The Purpose of the Procurement Process

  Procurement management is an innovative way to increase efficiency through cutting costs and maximizing existing resources. Particularly important elements of the process are the idea of proactively addressing risks and ultimately maintaining organizational finances. Use of procurement strategies are on the rise today due to the economic downturn the country is experiencing, and it has been highly recommended if a company is not using procurement strategies, that they begin.

Factors contributing to the broader use of procurement management are:

• Economic downturn

• Broader availability of services

• Cost savings

• Positive impact to the workforce

Several large companies have conveyed subsequent to the design and implementation of their Procurement process, their annual expenditures decreased anywhere from ten to fifteen percent. In addition to the cost savings, those companies articulated the savings in time and resources were enumerable. What is more, the workforce was positively impacted in a variety of areas. To be successful with implementation of procurement management, companies need to make personnel changes, modify existing technology, and adopt a positive attitude about the change.

The number one instrumental element to success has been touted as identifying a positive sourcing ideology. Developing and maintaining a relationship with the suppliers of goods and services to be outsourced is a critical component, and should not be thought of lightly. The relationship between buyers and sellers is integral in the success of procurement. Both buyers and sellers are in business to make money, and if a mutual agreement can be reached between parties, then the buyer gets what he needs at a reasonable price, and the seller establishes a steady buyer for the future.

Many larger companies Procurement process is typically centralized, which creates opportunity to have teams with specialized skills e.g. automotive teams, pharmaceutical teams, etc. This team approach can increase efficiency https://www.sourcing-force.com/, as well as enabling significant reduction in company costs. Consequently, the idea of cost savings coupled with higher efficiency has created more interests among companies in applying procurement processes today.

Implementation of high performance procurement systems also enables companies to:

• Manage supplier information more efficiently

• Utilize reverse auction strategies to meet targeted outcomes

• Creates opportunity for richer and more verbose data

•, Richer data creates opportunity for a broader analysis of system components

• A Broader analysis of system components creates opportunity for more accurate processes to improve overall outcomes.

An end to end procurement services system that is properly maintained will help an organization to simplify purchasing to the point where people want to use it. This increases the amount of spend that goes through the system, as well as the quality of the spend data that is available. Furthermore, this serves to increase the amount of spend that the purchasing team has visibility into. In this way, the organization is able to leverage their purchasing power with every vendor for every commodity, thereby obtaining great savings for the enterprise.

Spend Under Management

Spend under management will naturally imply an increase in spend under management, which is the ultimate key to achieving significant savings in any organisation. This will guarantee that spend occurs for approved goods and services with approved suppliers, and is contracted at best price rates. Furthermore, this will also ensure that the company enjoys visibility that is required into spending, such that they are able to conduct meaningful spend analysis. This will in turn allow the organization to identify the categories in which they are most likely to yield returns in their sourcing efforts.

Following an initial implementation of an end to end procurement services systems, the average organization will increase their spend under management by 35% almost overnight, according to research. In addition, a best-in-class company that implements this type of procurement will witness an increase in spend under management of 59 - 82% almost instantly. This is just one of the many benefits that this type of procurement system offers.

Realized Savings

All this will of course translate into the one important benefit of hiring the services of end to end procurement providers - realized savings and cost reductions. The average organization that undergoes a comprehensive procurement system implementation is able to save an average of 4.8% on spend, while the best in class businesses will typically perform even better. And saving money is what procurement should be all about to begin with.

End to end procurement providers can help reduce your average requisition to order cycle by two thirds in a typical organization. In addition to cycle time reduction, such a system will also allow for the elimination of invoice and tax overpayments, identification of un-deposited checks, while focusing more time on strategic issues such as cost reduction. The end result is that the procurement system becomes the central savings hub of the supply chain of the organization.

GEP does not believe in "one size fits all" but rather takes custom-tailored approach in providing end-to-end procurement solution to Fortune 500 and Global 2000 companies in achieving their sourcing and procurement goals. GEP's in-house procurement technology, SMART by GEP and rich consulting experience in procurement strategy, procurement outsourcing, spend analysis solution, spend management and strategic sourcing expertise are making companies to realize bottom-line savings in a very short time.

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