Whether we like it or not, savings are still the number 1 KPI of almost every Procurement Professional. But squeezing the life out of the supplier is not the only way it works.
Another selfish attempt to clarify a term to me. I have heard of “Opportunity cost”, but never went deep into it until a friend asked me what this means.
In procurement, we can describe all our activities as the Source – to – Pay (S2P) process. A part of it is the Procure – to – Pay (P2P) process, which is quite often mentioned, especially in presentations of procurement-related software. So, let us go in details and see what are the elements of these processes.