RFI vs RFP and RFQ vs RFP In the world of procurement and business operations, there are several important acronyms that play a crucial role in the vendor selection process. Two common terms that often create confusion are RFI (Request for Information) and RFP (Request for Proposal). Additionally, another acronym, RFQ (Request for Quotation), also…
Category: Supply chain
10 Must-Read Supply Chain Analytics Books for 2023
The world of supply chain management is constantly evolving, and staying up to date with the latest trends and best practices is crucial for success. One of the key areas in supply chain management that has gained significant importance in recent years is analytics. The ability to gather, analyze, and interpret data has become a…
“Unleashing the Power of Supply Chain Management: A Guide to Streamlining Operations and Boosting Profitability”
Supply chain management (SCM) is a critical aspect of modern business operations, affecting everything from production and distribution to customer satisfaction and profitability. It involves the coordination and management of all activities involved in the production, transportation, and delivery of goods, from raw materials sourcing to customer delivery. In this article, we will provide a…
Understanding the Concept of Supply Chain in 2023
Supply chain is a crucial aspect of any business that involves the flow of goods and services from the origin of production to the final customer. It encompasses all activities involved in sourcing raw materials, manufacturing products, distributing them to the end-users, and disposing of the waste generated during the process. In this article, we…
The Procure-to-Pay (P2P) Process: A Comprehensive Guide
Procure-to-Pay (P2P) is a crucial process for any organization that involves procurement and purchasing of goods and services. It is the journey from identifying a requirement for goods or services to the payment for those goods or services. The P2P process plays a vital role in the financial management of an organization, and it’s important…
Step wise process of Forecasting process for Supply chain Professionals
Forecasting process is the technique of predicting the future based on historical and current data. These can then be compared (resolved) to what really happens. For example, a corporation might forecast sales for the coming year and then compare it to actual outcomes. Forecasting can relate to formal statistical approaches that use time series, cross-sectional,…
Financial Supply Chain Management- 20 Financial Term
What is Financial Supply Chain Management, and what does it entail? Financial supply chain management (FSCM) is the process of looking at all of your financial procedures as a whole rather than as separate processes. The procure-to-pay cycle, working capital management, and order-to-cash cycle business processes are all part of this end-to-end process. Everything related…
Excel for Supply Chain Professional – Top 10 Formulas
Excel For supply chain professionals at all levels, knowing valuable Excel Tips & Tricks is essential. I’ve come across several candidates that have a good resume & Profile but when they are asked to use basic Excel formulas like vlookup or pivot table. some of them are unable to do that.Excel is one of major…
What is the MOQ (minimum order quantity)?
MOQ – To operate as efficiently as possible and maximise revenues, wholesale distributors impose many laws and constraints. They utilise a method known as minimum order quantity, or MOQ for short. MOQs have an impact on both buyers and sellers in the B2B market, so it’s crucial to understand how to use this metric to…
What is RFQ and how can I use it? A comprehensive guide with examples
RFQ- The procurement process for B2B transactions can be lengthy. However, if you find yourself talking price, it’s a positive sign that you’re getting close to the end of the procedure. You must have located and considered numerous vendors who may be able to deliver the things you require up to this point. After…
