LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the completion of their most recent whitepaper on the four pillars of procurement excellence. Procurement excellence includes the detailed understanding of corporate leadership expectations. It mainly focuses on innovation, supplier insights, and information around the company for robust value creation. Additionally, procurement excellence also helps organizations in assessing their internal processes, governance, policies, tools, and systems to the identify the areas of improvement.
In today’s competitive business scenario, procurement excellence helps businesses focus on their spending patterns to understand the approach to procurement and devise strategies to enhance their overall performance. It also helps organizations to limit their costs and implement strategic sourcing in order to mitigate procurement risks.
According to the procurement experts at SpendEdge, “Organizations across the globe, have started focusing on limiting their costs rather than improving revenues to achieve procurement excellence.”
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The four pillars of procurement excellence:
- Spend analysis – To gain better visibility into spending patterns organizations should streamline and automate their complete spend management lifecycle.
- Strategic sourcing – Strategic sourcing helps organizations mitigate risks, reduce costs, and improve performance thereby achieving procurement excellence.
- Contract management – Businesses can systematically and efficiently maximize their performance with the help of contract lifecycle management.
- Supplier management – Supplier management helps businesses source the right supplier mix while offering holistic insights into the supplier capabilities, interactions, and performance.
- To read more, download this whitepaper
Download the complete whitepaper on four pillars of procurement
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SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement market intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence that helps sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.