Tech-savvy procurement experts are ditching clunky spreadsheets and long winded email trails to effortlessly manage RFPs and DDQs. We know the procurement landscape has changed for good, manual, outdated, and sluggish procurement methods are a thing of the past are almost a thing of the past - but not for everyone yet. In this blog post, we'll dive head first into the evolving world of procurement and reveal the power of tech to upgrade your procurement game.
Manual procurement processes are relics of inefficiency, inconsistency and human errors. The long paper trails slowed down progress, leading to missed deadlines and unnecessary expenses. Fear not! With the power of procurement software, you can consistently automate tasks and streamline workflows. This ensures that every task is completed faster and more accurately, saving your organisation time and money.
Renewing contracts can be stressful and costly for expensive when important deadline dates are missed. Missing a renewal date can result in unwanted contract extensions or default to less favourable payment terms. You need a reliable partner that sets up and sends automatic reminders, ensuring you never miss a crucial deadline again - saving both time and money.
Ready to say goodbye to frustrating and time-consuming approval processes? Procurement software simplifies and streamlines workflows, making it easier to get the approvals you need. This not only turbo charges your procurement workflows with team collaboration it also strengthens relationships with suppliers too.
Fed up comparing supplier responses using clunky spreadsheets? Managing suppliers is a breeze with the right tools. Choose your top suppliers with confidence, thanks to side-by-side comparisons, easy-to-use scoring systems, and unbiased analytics - guaranteeing that you find the A-Team for your organisation.
Say goodbye to wasted time on Due Diligence Questionnaires (DDQs). Use templates and automation tools that completely transform the DDQ creation process. Your team is now free from mind numbing tasks and free to concentrate on important strategic initiatives.
Tired of the chaos of documents stored across desktops and lost email attachments? Procurement software hosts a centralised and secure repository forming an organised hub for crucial documents and certifications. This ensures seamless regulatory compliance and effortless retrieval when needed, sparing you and your team from organisational headaches.
Maintaining a comprehensive knowledge of all suppliers on your company's list is crucial for best practice procurement. Plus you can be confident you are working with the suppliers that are right for you by maintaining detailed supplier profiles, data, giving you a holistic view of your suppliers.
Managing suppliers, data and documents scattered across multiple platforms and logins is a thing of the past. Access a single source of truth, consolidating all procurement-related data into one user-friendly platform. No more data silos, clunky workflows and lack of collabaration - instead welcome a streamlined, efficient experience.
So if you are ready to level up your procurement game try Pulse. Experience efficient procurement workflows, simpler supplier management and strengthen relationships with stakeholders so your organisation can thrive responsibly. So don’t be afraid of change - challenge the status quo and start procuring with confidence today!
In the ever-evolving landscape of procurement, where efficiency and accuracy are paramount, we know modern procurement professionals are no longer content with the traditional methods of managing their processes. The days of drowning in spreadsheets and manually tracking supplier information are fading away. Thanks to advanced procurement tools the promise to cut out the mind numbing daily hassles and help procurement experts break free from excel hell is now a reality
Embracing the Digital Transformation
Procurement is no longer limited to endless email trails and unwieldy Excel spreadsheets. The new kid on the block - Pulse - signals the new era of streamlined and intelligent procurement processes. The procurement tools available offer a no-brainer approach to running RFPs/RFIS and DDQs.
Say goodbye to Excel Hell
Anyone who has ever grappled with an unwieldy Excel spreadsheet understands the ongoing frustration it brings. From version control issues to the potential for manual errors, Excel is no longer the ideal platform for managing complex procurement projects involving multiple stakeholders. Tech is stepping up to alleviate these pain points by providing a platform that centralizes storage, automates tasks, side by side comparison and is ensuring accuracy, real-time collaboration, and improved decision-making.
5 Key Benefits of Procurement Tools:
1 Streamlined Supplier Management: Instead of digging through multiple spreadsheets and files to find supplier details. Procurement tools offer a centralized location where supplier information is organized, easily searchable, and up-to-date. This significantly reduces the time spent on supplier due diligence tasks.
