Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Inherent Perverse Incentives
Undesirable outcomes of well-intentioned incentives.
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Initialization
The phase in which the strategy for the program is defined and pilot programs are run.
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Innovation and Transformation Committee
Joint management team that governs the process of managing innovation and transformation in the outsourced processes in order to enhance delivered value.
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Institute of Chartered Accounts of Scotland (ICAS)
The world’s first professional body of chartered accountants
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Insurance
A contract between an insurance company and a person or group which provides for a money payment in case of covered loss, accident or death. Certificates of Insurance are typically a necessary component to a bid response in an RFx strategic sourcing process.
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Initial Process Assessment
First assessment of the requirements of the process to identify the feasibility, scope, complexity, effort and projected benefits of automation.
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Innovation
Supplier innovation focuses on identifying new and creative ways to drive value with your supply base. Innovation is a consolidation of new ideas that create actions and value outcomes that are: desirable, viable and possible.
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Input
Resources used in the production of a product or creation of a service that lead to the desired ‘output’ (e.g., people, raw materials, information)
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Insourcing
The opposite of outsourcing, that is, a service performed in-house.
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Institutionalization
The phase in which automation is business-as-usual and organisations should be at a level of maturity in which complex automation-enabled transformation is undertaken.
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