The 25 New Rights of Purchasing, Part II<\/h3><\/div><\/div><\/div>PurchTips edition #277<\/p>\n<\/div>
Ready To Go Beyond The Original “5 Rights?”<\/h4><\/div><\/div><\/div>The term, \u201c5 Rights of Purchasing<\/a><\/b>\u201d applies to a combination of deliverables that come together to make a successful procurement process. Then, in edition #275<\/a>, we introduced the first of the “25 New Rights of Purchasing<\/a><\/b>” to replace the traditional “5 Rights of Purchasing”<\/p>\nThis edition adds a few more:<\/p>\n
\n- Right Product or Service<\/b> – As a purchasing professional, part of your job is ensuring that demand is satisfied by supply. Traditionally, this meant ordering a product that matched what the end user specified and getting the proper quantity delivered on-time. Today, you have to know the products and services you buy and your internal customers to verify that specified ideal product or service.<\/li>\n
- Right Warranty<\/b> – Businesses need to focus on lifecycle costs and cradle-to-grave value. Getting a product that works upon delivery isn’t enough. It would help if you secured assurances that the products or services you buy will serve your organization for the long term. It would be best if you negotiated the optimal warranty for all significant purchases.<\/li>\n
- Right Payment Terms<\/b> – With interest rates being so low for years and little upward movement expected, organizations rely on purchasing professionals more than ever to improve cash flow. You do so by negotiating longer payment terms and obtaining early payment discounts that exceed returns from alternate cash uses.<\/li>\n
- Right Innovation<\/b> – Almost every organization wants to build an advantage over competitors. As such, you must look to your supply base for innovative ideas that will give your organization a unique value proposition unmatched by competitors.<\/li>\n
- Right Social Responsibility<\/b> – To compensate for past societal inequities, broaden their appeal to specific demographic segments of their client bases, and improve their public image, today’s organizations try to direct percentages of their spending to diverse suppliers, local suppliers, small businesses, and other classes of suppliers. You need to ensure you extend opportunities to these particular groups.<\/li>\n<\/ul>\n
Recommended Reading:<\/b><\/p>\n\n- The 25 New Rights of Purchasing, Part III<\/a><\/li>\n
- Difference Between Price, Total Cost, and Value<\/a><\/li>\n
- The Purchasing Agent’s 10 Commandments<\/a><\/li>\n<\/ul>\n
Recommended Resource:<\/b><\/p>\n\n- Exemplary Supply Chain Social Responsibility<\/a><\/li>\n
- Exemplary Supply Chain Social Responsibility<\/a><\/li>\n
- Big Supply Chains, Big Social Responsibility<\/a><\/li>\n<\/ul>\n
NLPA Learning<\/b><\/a><\/span>:<\/b> Looking for authoritative procurement templates, tools, webinars, and more? Stop trying to create resources from scratch and start taking advantage of having exactly what you need right at your fingertips in NLPA Learning<\/span><\/a>.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div>Do You Want a More Rewarding Procurement Career?<\/h5><\/div>![](\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/spsm_verify.jpg\" "\\"spsm_verify\\"")
<\/span><\/div>Are you tired of not getting enough opportunities, respect, and money out of your procurement career? Well, guess what? Nothing will change unless you take action towards becoming a world-class procurement professional.<\/p>\n
Earning your SPSM Certification is the action to take if you want to bring the most modern procurement practices into your organization and achieve your career potential. Download the SPSM Certification Guide today to learn how to get started on your journey to a more rewarding procurement career!<\/p>\n<\/div>
Download<\/span><\/a><\/div><\/div><\/div>Need Better Performance From Your Procurement Team?<\/h5><\/div>![](\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/services.jpg\" "\\"services\\"")
<\/span><\/div>Are you a procurement leader whose team isn\u2019t achieving the results you know are possible? Maybe it\u2019s not enough cost savings. Or frustrating performance from the supply base. Or dissatisfied internal customers.<\/p>\n
You need a performance improvement plan that\u2019s easy to implement and quick to produce results. The NLPA can help.<\/p>\n
Download our whitepaper \u201cThe Procurement Leader\u2019s Guide To A More Successful Team.\u201d You\u2019ll learn the 7 steps for transforming your staff into a results-producing, world-class procurement team.<\/p>\n<\/div>
PurchTips edition #277<\/p>\n<\/div>
Ready To Go Beyond The Original “5 Rights?”<\/h4><\/div><\/div><\/div>The term, \u201c5 Rights of Purchasing<\/a><\/b>\u201d applies to a combination of deliverables that come together to make a successful procurement process. Then, in edition #275<\/a>, we introduced the first of the “25 New Rights of Purchasing<\/a><\/b>” to replace the traditional “5 Rights of Purchasing”<\/p>\nThis edition adds a few more:<\/p>\n
\n- Right Product or Service<\/b> – As a purchasing professional, part of your job is ensuring that demand is satisfied by supply. Traditionally, this meant ordering a product that matched what the end user specified and getting the proper quantity delivered on-time. Today, you have to know the products and services you buy and your internal customers to verify that specified ideal product or service.<\/li>\n
