Procurement Assist Consortium’s Post

"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

Understand the Procurement Strategy A Procurement Strategy is a process that aligns with organization’s overall corporate strategy. Procurement Strategy supports the overall business objectives and direction, ensuring that any activity that is undertaken within the operational activities in the procurement department's work towards the overall corporate strategy. Today’s market demands flexibility and innovation. Procurement Strategy will help us to stay ahead, Organizations must be quicker, leaner, and proactive to keep ahead of things to avoid being left behind by competitors and customers. for more details you can watch the video. https://lnkd.in/dBrb3WX2

As we grow in our procurement roles, our perspective widens. We acknowledge the influence of non-commercial factors in the Total Life Cycle cost, leading to more detailed & comprehensive comparative statements. This evolution signifies a shift from cost sensitivity to a more value-oriented approach. #procurement #valueoriented #costanalysis

"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

📌 Procurement plays a critical role in value creation for a company by driving efficiencies, reducing costs, and enhancing overall competitiveness. Here’s how procurement adds value📈: 1️⃣ Cost Reduction and Efficiency: By negotiating better terms with suppliers, optimizing procurement processes, and leveraging economies of scale, procurement can significantly reduce costs. Efficient procurement processes also minimize waste and streamline operations, leading to overall cost savings. 2️⃣ Strategic Sourcing: Procurement adds value by identifying and selecting suppliers that align with the company’s strategic goals. This includes sourcing high-quality materials, ensuring reliability, and fostering long-term partnerships that contribute to innovation and competitive advantage. 3️⃣ Risk Management: Effective procurement involves identifying potential risks in the supply chain and developing strategies to mitigate them. This can include diversifying suppliers, securing favorable contract terms, and ensuring compliance with regulations, all of which protect the company from disruptions and liabilities. 4️⃣ Innovation and Supplier Collaboration: By working closely with suppliers, procurement can drive innovation within the supply chain. This could involve co-developing new products, improving existing processes, or adopting new technologies that enhance the company’s offerings and market position. 5️⃣ Sustainability and Corporate Responsibility: Procurement can lead sustainability initiatives by sourcing from environmentally and socially responsible suppliers. This not only aligns with corporate social responsibility goals but also appeals to consumers and investors who prioritize sustainability. 6️⃣ Enhanced Supplier Relationships: Strong relationships with key suppliers can lead to better service, more favorable terms, and access to exclusive innovations. These relationships also enable more agile responses to market changes or disruptions. 7️⃣ Supporting Strategic Initiatives: Procurement is often involved in strategic initiatives such as entering new markets, launching new products, or implementing new technologies. By aligning procurement strategies with business objectives, procurement supports the company’s growth and innovation efforts. In essence, procurement is not just about buying goods and services at the lowest cost; it’s about strategically managing resources, suppliers, and risks to create long-term value for the company. #Procurement #Strategic_Sourcing #Business

Has your business recently scaled up or in the process of scaling up? Thinking about setting up a procurement department? Are you familiar with the benefits a tailored procurement solution could bring to your business development? At McKean Procurement Solutions Limited, we specialise in transformation procurement solutions and below are a few headlines on how our tailored service can help you; - Improve profitability, reducing the costs for goods and services and identifying better sources of supply - Overall reducing the bottom line - Ensure best value for money for the committed expenditure - What is being purchased is fit for purpose - Ensure compliance and ethical supply chains and transparent and efficient purchasing - Structured process and transparency around purchasing Our end to end procurement solution setting up a procurement department can be easily integrated into your organisation. For more information and details on our range of services or a booking in a Google Meet, MS Teams or Zoom call, please feel free to visit us at https://lnkd.in/ei33sYPh  or message directly to discuss your procurement needs. #procurement #greenfield #procurementdepartment #consulting #vfm #triplebottomline #supplychain #logistics #uk #apac #emea #europe #latam #na #america

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.

Integrity, fairness, and quality: our 3 unwavering principles as a #caresector specialist #procurement organisation. We only work with clients who resonate with our same values. Our experienced team of procurement professionals drive tangible savings and value for our clients. https://hubs.ly/Q02C2LJK0

Procurement in 2024: An Opportunity to Thrive?; our latest Barkers - Procurement & Commercial Practitioners’ blog is now available to view  #cpd #challenge #procurement #opportunity