Cost Avoidance vs Cost Savings in Smart Procurement
You saved some dollars on paper towels this quarter. Well done, procurement superhero! However, your heating, ventilation, and air conditioning (HVAC) system malfunctioned once again, and its emergency repair bill caused your budget sheet to tear up. Now your question is, did I save anything at all? Hello to the daily dilemma of procurement, where […]
Procurement vs Purchasing: Key Differences, Business Impact, and Why It Matters
You’ve probably seen it happen in meetings that someone gets up and says, “No worries, the procurement team is on it”, and 5 minutes later, they say, “We already finished the purchasing process; we are good”. Or maybe sometimes you experienced that your fellow employee says procurement when they really mean purchasing, and the whole […]