Word of the day: Chief Procurement Officer

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Word of the Day Daily updates on the latest technology terms | July 15, 2020 Chief Procurement Officer The chief procurement officer (CPO) leads an organization's purchasing department and oversees the acquisitions of goods and services made by the organization. The CPO's policies and procedures determine which acquisitions require the procurement department's involvement and need to begin with an RFP and which can be handled independently as non-RFP purchases by employees.   A CPO's policies and procedures are intended to help the company: reduce and contain costs evaluate and select suppliers establish supplier performance metrics facilitate contract negotiations meet internal and external compliance requirements. A CPO must be well versed in regulations and compliance, as well as in the various laws and requirements governing the procurement process. This position is most common at larger companies, where the volume of purchases justifies the need for an executive position and staff to handle those acquisitions. Continue reading about CPOs... Quote of the Day "IT should articulate in the RFP how a vendor's pricing should be presented and how it will be evaluated. By dictating the pricing structure, IT leaders gain transparency into how each vendor is arriving at its figures, making it easier for IT managers to compare what each vendor is really offering at what cost." - Mary K. Pratt Related Terms You Should Know IT procurement due diligence customer persona sales funnel request for quotation request for proposal statement of work supplier relationship management procurement software procurement lead time e-procurement service level agreement Buzzword Alert: Procurement container management This buyer's guide breaks down how container technology works and then helps readers determine the right container deployment strategy based on their current and future IT needs.   server hardware Today's server platforms offer a host of options for SMBs and enterprise IT buyers; it's important to learn the essentials before making any purchasing decisions.   governance, risk and compliance (GRC) GRC keeping you up at night? One strategy to consider is deploying specialized software to help manage GRC activities.   cloud access security When it comes to evaluating cloud access security broker (CASB) tools, it's essential to be an informed customer. Identify your organization's usage and security goals to get the context you need before you buy.   intelligent data storage Buying the wrong storage AI platform could have serious implications. Learn the six considerations that can affect your organization's product choice and strategy.   HR management Finding the right HR software isn't just a one-stop shop. You'll need to ask the right questions before determining which software is best for your company.   unified communications Learn how to navigate the growing unified communications systems market and choose the best-suited product for your enterprise. Problem Solving: Buyer's Guide This handy guide gives you step-by-step instructions for how to purchase software -- you'll learn how to create a business plan, get budget approval and find the right software to solve whatever business problem is keeping you up at night. Go to guide Stay in Touch Thank you for reading! For feedback about any of our definitions or to suggest a new definition (or learning resource) please contact us at: editor@whatIs.com FOLLOW US About This E-Newsletter The Word of the Day is published by TechTarget, Inc., 275 Grove Street, Newton, Massachusetts, 02466 US. Click to: Unsubscribe. You are receiving this email because you are a member of TechTarget. When you access content from this email, your information may be shared with the sponsors or future sponsors of that content and with our Partners, see up-to-date Partners List, as described in our Privacy Policy. For additional information, please contact: webmaster@techtarget.com. © 2020 TechTarget, Inc. all rights reserved. Designated trademarks, brands, logos, and service marks are the property of their respective owners. Privacy Policy | Partners List