Procurement Success Summit IMPACT

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Glossary

1

PSS

The procurement and supply chain summit listed at pssworld.net, focused on CPO-level strategy, supplier risk, spend analytics and China sourcing.

2

CPO

Chief Procurement Officer. The senior executive accountable for category strategy, supplier risk, spend governance and procurement's contribution to margin and resilience. At PSS, CPO sessions are the peer-level track for leaders setting enterprise procurement direction.

3

Category management

The discipline of managing spend by category rather than by transaction, including demand analysis, sourcing strategy, supplier selection and performance review. Relevant at PSS because many delegates own multi-country direct or indirect categories.

4

Direct spend

Goods and services that go directly into a company's product or service, such as raw materials, components and contract manufacturing. China sourcing and supply resilience discussions at PSS usually sit here.

5

Indirect spend

Operating spend that supports the business but is not part of the finished product, including marketing, professional services, IT, travel and facilities. A common focus for shared-service and tail-spend programmes.

6

Tail spend

Low-value, high-volume purchases that often fall outside strategic contracts. PSS sessions on spend visibility and P2P controls typically address how to govern tail spend without adding bureaucracy.

7

Spend cube

A structured view of spend by category, supplier and business unit that supports opportunity sizing and compliance tracking. Useful before PSS if you want to benchmark your category map with peers.

8

Supplier Relationship Management (SRM)

A structured way to segment suppliers, set performance expectations, run business reviews and manage risk. At PSS, SRM comes up in discussions on resilience, innovation and contract value beyond price.

9

Should-cost

An independent estimate of what a product or service should cost based on materials, labour, overhead and margin. Used in negotiations and in China sourcing reviews to test supplier quotations.

10

Total Cost of Ownership (TCO)

The full cost of a purchase over its life, including acquisition, implementation, operation, maintenance and disposal. A useful lens for PSS delegates comparing low-price bids with resilient supply options.

11

RFP and RFQ

Request for Proposal or Request for Quotation. Formal sourcing documents that define requirements, evaluation criteria and commercial terms. PSS content on sourcing excellence often covers how to design RFPs that capture risk and sustainability requirements.

12

Purchase-to-Pay (P2P)

The end-to-end process from requisition and purchase order through receipt, invoice and payment. PSS discussions on controls and automation often focus on reducing P2P cycle time and leakage.

13

Procurement analytics

The use of spend, supplier and contract data to forecast demand, identify risk and measure performance. AI-enabled procurement sessions at PSS typically build on a clean analytics foundation.

14

Supplier risk

Exposure to supplier failure, quality issues, compliance breaches, geopolitical disruption or financial distress. PSS's Shanghai setting makes Asia-Pacific supplier risk a practical board-level topic.