What Is Hybrid Procurement?
What is hybrid procurement? It is an extension of elastic procurement™. We’ve written about elastic procurement™ here: Elastic procurement™ is a delivery model that is to Big Procurement technology systems what cloud computing was to the corporate data center. It lowers costs, eliminates complexity, and empowers staff. What does this mean? Most companies don’t […]
Managing Opportunity Costs Is More Important and More Difficult than Reducing Transactions Costs in Procurement
Why are opportunity costs more important than transactions costs? They’re larger. Why are opportunity costs more difficult to manage than transactions costs? They’re hidden. There is no line item for opportunity costs. There is only foregone revenue or higher costs than what the company could have realized in the future because of decisions made today. […]