Procurement and Purchasing are basically the same.

P​rocurement Professioinals need to do a better job "selling" their function.

I​t is a good idea to share your company's challenges with your key suppliers and invite them to be an equal partner.

Commodity/Category Management includes responsibility for Supplier sourcing, relationship management, industry and market analysis, quotations, terms and conditions, negotiation strategy, and business awards. This also includes strategies regarding the movement of materials, inventory, cash cycle management, and understanding and setting trends and direction. And this also includes detailed understanding and strategic planning for the sub-components, sub- suppliers, and the end-to-end supply chain.

I​t is not a good idea to deal with suppliers that are larger than your firm.

I​ndirect are easier than direct because they generally are smaller in scope and more concentrated.

​It is a good idea for companies to outline explicit policies to ensure that those who deal with Suppliers know precisely what is and what is not acceptable behaviour. These often include rules regarding the receipt of gifts, the treatment of confidential information, a code of conduct, fair and ethical quotation and negotiation processes, declaration ofconflicts of interest, diversity, personal benefits, and illegal/unethical behaviour.

O​nce the procurement department implements a spend management information system tool, the problem of collection of good data is solved.

​One of the most important elements that must be present in an effective Supplier Relationship Management program are having a formal, visible process to progress suppliers through your relationship management continuum ... Transactional to Preferred to Tactical to Strategic

C​ommodity Management and Category Management are always the same regardless of the industry.