rapid Negotiations in Procurement
In the ever-evolving realm of procurement, the art of negotiation remains timeless.
Reducing procurement costs through supplier collaboration
Engaging proactively with your top-tier suppliers, especially those with significant spend, can lead to transformative procurement results.
Stick to Market Standards – The Art of Seamless Sourcing
When shaping your procurement strategies, tapping into the existing market norms can prove to be a goldmine for cost optimization.
The Hidden Costs of Small-Quantity Purchases
While buying in smaller quantities may seem convenient, it isn’t always the most procurement cost-efficient approach.
The Cost Benefits of Migrating to Electronic Supplier Invoices
In an era of rapid technological advancements, invoice management often remains a peculiar antiquated anomaly.
Curbing Maverick Buying in Procurement – A Collaborative Approach
Maverick buying — that unregulated, off-contract purchasing — continues to be a bane for many procurement organizations.
Transparency – A Catalyst for Cost Behavior and Resource Allocation
Transparency in business operations, especially in the realm of procurement cost management, is much more than a simple buzzword; it serves as a...
Reduce Cost And Overhead Through Approval Rights
In any complex business environment, it’s crucial to strike a balance between employee empowerment and procurement control when it comes to financial...
Benefits of E-Auctions in Procurement
In the rapidly evolving procurement landscape, e-auctions have emerged as a powerful tool to ensure competitive pricing, particularly for...
Top tail-end spend management strategies
In an age where efficiency drives profit, mastering tail end spend has become an essential strategy for optimal procurement.
Designing to cost with Procurement
In today’s dynamic business landscape, striking a balance between market presence and operational procurement and supply chain efficiency is pivotal.
Involve Procurement Early for Increased ROI
In the quest for rapid procurement cost optimization, timing is everything.
Kickstart Cost Optimization Through Easy-To-Implement KPIs in Procurement
It’s a foundational business principle: “What gets measured gets managed.” Yet, when it comes to the realm of procurement, many organizations either...
Handling your Cash Crunch: Supplier Payment Term Extensions
Extending supplier payment terms is not merely a procurement strategy but also a viable cash flow optimization tactic that involves close...
Save the planet and make money while doing it
Reporting on CO2 and sustainability is essential, but let’s be clear—it just won’t save the planet.