2 Effortless Sourcing and Procurement: With procurement tools, the process of sourcing and procurement becomes standardized, efficient and transparent. Teams can create and collaborate on RFP questionnaires and invite supplier bids, receive automated response notifications and easily evaluate response systematically, leading to better negotiations and reduced procurement cycle times.
3 Automated RFx Workflows: Adopt procurement best practice with automated workflow capabilities reducing bottlenecks and improving overall efficiency. Combined with audit trails that document interactions every step to demonstrate good governance and objective decision making.
4 Real-time Collaboration: No more emailing spreadsheets back and forth or trying to consolidate feedback from different team members. Procurement tools enable real-time collaboration, where stakeholders can provide input, make changes, and communicate directly within the platform.
5 Effective Supplier Due Diligence: Keeping track of supplier policies and certifications in line with our company’s standards, KPIs and project requirements to mitigate risk and ensure the supplier base remains reliable and efficient.
The Road Ahead
The future of procurement tools is even more promising, with advancements in artificial intelligence and machine learning.
It's time to embrace these tools and unlock efficiency, accuracy, and strategic value. Say farewell to Excel hell and propel your organization into a brighter, digitally empowered future.
See for yourself the power of procurement tech
For every successful procurement project, there are as many or more unsuccessful projects that run into common pitfalls. The critical success factor to engage suppliers effectively is to identify and avoid common mistakes early on in the process. In this article we identify 5 mistakes to avoid and why it matters.
Consider this scenario - you've been asked by your boss to put work out to tender which involves engaging existing suppliers and reaching out to new possibilities. As procurement is not your day job so you want to move forward quickly and get on with your day to day job. Yes? However, you know taking your time and doing it correctly will save you a lot of headaches further down the line. That’s why understanding and mitigating common supplier engagement blunders is paramount for your procurement success.
Let's explore the 5 mistakes to avoid when engaging suppliers; recognising them can help ensure you stay on track and reward the contract to the supplier that is right for your business (and avoid bumpy relationships down the line).
When asking for proposals or information, it's important to provide the right amount of detail. Too little information can lead to an inadequate solution, while too much detail can limit creativity. Striking the right balance allows solution providers to showcase their abilities while also encouraging innovation.
Leaving the specification process solely to technical staff can result in overlooked usability and process flow elements. User satisfaction is crucial for a successful solution. So involving users from various departments ensures better buy-in from all stakeholders for the final choice.
Don't just focus on the product or service solution itself. Instead evaluate the implementation and support aspects as well. Without skilled implementers or proper support, the project could face delays or not meet expectations. Building strong relationships with suppliers is key to long-term success.
Don't base your decision solely on the initial price. Consider the overall cost of ownership over several years, including hardware, maintenance, and training expenses. Understanding the TCO is essential for making an informed purchase decision.
Don't overlook future needs and technological advancements. Make sure the product or service solution can adapt to changes and integrate emerging technologies. Scalability is crucial for staying competitive and avoiding costly re-implementation.
By recognising these common mistakes and taking proactive steps to address them, businesses can improve their procurement processes and make better decisions that align with their long-term goals and provide maximum value.
Discover our Procurement Platform designed by procurement professionals - loved by buyers and suppliers. Book a Pulse Procurement demo today here
Procurement professionals, understand the pivotal role suppliers play in your business success. Therefore establishing and maintaining strong communications with suppliers is vital to ensure smooth operations and achieve corporate goals. That’s why here at Pulse we believe effective communication is the cornerstone of any successful business relationship. The procurement professionals we talk to shared how they foster good supplier relationships with clear and consistent communication to negotiate favourable terms and conditions.
Procurement professionals explained that clear and consistent communication helps in understanding the needs and limitations of both parties. With this knowledge, procurement professionals said they can negotiate favourable terms and conditions that benefit all parties involved. For example they benefit by:
However, these conversations can be time consuming bound up in emails trails, sending and resending documents, clunky excel spreadsheets containing links that become difficult to track, no audit trails and fail to comply with good goverance.
That's where Pulse Market comes in! Our innovative platform empowers procurement teams with communication tools, streamlining interactions with suppliers and enhancing collaboration. With Pulse Market, we can take your supplier relationships to the next level!
Circular economy is the hottest topic in sustainability right now. So what is the circular economy?
