LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on suggested European procurement best practices for businesses. The article identifies European procurement best practices that can be adopted by businesses to lower the cost of processes.
Procurement is being considered as a fundamental enabler of business strategy by the majority of government and private entities. It is considered as a source of opportunity for process simplification and understanding going on-in operations through data and information. Compliance to strategy and process gets encumbered by the increasing cost to change. However, organizations rely on complex procurement process re-design rather than focusing on getting the basics right.
According to the experts at SpendEdge, “Organizations must implement European procurement best practices to lower costs, improve process efficiency, and deliver competitive advantage by eliminating wastage in the cycle of source and supply.”
Implementing European procurement best practices is crucial for companies to improve process efficiency and reduce costs. Request a free demo and gain instant access to 1000+ procurement reports.
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European Procurement Best Practices
Centralize the procurement function
Centralized procurement functions are the need of the hour for organizations. They ensure the implementation of effective purchasing practices and help organizations promote an effective buying process. Opting for centralized procurement operation also reduces the time spent on ad hoc purchasing and facilitates better inventory management while improving the company's performance.
Realize hard savings
Mostly, procurement cost savings are one of the key KPIs for organizations and they use multiple methods to track these savings. But focusing solely on savings is not a good long-term strategy. Companies must realize savings based on transaction values and actual consumption rather than reducing production costs only.
Are you facing predicaments in realize hard savings based on transaction values and actual consumption? Request for a complimentary proposal to gain access to our customized solutions.
Share compliance data
Sharing compliance data is vital for companies to ensure transparency in the process and analyze new avenues for collaboration. It helps companies improve their performance. Also, systematic and public reporting of compliance data takes advantage of image-building and drives proactive decision-making in organizations.
To know in detail about the European procurement best practices, contact our support team now!
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