LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their free downloadable article on the procurement best practices that companies should employ in 2019. The article offers detailed insights into procurement best practices that companies can implement to identify cost reduction opportunities. The article also highlights the procurement best practice benchmarks set by the leading companies to drive better revenues and increase productivity.
In today's economic environment, businesses consider procurement management as their topmost priority as it takes up a large share of their overall spend. However, the increasing complexity in the procurement process has compelled companies to revamp their procurement functions and implement procurement best practices. Such practices help companies to gain visibility into their operations and identify cost reduction opportunities. Download this free resource to know how companies can implement procurement best practices and improve their procurement functions.
Identifying and implementing procurement best practices is imperative for companies to improve their procurement process. Request a free demo to know how our experts can assist you with their accurate insights.
Procurement Best Practices that Companies Need to Know
A digital procurement strategy enables organizations to incorporate data from different sources and predict customer demands. This helps organizations to create a predictive approach, maintain optimal inventory levels, address consumer needs, minimize resource wastage, and improve the efficiency of organizations.
To know about procurement best practices that you can implement, download the complete article here.
Centralize supply management
Centralizing supply management is one of the procurement best practices that companies can follow to reduce excess spend. The centralized system helps companies to analyze information from various departments and make informed sourcing decisions. This reduces risks associated with the unmanaged indirect spend and minimizes maverick spend.
Companies can mitigate risks and reduce maverick spend by deploying an effective supply management process. Request a free proposal to access our service portfolio of procurement market intelligence solutions.
Develop procurement spend map
Developing a precise spend map is vital for companies to gain valuable insights into the total spend of the company. A spend map evaluates spend at the organizational level and helps organizations to identify cost reduction opportunities. It monitors the transactions organization processes and analyzes the administrative costs associated with them, improving the procurement process for companies.
Get in touch with our procurement experts to know how companies can improve their procurement process and generate real value for the organization.
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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