Insights and strategies for effective sourcing, contract, supplier, and savings management in procurement
How To Save Money Managing Supplier Contracts Better managing third-part supplier contracts probably isn’t high up on many companies’ finance department to-do lists. However, it’s been estimated that the average company loses about 9% of annual turnover due to poor contract management practices. With a typical company’s profit margins hovering around 10%, even halving this loss can increase profit margins by […]
A Simple Sourcing Process For Small & Medium Businesses (SMEs) Getting Sourcing right for goods and services goes beyond just direct cost savings and quality to deliver additional cost and time savings, as well as other less tangible but equally important benefits, such as ESG and innovation. Sourcing is not as complicated as it may seem as […]
How To Manage Third-Party Supplier Spend And Increase Profitability Profitability is the goal of every company. Most companies increase profitability by investing in marketing and sales in order to generate turnover. Another way to increase profitability is to manage third-party supplier spend. Actively managing this spend saves companies not only money, but also valuable time, allowing them to better […]
Is Digital Procurement Right For My Business? All companies procure goods and services, from start-ups to companies with billion-pound turnovers. No matter how large or small a company is, the basic procurement processes are similar. A sourcing process entails identifying suppliers, negotiating and managing contracts, and monitoring the savings produced. Compared to a small start-up, larger companies have more […]
How To Calculate Procurement Savings No matter what industry a business is in, it requires several items to operate. Materials, equipment, and primary products are all required. As well as repairs, training, and other services, companies sometimes require a wide range of services to maintain them. Such costs can accumulate, especially if they are not properly managed. A […]
Profit From Managing Your Supplier Contracts Better As we come to the end of the year and plan for 2022, there is still a huge amount of financial uncertainty in the world due to Covid, the global economy and the prospect of inflation and interest rate rises in the UK. This only continues to make it difficult for […]