Articles

What is management by exception? How to implement it with Spectrum ERP?

Posted on October 22, 2019April 29, 2025 by forceintellect

What is Management by Exception (MBE)? Management by Exception primarily focuses on identifying and handling cases that deviate from the specified acceptable norms. It implies raising a flag, in situations that might cause difficulties to the business. It involves determining the reasons for an exception, resolving the causes and handling deviation with the help of skilled staff and management guidance. Management by exception is also known by other names such as : control by exception, or exception management How you can set up "predetermined rules" for your business? Spectrum ERP mea...

Speed in Business | Why is speed important for a business to succeed?

Posted on September 25, 2019November 28, 2022 by forceintellect

"Speed is the New Currency of Business" - Marc Benioff - Chairman and CEO Salesforce Why is speed important for a business to succeed? Business is all about Speed they say! But before we get into how or why speed is critical for any business to succeed, let us understand what exactly is speed in business. What is Speed in Business? In terms of Business, Speed essentially means how quickly your business performs. What is your turnaround time? How soon do you respond to prospect queries, clients requirements, customers feedback etc. In terms of a typical manufacturing business, it will m...

Future of Procurement

Posted on June 20, 2019November 28, 2022 by forceintellect

What does the future of procurement look like? Let us look at how digital transformation and technology advancements are likely to shape the future of Procurement. Procurement has started to get recognition as a strategic function that provides a competitive edge. With Procurement KPI and measurement metrics being implemented religiously, organizations have become conscious, that streamlined procurement processes can significantly improve their profitability. Organizations have therefore shifted their focus from manual sourcing and demand management to a more digital, automated and technolog...

How to measure the success of e-Procurement?

Posted on June 10, 2019November 28, 2022 by forceintellect

How to measure the success of e-Procurement? It's an established fact, that e-procurement solutions help organizations in implementing effective procurement processes and strategies. Saving on procurement price and procurement time are two easy to recognize benefits. e-procurement solutions provide many more tangible and intangible benefits beyond these two easy recognizable points. It is often difficult for organizations to define procurement KPI and metrics which help understand how to measure the success of e-Procurement solution implemented. Given below are some important points which ma...

Procurement KPI Metrics | Measure Effectiveness of Procurement

Posted on June 5, 2019November 28, 2022 by forceintellect

Procurement KPI Metrics | Procurement KPIs and metrics Procurement is a vital business function and impacts the performance of an organization. It may affect product quality, costing, timely delivery, and customer satisfaction. So it is important for organizations to monitor and improve, performance and health of procurement. Procurement KPI metrics help organizations to track and report performance and effectiveness of procurement in meeting business objectives. If you can measure it, you can improve it ! Measure Procurement Performance to achieve significant improvement in Procurement Per...

9 steps of effective Procurement Process

Posted on May 20, 2019November 28, 2022 by forceintellect

9 steps of effective Procurement Process The procurement process involves a series of activities undertaken to ensure the required materials are available at the right time in the right quantity. Procurement is a strategic business function which impacts the operations, supply chain, quality, cost and profits of most business organization. Hence it is crucial to have an effective Procurement Process. An effective procurement process involves understanding & consolidating the procurement needs of all departments/units of an organization, finding out suitable vendors, evaluating their te...

Difference between Procurement and Purchasing | Procurement vs Purchasing

Posted on May 13, 2019January 7, 2025 by forceintellect

Difference between Procurement and Purchasing | Procurement vs Purchasing Both procurement and purchasing are business terms that are quite similar and many people and organizations use these terms interchangeably. However, there is a distinct difference between Procurement and Purchasing. Purchase is more or less a term for transaction activities whereas Procurement is a term for rational activities or strategic activities which includes transactional activities also. In other words, Purchase is a subset of procurement. Let's have a detail look at both business terms and explain explain ...

8 Steps to eProcurement Success

Posted on May 6, 2019November 28, 2022 by forceintellect

8 Steps to eProcurement Success Do you want to save time, effort and procurement costs? Have you noticed that manual procurement process is person dependent, involves a lot of paperwork, repetitive tasks and is time-consuming? "8 steps to eProcurement Success" is a methodology to transition to eProcurement. Redefine Procurement! Digitize & Automate your procurement process with an e-Procurement software solution. e-Procurement or electronic procurement refers to the purchase of goods or services online. Implementing e-Procurement in an organization involves automating the procurement ...

What are the benefits of e-Procurement ?

Posted on April 29, 2019November 28, 2022 by forceintellect

What are the benefits of e-Procurement? Procurement costs generally account for 60% to 70% of the total expenditure of Manufacturing SMEs. Procurement is a critical business function, affecting the overall performance and efficiency of an organization. Most Manufacturing SMEs face challenges such as limited human resources, market competition, a struggle to meet delivery commitments, etc. Most manufacturing SMEs still carry out manual procurement process, which involves a lot of tedious, recurring activities to be performed with limited manpower, time and skills. Let us now understand how M...

What is e-Procurement? Components of e-Procurement | e Procurement

Posted on April 23, 2019April 29, 2025 by forceintellect

What is e-Procurement or eProcurement? E-Procurement or eProcurement or electronic procurement is the process of purchasing goods or services online. e-Procurement software solutions help to automate the entire manual procurement process right from requisition of goods to issue of the purchase order. Organizations, mainly those in manufacturing or related sectors, typically spend 60% to 70% of their total expenditure on the procurement of material and services. These materials and services have a large impact on their final product quality, product cost, product delivery, and customer satisf...