What is the Track® Platform? The Track® Platform is a software created and managed by Management Controls, Inc. that helps organizations solve the complexities of contractor management. …

Supplier Management is a core function of the Sourcing and Procurement capability within any organization. Sometimes, its importance can take a backseat to the endless meetings, action items, and daily fires that can arise. If performed right, however, Supplier Management can help to reduce the number of fires and keep…

The Fixed Fee contracting strategy defines a fixed amount for payment at the beginning of a contractual engagement. By its nature, this contracting strategy is inflexible, but has its place in creating value in the supply chain. Why would you use a Fixed Fee contracting strategy? Fixed Fee is best utilized when: the requirements of the engagement are completely…

Using Supplier Scorecards can enable companies to take a more objective, data-driven approach to the supplier selection and management processes. Why would you use a Supplier Scorecard? Companies want to partner with suppliers that help them meet business goals and objectives. Leveraging a tool like the Supplier Scorecard can assist in selecting the best Supplier for an…

Time and Material is a widely used contract strategy for Sourcing and Procurement professionals around the world. It allows Buyers to pay Suppliers for the direct materials, hourly rates, subcontracting, and equipment charges necessary for the completion of work. Each contracting strategy comes with its benefits and challenges. This article…

Sourcing and Procurement professionals engage with suppliers each day to drive toward company goals and objectives. Given the right relationships, it can drive competitive advantage, productivity, and ultimate customer satisfaction. To enable these things, we leverage Supplier Management. Supplier Management drives toward a win-win relationship between customers and suppliers to…

The Invoice-to-Pay process starts with the invoice received during the Procure-to-Invoice Process, obtaining any necessary approvals, and processing the payment according to payment terms. When an invoice is received from a Supplier and the necessary matches are confirmed, as discussed in part 3 of this series, it goes through any…

The Procure-to-Invoice process leverages the executed contract to generate a purchase requisition and/or purchase order for the scope required, receives the scope of that purchase order, and receive an invoice from the supplier for the goods or services procured. Generate a purchase requisition and/or purchase order for the scope required Companies differ in their process to issue to a Purchase Order…

As mentioned in part 1 of this series, the Source-to-Contract process is key in finding sources of supply for goods and/or services that are needed by the organization, selecting the right supplier to achieve those desired goals, and leveraging the right contracting strategy to achieve a win-win outcome. Finding sources of supply for goods and/or services that are needed by the organization Once a…