Marilyn Gettinger is owner and principal of New Directions Consulting Group, which works with organizations on improving their supply chains through process streamlining and reengineering. New Directions Consulting Group offers workshops and consulting to companies from 30 employees to multinational corporations to upgrade purchasing, inventory, and supply chain processes. Marilyn writes for Procurement Journal, delivering to ThomasNet News’ audience her wealth of procurement and supply chain knowledge.
Gettinger, who earned her MBA from Fairleigh Dickinson University, teaches total quality management, supply chain management, and international trade at several post-secondary schools. She holds a C.P.M. and is a member of the Institute for Supply Management and the American Production and Inventory Control Society.
Federal agencies have many regulations that importers of record must follow. Compliance costs are part of the total landed cost calculation, and an organization must not only be on top of its own compliance but also that of its tier-one suppliers.
The Customs-Trade Partnership Against Terrorism is a voluntary federal-private sector collaboration that fast-tracks importers at ports in exchange for meeting high security standards. The benefits of C-TPAT include faster shipment passage and less supply chain disruption.
Total landed cost analytics allows businesses to model and effect optimal supply chains, thereby reducing working capital and improving cash flow. Here’s the way to determine your total landed cost.
Many organizations choose the leasing option rather than purchase capital equipment for fiscal reasons. However, leasing demands careful review and analysis by the purchaser. Here’s what to look out for.
Once an organization has decided to go the lease route (versus a purchase) when looking to procure capital equipment, it can encounter many lease options. The supply professional must identify the most advantageous financial option.
Capital budgeting is a critical expertise. The supply professional should not only understand the factors of purchasing and/or leasing but also the methods to determine capital projects offering the best value to the organization.
Identifying the need for capital equipment and machinery often begins outside of supply management. But the purchasing department may be significantly involved in the sourcing, analyzing lease, buy new, and buy used options.
The purchase of capital equipment is a significant decision that requires detailed analysis and comparisons among purchase choices. Similar to total cost of ownership, life-cycle costing can bring clarity to this spend category.
One of the most important areas of understanding for procurement is economics. The ability to identify, evaluate, and apply economics on supply decisions brings significant benefits to the organization. Here are some ways.
Purchasing has gained respect and recognition at many companies, yet many organizations still do not fully grasp its function. Let’s count the ways purchasing pros can help your organization’s success.
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