Unlike the dominant linear economy of a ‘take, make, consume and bin’ the circular economy revolves around three principles:
Circularity is mostly touched on in conversations with nods of the heads agreeing that it is the right thing to do. Today, not enough businesses are embracing the circular economy.
The good news is there are businesses leading the way. Organisations like Lenovo computers, Volvo cars, Ikea and Adidas are leaving behind the destructive linear economy and embracing the circular economy to reduce consumption of raw materials, carbon emissions and reduce waste.
A faster transition requires a systematic shift in the way businesses think and design products following the three principles outlined above. It also requires a fundamental shift in the way individuals consume products and services to influence change. According to European Parliament every European consumes and average of 14 tonnes of raw materials per annum and produces 5 tonnes of waste.*
*https://multimedia.europarl.europa.eu/en/video/x_V007-0034
Businesses are held back from making the shift either because they don’t know where to begin or fear the short term costs to shift business operations and processes.
Instead, now is the time to think differently - look to the long term savings for the business and of course the safety of the people and our planet.
From the all important environmental perspective it reduces resource extraction, lowers levels of pollution and minimises wastage.
For the businesses embracing the circular economy they are experiencing numerous benefits such as:
However, achieving a circular economy requires collaborative efforts from governments, businesses, and individuals. A company can’t work on its own to achieve a circular economy. Achieving a successful transition to a circular economy requires collaborative efforts from governments, businesses and individuals. By considering each third –party partnership carefully and ensuring suppliers share the same sustainability goals they can work together to transition faster. That’s where your procurement team can play an influential role as they armed with the knowledge and tools to select suppliers that meet sustainability standards.
Are you ready to take your procurement strategy to the next level and drive positive change? Embracing procurement with purpose is a game-changer that goes beyond the traditional focus on profit. Let's explore three compelling reasons why integrating purpose into your procurement practices is crucial
With sustainability becoming a top worldwide priority, businesses have a unique opportunity to influence a decarbonized, ecologically aware future. Incorporating purpose into procurement choices aligns your supply chain with sustainable practices, supports ethical and eco-friendly supplier initiatives, and decreases your environmental footprint. Embracing Procurement with Purpose is key to creating an equitable and sustainable economy that serves both businesses and the planet.
Your procurement team is invaluable, boosting your organization's progress. By prioritizing purpose-driven procurement, you empower your team to make a difference beyond typical contract negotiations. This method enhances job satisfaction, invigorates innovation, and produces quality collaborative opportunities. Procurement with Purpose is how you retain and grow a high-performing team.
Procurement specialists play a critical role in obtaining the best deals. Focusing only on profits might limit your ability to create long-lasting value. By defining purpose as an essential tenet, your team becomes a well-informed representative of your organization's values. Engaging suppliers who share your purpose and values allows them to make deals that prioritize quality, ethics, and sustainability. This approach protects your organization's reputation, decreases risk, and produces the ideal outcome for all stakeholders.
There is no better time to start leveraging Procurement with Purpose. Every organisation has an opportunity to unlock massive value by making ESG and sustainability a priority. By sourcing responsibly, we are able to build ethically sound organisations more efficiently while promoting fairness in the economy. Moreover, effective and purposeful negotiation also serves as an avenue for businesses to become more successful and promote a brighter future. With ongoing conversations about those topics, now is the moment to explore how our commitment as purchasers can be a driving force in positive change.
Find out more about our Best Practice Solutions today
Are you ready to ignite your career and fuel our growth? We are thrilled to say we are hiring a Head of Sales, who will lead our business to dizzying new heights. As Pulse Market continues to expand, we're looking for a dynamic leader who is ready to shape their own future and the future of Pulse Market.
Pulse Market is an early-stage tech startup that has already attracted serious investment and talent. Our organisation is growing rapidly, with a talented team spanning across Europe, from Dublin to Budapest. With the addition of our new Head of Sales, we are poised to accelerate our growth and reach new horizons.
As a senior member of Pulse, you'll experience an exciting opportunity to create, shape, and head up your own team, driving Pulse’s commercial success. We're looking for someone who thrives on challenges and is determined to push the boundaries to create a truly global enterprise.
