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What does requisition mean in procurement?

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Monday, May 14, 2018

What does requisition mean in procurement?

  What does 'requisition' mean? In procurement, a requisition is made when employees or departments from within a company require additional goods or services in order to maintain their business operations.
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Thursday, April 19, 2018

The 'No PO No Pay' Policy – Meaning and How to Implement It

The purchase order (commonly abbreviated as PO) is at the heart of every company’s procurement process. The no purchase order no pay, or 'no PO no pay' policy is designed to enhance the efficiency and purpose of the PO for both buyers and suppliers. Despite many sources raising concern over the[...]
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Tuesday, March 13, 2018

Purchase Orders vs Requisitions - What's the difference?

For someone new or unfamiliar to procurement and business ordering, the terms "purchase orders" and "requisitions" (also sometimes called "purchase requisitions" or "order requisitions") can come across as a bit confusing at first. They're both terms that can signify that goods or services need[...]
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Thursday, February 1, 2018

Good Budget vs Bad Budget

It's the enemy your business never knew it had. Considered a pillar of business best practice, how is it possible that the budget, the best friend of founding financial principles, could be working against your business? As an unseen foe, the budget acts silently and completely undetected,[...]
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Wednesday, July 5, 2017

Tradogram Receives The 2017 "Rising Star" and "Great User Experience" Awards from Finances Online

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Friday, May 26, 2017

Lean 6-Sigma Applied to Procurement

  The six-sigma methodology that was originally created by Motorola and made popular by GE, can undoubtedly be applied to sourcing and procurement processes. The real question is how and what to measure?
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Friday, April 21, 2017

Mitigate the risk of "Quality Variation" in 3 Steps

What is Quality Variation? Quality variation refers to all the recurrent and random changes in the quality of the purchased product or service over a period of time. It is the inconsistent increase and/or decline in quality. Say for instance, you go to a barbershop to get a haircut. There are[...]
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Tuesday, March 21, 2017

Procurement KPI's

What are the main Key Performance Indicators in the procurement process? It is essential to define the qualitative and the quantitative factors that would be measured to determine whether or not the procurement process in an organization is on track and meeting its objectives. These factors are[...]
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Wednesday, February 8, 2017

The Low Cost Illusion: Don't Be Blinded By Misinformation

We are susceptible to illusions, even if we naively believe that a so-called rational mind makes us impervious to such deception. There are countless examples that illustrate the unpleasant consequences of being seduced by a low cost: that ridiculously cheap plane ticket means three long[...]
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