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As budgets tighten and you look for ways to streamline spending, saving on procurement expenses can be an effective initiative. More than just cost savings, making small, systematic changes to your procurement process can bring huge benefits for your business - like increased savings, reduced risk, and even cost avoidance. Improving your procurement function can stop cash leaks from draining your profitability. Check out the article to learn 20 best strategies procurement leaders are using to improve spending: https://hubs.la/Q02r6J0j0 #procurementefficiency #procurementsavings #costsavinginitiatives

Midsize companies face a unique challenge: They need procurement, but they don't have it. Implementing procurement is like building a bicycle while trying to ride it. Check out this insightful article on controlling unmanaged procurement spend at midsize companies. #procurement #midsizecompanies #supplymanagement Link: https://lnkd.in/gwQnwQvN

Why is it important to increase spend under management? Unmanaged spend isn't always unauthorized spend, but with no oversight, your procurement team has limited ability to track it, report on it, or mitigate it if it's deemed unnecessary. Check out the article to learn types of unmanaged spend and how to increase your spend under management: https://hubs.la/Q02K3fQm0 #spendmanagement #procurement #procurementprocess

For businesses without a procurement department, spend management may be seen as an afterthought rather than a priority. 💸 These types of companies often prioritise other areas of the business, such as employee experience or customer service. However, managing spending is crucial for success, it’s a key factor in driving profit, which is typically the biggest factor in determining business value. 📈 Find out more here - https://lnkd.in/euaxQ-Hs #Procurement #SupplyChain #SupplyChainManagement

📊 Are you looking to unlock the full potential of your procurement strategies? Look no further! Veridion's "Measuring Procurement Cost Savings," article is your ticket to transforming how you approach cost savings. Here's why this read is essential for anyone in procurement: - Mastering the Metrics: Understanding the right metrics can make or break your procurement strategy. This article dives deep into the KPIs that truly matter. - Strategies that Work: It's not just about theory, it's about practical, actionable strategies. Get insights into techniques that have proven effective in driving significant cost savings in procurement. - Beyond the Bottom Line: Saving money is great, but there's more to procurement. Learn how to balance cost savings with quality and supplier relationships, ensuring a holistic approach to procurement. - Leveraging Technology: Discover how the right tools can revolutionize your procurement processes, from supplier sourcing to contract management. - Expert Insights: Learn from the wisdom and experience of industry experts who have navigated the complex world of procurement and come out ahead. Whether you're a seasoned pro or new to the field, this article offers valuable insights to refine your approach to procurement and make impactful, cost-effective decisions. 💼 Check it out here: https://lnkd.in/di36RacY #ProcurementStrategy #CostSavings #AIinProcurement #VeridionInsights

Every penny saved in procurement makes a difference to your company's bottom line📈 Yet, traditional procurement processes often struggle to keep pace with modern business demands, causing unnecessary expenses. Thankfully, an efficient procurement system is the key to optimizing day-to-day processes and unlocking opportunities for cost reductions. 🔗 Discover more about the cost-saving potential of procurement platforms in our latest blog post: https://lnkd.in/dJpYsuDB #procurement #pocurementtech #eprocurement

Cost reduction is a key priority for businesses looking to improve profitability and remain competitive: something that has never been more important than in today’s economic climate. At Accelerate, we understand the importance of cost reduction strategies in driving business success. We've collated some practical tips and techniques to help businesses effectively reduce costs in procurement while maintaining quality and efficiency: https://lnkd.in/eaJJC-zT #procurement #procurementconsultancy #procurementconsultants

🔓 Unlocking best practices for procurement management Procurement management is the strategic organization of a business's spend, encompassing the purchasing of goods and services through to payment. Its primary goal is to source and acquire the best possible goods and services to fulfill business objectives. To achieve procurement best practices, businesses must focus on opportunities to save costs, secure top suppliers, and streamline operations for maximum efficiency. Kloo's latest article dives into the essentials of procurement management and offers insights into optimizing this critical business function. Read more: https://lnkd.in/dBkMtJ9G 🌟 What's your opinion on procurement best practices? Let us know in the comments! 👇 #procurementmanagement #businessstrategy #operationalefficiency

Phased Consulting's very first blog post! The future of Procurement isn't about building a bigger team; it's about smarter resource allocation. The post explores how consultants can transform your Procurement function and drive sustainable growth. Don't miss out on these valuable insights!

Are you underestimating the power of procurement? Procurement has traditionally been seen as an administrative cost center but is now recognized as a source of value and competitive advantage. #StrategicProcurement #BusinessGrowth #BradyPlus