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Procurement isn’t just about buying goods and services anymore. It’s become a strategic part of how companies grow, save money, and stay competitive. But without the right structure in place, procurement can quickly become messy, inconsistent, and full of missed opportunities. That’s where a strong Procurement Target Operating Model (TOM) comes in. Think of a TOM as the blueprint for

Private Equity (PE) firms are increasingly turning to artificial intelligence in procurement to drive EBITDA growth across their portfolio companies. AI-powered procurement solutions streamline sourcing, reduce costs, and improve supplier management, directly impacting profitability. Here’s how AI can transform procurement and enhance EBITDA: 1. Predictive Analytics for Cost Optimisation AI-driven predictive analytics help PE-backed companies forecast demand, identify pricing trends,

We have recently started to notice significant cost increases in contract renewals, which when queried have been attributed to ” AI integration and development”.  So why should the cost be so high and what can you do to mitigate it?  AI integration often involves cutting-edge technology requiring skilled professionals, whose services come at a premium. Companies may bundle R&D costs

In the fast-paced world of business, it’s easy to overlook the unsung heroes of the procurement team. Our role in the contract process is not just a formality; it’s a cornerstone of organisational success. When we think about contracts, we often picture legal jargon and formal agreements, but at its heart, it’s about relationships. The procurement team nurtures these relationships,

In a fantasy land somewhere far far away, a business has strategic control over 100% of their external supplier spend, ensuring total efficiency and effectiveness. However, in reality, despite an organisations best efforts to implement a solely strategic supply chain, on average up to 20% of external spend will remain within the “tail spend” transactional sourcing category. Tail spend is

In simple terms, a procurement category strategy is a structured approach to sourcing and managing products and services that are grouped together based on similarities in function or market characteristics. These categories allow procurement teams to optimise buying decisions by tailoring strategies that fit the specific needs, risks, and market dynamics of each category. This approach offers companies a more

The 2024 Summer Olympics in Paris promised to be a grand celebration of sport, culture, and - let's be honest - a logistical headache.  The path to the Games turned out to be a mix of achievements and financial blunders. Here, we dive into some of the strategies, spending challenges, and a few humorous hiccups along the way. To mitigate

Yes, it really does! From a procurement viewpoint a contract database is a critical tool for any organisation, regardless of its size or industry. It serves as a centralised repository for all contracts, offering many benefits, from streamlining operations, enhancing compliance, and improving overall efficiency. Here, we explore the importance of maintaining a robust contract database and the impact it

An efficient procurement process stands as the backbone of any successful organisation, streamlining operations and maximising efficiency.   By ensuring a consistent and reliable approach to acquiring goods and services, businesses can reap a multitude of benefits that contribute to their overall growth and sustainability. This article explores the positive aspects of the process, highlighting its importance in today's competitive business

In 2024, the world faces a change of leadership across many of the larger key economies. We live in a place where our goods and services are delivered from all corners of the globe, so how can we work towards mitigating the risks that come with a changing political environment and stabilise our supply chains in these uncertain times?    Changes

With world events as unpredictable as ever, managing risk within your organisation has become drastically more important. Therefore, it is imperative that you get the correct level of insurance coverage to suit your business needs. Procurement can help play a vital role here, not just in getting you the correct coverage, but also ensuring that you have an insurance broker

Everybody who works in procurement will know the pain of being told “we need you to source this for us and we need it by next week”. Rarely are procurement departments given enough time to effectively source new requirements, ensuring perspective suppliers meet the strategic and operational needs of the wider business. Quite often, last minute deadlines force buyers into

Procurement is often viewed as a back-office function, there to put the purchase order in once the business has done the deal. However, in the fast-paced world that is telecommunications, procurement can play a critical role in shaping the success of organisations, getting involved in strategic planning, efficient resource management and creating effective partnerships.   Procurement professionals can forge strategic partnerships

I hear a lot about due diligence and how important it's becoming. I disagree with this sentiment; it has always been important. As someone who has worked in the public sector for over a decade, due diligence in the supply chain has always been critical to ensure reliability and transparency. Many perceived it as an inconvenience, but the information was

E-auctions, modernised procurement strategies, have revolutionised the way that organisations conduct their purchasing processes. By leveraging technology, e-auctions provide a dynamic and transparent platform for buyers and sellers to engage in real-time bidding, offering multiple benefits that traditional negotiation methods struggle to match. One of the most significant advantages is cost savings. By creating a competitive environment where suppliers bid

As previously highlighted, private equity is in its golden age. With so much investment being pushed into PE funds, we are seeing pre-deal valuations, at times, over priced due to the competition.

In today’s competitive business landscape, controlling external spend has emerged as a critical strategy for organisations aiming to optimise their operational efficiency and enhance profitability. External spend, which encompasses all payments made to outside entities for goods, services, and other expenditures necessary for day-to-day operations, can significantly impact a company's bottom line. Effective management of these expenditures is not just

The long-anticipated success of 2024 is finally here, and your order book is bursting at the seams, so don't allow an insufficient supply chain processes to spoil the party. Such issues can cause major disruption to a manufacturing strategy in at many ways: If your supply chain is not functioning to an optimal level, the associated ripple effects will majorly

Efficient and effective procurement-to-pay (P2P) processes are critical for the success of any organisation. From sourcing suppliers to making payments, the P2P cycle encompasses various stages that, if not managed properly, can expose organisations to a range of risks. Navigating these risks is essential for maintaining financial stability, ensuring compliance, and fostering positive relationship with suppliers. In this article, we

We are thrilled to announce that 7 Step Solutions has achieved accreditation with Bloom, granting access to our cutting-edge services through NEPRO3. Renowned as the swift and compliant alternative to conventional public sector frameworks, NEPRO is transforming the landscape for specialist professional services and consultancy. Bloom’s collaboration with NEPRO, utilising a neutral vendor approach, aims to revolutionise the professional services sector

It recently came to light that our Procurement Vendor Manager has been hiding a rather interesting skill from us. Phil has been working for 7 Step Solutions for over 2 years and we have only recently discovered that he is a very talented cartoonist! Phil has very kindly done some fantastic illustrations for our social media posts on LinkedIn and

The most wonderful time of the year is fast approaching, and with it businesses have long been planning how they manage the extra demand. But why is it only when businesses start planning for Christmas, that supply chains get paid the attention and care they need to thrive? Looking after your supply chain throughout the year drives numerous benefits which

In the complex world of purchasing software licenses, let’s be honest, it can become a frenzied free-for-all. We will always have a personal preference on the software tools we use in best way to support our succession in role, and let us also bear in mind that we will typically do anything we can to succeed! It would be nearly

Public sector procurement is a critical function that underpins the efficient delivery of public services and ensures taxpayer funds are spent wisely. In the wake of the UK leaving the EU, the UK Government has taken the opportunity to enhance transparency, competitiveness, and efficiency in the public sector through the introduction of the Procurement Act that was passed by the