Matthew Hardaker’s Post

Our latest blog is now available, entitled ‘Procurement in 2024: An Opportunity to Thrive?’. Take a read at https://lnkd.in/e-jFe_v7   #cpd #challenge #procurement #opportunity 

Sharing our most recent blog which considers the challenges faced in 2024 for the procurement professional, and the opportunities to seize. Take a read #cpd #challenge #procurement #opportunity 

Why does procurement exist? Most people will say to save money. But that’s wrong. That’s an essential part of procurement, but it’s not why it exists. Procurement exists to turn suppliers' capabilities into value for the end customers of its business. A shift in perspective is powerful. Especially when you consider the purpose rather than the methodologies.

Here’s a secret: Better procurement means higher ROI. The businesses that excel in procurement are the ones that grow the most. Why? - They save money - They improve efficiency - They mitigate risk - They innovate And doing this doesn't have to be hard. Invest in procurement training. Empower your procurement team. Use procurement technology. Collaborate with your suppliers. Good procurement is a process, and it’s a process that pays off. If you’re looking to maximize your business's value, start by optimizing your procurement practices.

The Power of Cost Savings in Procurement: A Competitive Edge In today's competitive business environment, effective procurement isn’t just about buying—it's about strategic cost savings that can make or break a company’s bottom line. Procurement teams have become more important to the board, finding ways to cut costs without sacrificing quality or efficiency. Every amount saved in procurement flows directly to profit, making it a critical area for boosting financial performance. Modern procurement strategies leverage data analytics, supplier negotiations, and bulk purchasing power to optimize spending. But the real game-changer is identifying hidden cost-saving opportunities, streamline vendor management, and prevent over-purchasing. This gives companies the agility to adapt quickly to market shifts while keeping expenses under control. By prioritizing cost savings in procurement, businesses gain a competitive edge, freeing up capital for innovation, growth, and investment. In an economy where margins are tight, procurement-driven savings can be the difference between thriving and merely surviving. Contact us for more details how our consultants can assist your saving initiative....

What impact will the #ProcurementAct have on you in the short and longer term? What challenges and opportunities will it create? Read more here https://buff.ly/44OdHIx #wearecco #Procurement #PublicSector #supplychain #localauthorities #transformation #localgovernment

Procurement KPIs are essential metrics that assess the effectiveness of procurement processes within an organization. These metrics provide valuable insights into internal and external operations, aiding businesses in aligning procurement strategies with overall company objectives. Prioritizing the selection of KPIs is critical for maximizing their impact. #Procurement

“Procurement: The Secret to Success” Unlocking Business Success Through Strategic Procurement In today’s competitive business landscape, procurement is no longer just about purchasing goods and services. It’s a strategic function that can significantly impact a company’s success. Here’s how procurement drives business success and why it should be a central part of the strategy: The Evolving Role of Procurement: Procurement used to be about getting the lowest prices. Now, it involves: • Supplier Relationships: Building strong, reliable partnerships 🤝. • Risk Management: Preparing for market changes and uncertainties ⚠️. • Sustainability: Choosing eco-friendly and ethical suppliers 🌿. • Innovation: Collaborating with suppliers to develop new products 💡. How Procurement Impacts Business? Cost Management and Profitability: • Example: A company negotiates better terms with suppliers, reducing costs and increasing profit margins 💰. • Result: More funds available for growth and investment 📈. Enhancing Operational Efficiency: • Example: Streamlined processes ensure timely delivery of materials ⏱️. • Result: Minimized downtime and maximized productivity 🚀. Driving Innovation: • Example: Partnering with a tech-forward supplier to co-develop a new product 🛠️. • Result: Staying ahead of the competition with innovative offerings 🏆. Mitigating Risks: • Example: Diversifying suppliers to avoid disruptions 🔄. • Result: Business continuity even during global supply chain issues 🌐. Sustainability and Corporate Responsibility: • Example: Sourcing from sustainable suppliers 🌳. • Result: Enhanced corporate reputation and compliance with regulations 📜. Why It Matters? • Stronger Supplier Relationships: Leads to better terms and exclusive innovations 🤝. • Risk Mitigation: Ensures business resilience 🔒. • Sustainable Practices: Meets consumer demand for ethical business 🌍. Conclusion Procurement is a strategic asset that enhances profitability, efficiency, innovation, and sustainability. By focusing on procurement, businesses can unlock new opportunities and ensure sustainable growth. #Procurement #BusinessSuccess #SupplyChain #Innovation #Sustainability #RiskManagement #CostSavings #OperationalEfficiency

"Innovative ways to reduce procurement costs in 2024 Today, I want to talk about an important aspect of procurement that's always on our minds: cost reduction. As procurement professionals, we know that managing costs is a critical factor in driving profitability and ensuring that we get the most value for our money. That's why I want to hear from you about the strategies you use to reduce procurement costs and any innovative cost-saving ideas that your organization has delivered. Have you implemented any new technologies or processes that have led to significant cost savings? Have you forged new partnerships or explored alternative sourcing options that have reduced procurement costs? Or, have you adopted any new procurement methodologies that have increased efficiency and saved money? What innovation have you seen from suppliers? Share your experiences and knowledge on this important topic. Remember, every cost-saving idea count, and we can all learn from each other's successes and failures. Thank you for your contributions, and I look forward to hearing from you! Let's use this group as a platform to share our insights and knowledge on this important topic. If you’re not already in our group, please join and engage in the debate. UK Public Sector Suppliers & Procurement Network Link: https://lnkd.in/eWysPsEE

"Innovative ways to reduce procurement costs in 2024 Today, I want to talk about an important aspect of procurement that's always on our minds: cost reduction. As procurement professionals, we know that managing costs is a critical factor in driving profitability and ensuring that we get the most value for our money. That's why I want to hear from you about the strategies you use to reduce procurement costs and any innovative cost-saving ideas that your organization has delivered. Have you implemented any new technologies or processes that have led to significant cost savings? Have you forged new partnerships or explored alternative sourcing options that have reduced procurement costs? Or, have you adopted any new procurement methodologies that have increased efficiency and saved money? What innovation have you seen from suppliers? Share your experiences and knowledge on this important topic. Remember, every cost-saving idea count, and we can all learn from each other's successes and failures. Thank you for your contributions, and I look forward to hearing from you! Let's use this group as a platform to share our insights and knowledge on this important topic. If you’re not already in our group, please join and engage in the debate. UK Public Sector Suppliers & Procurement Network Link: https://lnkd.in/eWysPsEE