- Outsourced Procurement | Let your business profits soar
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Savings and Compliance Tracking If you can't measure it, you can't control it – and you certainly can't fix it. With hundreds of categories and sub-categories, numerous baseline assumptions and savings formulas, limited control on end-user behaviour and limited visibility into contract compliance, it is easy to lose hard-earned savings from sourcing efforts by the time goods and services are actually purchased. Procurement services provide comprehensive savings and compliance tracking that enables CPOs, CFOs and category managers to track identified potential savings against realized savings at any given time; to see variance drivers and measure non-compliance drivers; and to reduce maverick buying. We offer customized dashboards for client-specific spend categories and procurement processes to provide insightful, relevant and actionable procurement performance tracking. We use innovative technology and analytical tools to capture spend data from client ERP systems. Additionally, we use it to measure deviation against identified savings and identify root causes for non-compliance (vendor, price, demand, errors).
Outsourced Procurement | Let your business profits soar
Procurement Outsourcing - Outsourced Procurement Solutions for UK Businesses - YouTube
Procurement is a huge responsibility, broken into 3 broad categories: Transactional Services These services support day-to-day buying, including processing purchase orders, and driving compliance to preferred suppliers. Tactical Services These include performing spot buys, managing low-dollar 'tail-spend', or providing support to internal category managers. Strategic Services These include leading strategic sourcing projects, or providing end-to-end category management services for non-core spend areas. It can clearly be very involved, but if you can't afford to hire a dedicated staff member for this role, you can outsource. GEP provided some FAQs for procurement outsourcing. If you're considering outsourcing your procurement activities, everything you need to know is listed below. Why Outsource Procurement Activities? Companies that outsource their procurement function can tap into a pool of experts, which can guide them in matters pertaining to process and policy compliance. They can avail themselves of this collective expertise to improve their efficiency and overall performance.
Third-party providers can often move more quickly to reduce or replace headcount if demand drops. Focus Pareto's 80/20 rule is particularly true within procurement, where 20% of the total vendor pool often accounts for 70%-80% of the total spend. The remaining 20% of vendors – admittedly less strategic – are frequently not tapped. To be sure, money is left on the table. Third parties address this tail-spend and derive value from it, thus freeing up the in-house teams of clients to provide support of high strategic import, as well as visibility, to their internal stakeholders. Otherwise, their attention is often diluted across a vast range of vendors, big and small. Expertise Procurement service providers bring a significant amount of expertise (functional, industry and category) gained from multiple clients, sectors and geographies. A dedicated enterprise team can find this hard to match. As a result, they can deliver highly specific domain expertise across a wide range of categories. They have a deep pool of best practices, market intelligence, price benchmarks, sourcing tools and contracting templates gained from managing billions of dollars of spend for their clients.
Outsourced procurement services à la personne
Taken together, this leads to measurable cost-cutting and tangible savings. Companies identified cost reduction as the largest substantiated reason. But other benefits exist, such as being able to utilize in-house resources for core processes. Companies have a choice of outsourcing only their non-core spend and non-core processes, as they are less critical to the manufacture and production of final goods. This encompasses the following areas: Marketing, IT, Telecom, Logistics, Transportation, General & Professional Services, MRO, Travel, Packaging, etc. This indirect spend can equal 20%-40%, or more, of total revenues of a company. However, it's often unsupported or under-supported by the procurement department, as developing in-house expertise can be challenging and costly. What Activities Should Be Considered for Procurement Outsourcing? While procurement outsourcing has mostly been limited to the transactional purchase-to-pay process, firms can also hand over the complete category management of non-core spend areas to a third party.
They use technology to automate the repetitive tasks that are a time-suck and efficiency killer when done manually. They focus on analysis of spend and improved spend management to identify cost savings opportunities, and address risk management to keep things running as smoothly as possible for the business. Procurement transformation is coming, whether your business is ready for it or not. Opting for a more robust procurement platform that's full of technology solutions to provide you with supplier management, category management, and more will ensure your organization is set up for success for years to come. Failing to keep up with the latest procurement technology could wreak havoc on your business over the long-term. PLANERGY offers e-procurement solutions that can streamline your entire operation, and work effectively for procurement as a service. Find Out How
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- Outsourced Procurement | Let your business profits soar
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