- Right Warranty<\/b> – Businesses need to focus on lifecycle costs and cradle-to-grave value. Getting a product that works upon delivery isn’t enough. It would help if you secured assurances that the products or services you buy will serve your organization for the long term. It would be best if you negotiated the optimal warranty for all significant purchases.<\/li>\n
- Right Payment Terms<\/b> – With interest rates being so low for years and little upward movement expected, organizations rely on purchasing professionals more than ever to improve cash flow. You do so by negotiating longer payment terms and obtaining early payment discounts that exceed returns from alternate cash uses.<\/li>\n
- Right Innovation<\/b> – Almost every organization wants to build an advantage over competitors. As such, you must look to your supply base for innovative ideas that will give your organization a unique value proposition unmatched by competitors.<\/li>\n
- Right Social Responsibility<\/b> – To compensate for past societal inequities, broaden their appeal to specific demographic segments of their client bases, and improve their public image, today’s organizations try to direct percentages of their spending to diverse suppliers, local suppliers, small businesses, and other classes of suppliers. You need to ensure you extend opportunities to these particular groups.<\/li>\n<\/ul>\n
Recommended Reading:<\/b><\/p>\n\n- The 25 New Rights of Purchasing, Part III<\/a><\/li>\n
- Difference Between Price, Total Cost, and Value<\/a><\/li>\n
- The Purchasing Agent’s 10 Commandments<\/a><\/li>\n<\/ul>\n
Recommended Resource:<\/b><\/p>\n\n- Exemplary Supply Chain Social Responsibility<\/a><\/li>\n
- Exemplary Supply Chain Social Responsibility<\/a><\/li>\n
- Big Supply Chains, Big Social Responsibility<\/a><\/li>\n<\/ul>\n
NLPA Learning<\/b><\/a><\/span>:<\/b> Looking for authoritative procurement templates, tools, webinars, and more? Stop trying to create resources from scratch and start taking advantage of having exactly what you need right at your fingertips in NLPA Learning<\/span><\/a>.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div>Do You Want a More Rewarding Procurement Career?<\/h5><\/div><\/span><\/div>Are you tired of not getting enough opportunities, respect, and money out of your procurement career? Well, guess what? Nothing will change unless you take action towards becoming a world-class procurement professional.<\/p>\n
Earning your SPSM Certification is the action to take if you want to bring the most modern procurement practices into your organization and achieve your career potential. Download the SPSM Certification Guide today to learn how to get started on your journey to a more rewarding procurement career!<\/p>\n<\/div>
Download<\/span><\/a><\/div><\/div><\/div>Need Better Performance From Your Procurement Team?<\/h5><\/div><\/span><\/div>Are you a procurement leader whose team isn\u2019t achieving the results you know are possible? Maybe it\u2019s not enough cost savings. Or frustrating performance from the supply base. Or dissatisfied internal customers.<\/p>\n
You need a performance improvement plan that\u2019s easy to implement and quick to produce results. The NLPA can help.<\/p>\n
Download our whitepaper \u201cThe Procurement Leader\u2019s Guide To A More Successful Team.\u201d You\u2019ll learn the 7 steps for transforming your staff into a results-producing, world-class procurement team.<\/p>\n<\/div>
The term, \u201c5 Rights of Purchasing<\/a><\/b>\u201d applies to a combination of deliverables that come together to make a successful procurement process. Then, in edition #275<\/a>, we introduced the first of the “25 New Rights of Purchasing<\/a><\/b>” to replace the traditional “5 Rights of Purchasing”<\/p>\n This edition adds a few more:<\/p>\n Recommended Reading:<\/b><\/p>\n Recommended Resource:<\/b><\/p>\n NLPA Learning<\/b><\/a><\/span>:<\/b> Looking for authoritative procurement templates, tools, webinars, and more? Stop trying to create resources from scratch and start taking advantage of having exactly what you need right at your fingertips in NLPA Learning<\/span><\/a>.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div> Are you tired of not getting enough opportunities, respect, and money out of your procurement career? Well, guess what? Nothing will change unless you take action towards becoming a world-class procurement professional.<\/p>\n Earning your SPSM Certification is the action to take if you want to bring the most modern procurement practices into your organization and achieve your career potential. Download the SPSM Certification Guide today to learn how to get started on your journey to a more rewarding procurement career!<\/p>\n<\/div> Are you a procurement leader whose team isn\u2019t achieving the results you know are possible? Maybe it\u2019s not enough cost savings. Or frustrating performance from the supply base. Or dissatisfied internal customers.<\/p>\n You need a performance improvement plan that\u2019s easy to implement and quick to produce results. The NLPA can help.<\/p>\n Download our whitepaper \u201cThe Procurement Leader\u2019s Guide To A More Successful Team.\u201d You\u2019ll learn the 7 steps for transforming your staff into a results-producing, world-class procurement team.<\/p>\n<\/div>\n
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Do You Want a More Rewarding Procurement Career?<\/h5><\/div>
<\/span><\/div>Need Better Performance From Your Procurement Team?<\/h5><\/div>
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![](\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/12\/services-contracting.jpg\" "\\"services-contracting\\"")
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