Category: Sourcing & Business Tips
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Is Six Sigma A Farce? 11 Reasons Why Not
Six Sigma is a term many people have heard; they may not know exactly what it means. Many organizations wonder if Six Sigma is really all it is hyped up to be or a farce. Six Sigma is not a farce because many aspects of the Six Sigma methodology and process help an organization become…
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What Is Disruptive Innovation? Home Furnishing Industry Innovation
Disruptive innovation is one of those business terms that people are talking about today. This is because disruptive innovation can affect the very survival of a business. Disruptive innovation is the process of when a new or smaller company sees an opportunity to enter and compete in an underserved or new market. The incumbent business…
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What Is Cognitive Procurement? 6 Ways It Is Different Procurement
There is a new way to handle procurement in the supply chain, which is called Cognitive Procurement. Cognitive procurement shows us how technology is truly changing how we do business. Cognitive procurement is using technology in the supply chain process. Everything from artificial intelligence to deep learning, data mining, pattern recognition, the Internet of Things,…
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Choosing Velotrade For Asian Based Invoice Financing And Discounting
I recently came across an excellent company that can help exporters like myself based in Asia. In fact, I wish I had known about this company years ago. Velotrade is a Hong Kong-based company that has offices throughout Asia. Their main focus is to help exporters finance and discount orders from large and smaller companies…
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What Does Incoterm Mean In Shipping?
Anyone who is involved in global trade should have a complete understanding of Incoterms. Incoterms are the worldwide accepted international trade rules.. Incoterms are the internationally accepted standard set of trade rules for all forms of global trade. Incoterms are trade rules by the International Chamber of Commerce (ICC). The Incoterms registered name by the…
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Product Sourcing And Strategic Sourcing Explained
Sourcing is part of supply chain management. Any importer, manufacturer, business owner, or retail store must look at sourcing products, goods, and services. Sourcing is an essential part of any procurement process. Product sourcing is when you source or look to find a supplier for a product you need. Strategic sourcing is strategically sourcing products.…