The Head of Sales position at Pulse Market is more than just a job. It's a chance to make a significant impact on a rapidly expanding SAAS platform with the opportunity of equity participation.
Joining Pulse Market means joining an ambitious and supportive team. We embrace change and evolution, constantly pushing ourselves to be better. Our focus is on building a solution that not only makes our clients' experiences great but also brings joy. We believe in the power of collaboration, and together, we strive to exceed expectations and create a positive impact.
At Pulse Market, we're not just building a company; we're building a community. We love what we do, and we enjoy bringing others on our journey. As our new Head of Sales, you'll be surrounded by like-minded individuals who are passionate about their work and are excited to make a difference.
So, are you ready to take the leap and join our incredible team? Are you prepared to embrace challenges, drive sales, and play a vital role in our growth story? If you're looking for a thrilling opportunity to shape the future of a fast-growing startup, we want to hear from you!
Apply today, and let's embark on this exciting journey together.
Download the Head of Sales Job Description now and apply today by emailing a covering letter and CV to Sarah at jobs@pulsemarket.com
Corporate environmental accountability has become crucial in recent years, as stakeholders evaluate how companies are addressing climate change impacts and emissions. A key resource in this effort is CDP (formerly known as the Carbon Disclosure Project), an international non-profit organisation that helps corporations create sustainability programs aimed at reducing emissions and pollution into our environment. Keep reading to learn more about the role CDP reporting can play in helping a business move towards greater sustainability!
In today's world, environmental sustainability is a pressing concern for investors, companies, and the public. As climate change continues to affect people and the planet, stakeholders are increasingly interested in how companies are addressing the challenges posed by a changing environment. The "E" in environmental, social, and governance (ESG) reporting has gained significant attention, and CDP is helping addressing ‘E’nvironmental factors with its reporting framework. A Framework designed for companies to disclose their environmental impacts and efforts to reduce emissions, pollution, and other forms of environmental damage.
CDP reporting is a process through which companies score and share their environmental data. A broad range of stakeholders rely on CDP as a process for companies to report their environmental impacts and demonstrate they are managing the risks and opportunities associated with climate change, deforestation, and water security.
A CDP score provides a quick snapshot of how environmentally well a company is doing. CDP data reveals which companies are better long-term investments and helps investors manage environmental risks within their portfolios while assessing their investments' carbon footprint. It's not just investors that value CDP reports. More and more companies are turning to environmental scoring to evaluate their own environmental impact and of the third parties they work with.
The benefits of environmental reporting extend beyond accountability to investors and clients. They include:
There are many more advantages to gain. Transparency, standardisation and a culture of accountability create trust among investors, shareholders, and the public, contributing to a positive image for the business.
The additional advantages of reporting are significant when it comes to supply chain transparency. It helps identify supply chain risks, mitigate reputational risks and evaluate carbon-reduction performance compared to competitors – increasingly more important with Scope 3.
Ultimately by embracing greater accountability and transparency, companies become more attractive to sustainably-conscious stakeholders: investors, suppliers, customers, and employees.
Talk to Pulse Market about our ESG Passport designed to kickstart SMEs ESG journey.
Small and medium-sized enterprises (SMEs) account for 5.5 million businesses that drive innovation and job creation in the UK economy. But they also have a significant impact on supply chain carbon emissions, making them a target for accountability under Scope 3 regulation.
To address their own indirect carbon emissions, Tier 1 organisations are turning to their suppliers - the majority are SMEs - to account and report their carbon emissions. Consquently winning business in a net-zero emissions world presents challenges for smaller businesses, but it's not impossible to overcome, in fact it can present opportunities. In fact SMEs are getting higher up the prefered supplier list because they can demonstrate sustainability credentials unlike their larger competitors.
In this blog, we'll share 4 key considerations for SMEs and procurement professionals eager to bid for business and win by showcasing their sustainability efforts.
The first step for SMEs competing for tenders in a net-zero world is to understand the tender requirements. Governments and large private sector organisations are increasingly prioritising sustainability and emissions reduction in their procurement processes. This means that companies completing an RFP should evidence a clear understanding of the tender requirements and how they align with sustainability goals.
