How to respond to a DDQ
Entering into a business relationship, whether it includes making a large purchase or even a merger or acquisition, is complicated. With today’s security challenges, it is riskie...
Understanding due diligence questionnaires
The internet allows consumers to easily arm themselves with information that may influence their buying decisions. Before spending money at a restaurant or hair salon, for example,...
Procurement vs. purchasing vs. sourcing differences
When you’re buying for your business, what do you call it? It seems like an easy question, but there are a lot of terms that refer to this process. On the surface, they all seem ...
DDQ vs. security questionnaire
From content to timing, confusion often surrounds the differences between a due diligence questionnaire (DDQ) and a security questionnaire. Read on to learn the nuances of each doc...
Understanding the RFP response process
If your company is like most, you responded to a lot more RFPs last year than you did the year before. You’ll likely respond to even more in the upcoming months and years.
Lea...
How to respond to an RFP
Organizations issue requests for proposals (RFPs) because they have a need that cannot be fixed internally — a big need — one that will cost lots of money. This isn’t callin...
Considerations when creating an RFP process
"The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an i...
Benefits of a great RFP process
There was a time, I suppose, when major company purchases were relatively straightforward. If a company wanted to buy supplies, for example, they would simply contact vendors or pu...
Understanding RFP management
When a request for proposal (RFP) comes across your inbox, it might seem overwhelming. Some RFPs contain 100s of questions on 1,000s of pages (or vice versa). Your first instinct m...
Understanding knowledge management
Aside from your employees, company knowledge is your organization's most valuable asset. If yours is like most, the amount of knowledge accumulated over the years seems to grow exp...
Exploring lean procurement: Meaning, process and example
If you follow procurement trends, you’ve almost certainly heard the term lean procurement. Indeed, over the last few years, there have been countless discussions of the topic in ...
Knowledge management best practices
When a business is in its founding phase, it's undeniably chaotic, but it's also when company communication is at its peak. Everyone is on a first-name basis and working toward the...
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