To compete effectively in a net-zero world, companies of all sizes should integrate sustainability into their corporate strategy and demonstrate how it aligns with their brand and cultural values. Begin by developing a clear plan with sustainability targets and a plan to achieve them. For those struggling with resource can work with industry associations and sustainability consultants who can help tailor the sustainability plan for the business and differentiate it from competitors. Another factor in the strategy should be to complete sustainability certifications or access partnerships with sustainability-focused organisations to demonstrate their commitment to sustainability.
Innovation drives sustainability, and SMEs can leverage their agility and flexibility to develop and implement innovative sustainable solutions - faster than monolithic organisations. Developing products, services, and business models that prioritise sustainability can be a strong differentiator. SMEs can collaborate with your industry peers and suppliers to drive change or government bodies and universities to access resources for research and development.
Technology is critical for enabling sustainability. SMEs can leverage it to reduce their carbon footprint and compete for tenders with an element of carbon emission accounting. Adopting energy-efficient technologies, implementing smart building systems, or using data analytics to optimize energy consumption are examples. Highlight your switch to virtual meetings and remote work that reduces travel emissions while also consider renewable energy sources can power operations.
By understanding requirements, building a sustainability strategy, focusing on innovation, and leveraging technology, SMEs can compete effectively for net-zero tenders. SMEs can help contribute to the transition to a net-zero economy while driving innovation and job creation
In conclusion, SMEs face unique challenges in competing for tenders in a business world focussing on driving down Scope 3 emissions. By gaining a closer understanding of the tender requirements, integrating sustainability into your corporate strategy, focusing on innovation, and leveraging technology, you can position your organisation as leaders in sustainability and compete effectively for tenders.
With the right approach, SMEs can contribute to the global transition to a net-zero economy while also benefiting from faster growth by attracting new customers who admire businesses with strong sustainable credentials.
Takeaway Tip: Learn more about Scope 1, 2 and 3 in the Scope of Sustainability
How Pulse Market can help:
We’ll help you track and manage Scope 3 data, decarbonise your value chain, and develop a transition plan that balances reaching your net zero goals while remaining a profitable, successful business.
Book a demo to discover more about our Procurement or Sustainability Solutions.
Staying up to date with evolving ESG regulations is more important for businesses than ever before. In this article we explore an EU regulation coming into force in Autumn 2023. It is CBAM (Carbon Border Adjustment Mechanism). Read on to understand what this could mean for your business and prepare for its implementation in October 2023.
The EU and its 27 countries are working on a new common rules to lower EU’s carbon footprint and this has a knock-on effect across the globe for any industry or business trading with the EU.
It is a key piece of EU’s ESG regulatory landscape. Carbon price on goods imported into the EU Aimed at eliminating carbon leakage. Carbon leakage occurs when companies relocate their production operations from a region with strict environmental regulations to a region with relaxed or non-existent rules. To combat this problem, the EU introduced the new regulation on carbon border adjustments, to ensure that companies that relocate to countries with lenient environmental policies pay a fair amount in carbon taxes. This legislation is set to reduce carbon leakage.
It is set to come into force in October 2023 with the implementation of quarterly reporting moving towards a requirement for CBAM certification planned sometime after January 2026.
Importers in the EU must produce quarterly reports verifying GHG emissions calculations. And purchase, surrender and declare equivalent CBAM certificates.
Those that are directly impacted include importers and exporters of CBAM goods. Those that are indirectly impacted are expected to be passed on through markets.
Therefore, a broad number of sectors are impacted by CBAM. To begin with the following sectors are included: Aerospace, Automotive, Chemicals, Consumer, Energy, Engineering & Construction, Forest, Paper & Packaging, Manufacturing, Metals & Mining, Pharma & Life Science, Power & Utilities, Retail and Technology.
It is expected that more plastic and chemical goods will be added in 2026.
Ultimately this is an important step towards reducing Europe’s carbon footprint, however it is up to all countries around the globe to work together towards achieving greater environmental sustainability. We mustn't forget that what affects one nation affects us all – and only with stronger collaboration can we hope for a greener future.
At Pulse we have a range of sustainability solutions for businesses of all shapes and sizes in the UK and EU.
To help your business progress your sustainability journey download a copy of our new ebook: ESG Insight Guide
