three strategic steps for sustainable procurement success
TRANSCRIPT
Three strategic steps for sustainable procurement success
SYNOPSIS:
• Introduction• Step 1: Augment Cost Savings• Step 2: Cross-functional Collaboration• Step 3: Implement Efficient Inventory Management System• Conclusion
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• INTRODUCTION
• It is better to be unique than to be the best, it makes you number one but, unique makes you the only one. The statement clearly expresses the importance to be unique to become sold out. It is a mantra for sustainable procurement success.
• The major areas are marketing, travel, training, IT consulting, consulting, and many more industries and their CPO’s are encouraging for the continuation of the process in order to gain further benefits by implementing professional approach.
• Strategic sourcing empowers SME’s to seize entire benefits of cost and capability offered by the economical traders, suppliers and agents. Below given is an easy-to-understand framework deliberated to give cutthroat benefits;
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• Step 1: Augment cost savings• Strategic sourcing plays a significant role in analysing and revamping the bottom
level of business, which has a direct impact on savings. Profitable procurement ensures accurate estimation of supplier negotiations.
• It is essential to improve internal collaboration between departments to nullify the gaps completely. SME’s can consider investing on technologies to recognize potential leaks in sourcing projects thereby sealing the investment completely.
• Identifying a perfect source base as a resource augments the efficiency and reduces the cost.
Step 2: Cross-Functional collaboration• It is important to built approachable senior role models who can create
confidence, coordination, inspiring to initiate the fundamental changes in the operational activities. Good quality purchasing abilities generate valuable output inspiring new hires motivating them to work steadily with enhanced confidence level.
Step 3: Implement efficient inventory management system
• An efficient inventory management system solves many problems at core level, where it is possible to track entire data with respect the purchase activities leading to significant savings.
• Assured results are achieved through the vendor communication management where business organizations can experience the following benefit
• Confirmation details of receipt of order• Documentation of quality consignment• Ensure right quantity of goods is delivered and received• Verification of documents
• Contract agreement saves many issues that are likely arise while goods are transit might have lost; dispatch of goods is not reported by the vendor, tampering of goods during transit and variation in quantity or variation in quality. These are few concerned areas where inventory management system plays a vital role in the organizational development.
CormSquare is cloud based procurement platform targeted for small and medium enterprises (SMEs) and bulk purchases. CormSquare is native end-to-end procurement software with private market. CormSquare automates procurement process, greatly reducing time. It also helps find right suppliers at lower price. CormSquare saves procurement cost and ease of procurement.
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Our Customer Relationship Officers (CROs) can assist you with finding suppliers, supplier competency assessment and supplier audit. Based on your requirement, our relationship officers can find local, national or global suppliers. Our Customer Relationship Officers (CROs) can assist in raising RFQs, RFIs, receiving quotes, compare technical and commercial quotes, purchase order management, delivery/document tracking and payable processing.Our Customer Relationship Officers (CROs) can analyses your procurement data and provide actionable intelligence.
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• Assisted Purchase – buyer receives customized quote from cormsquare’s procurement professionals.
• End to End E-Procurement Suite on cloud, that helps buyers in managing enterprise purchase.
• Seamless Responsive Interface which works across devices. • Digital B2B Store front for supplier with digital catalogue, ePayment and
eProcurement Services • Mini CRM Tools and Digital promotion assistance to our stakeholders. • Collaboration with supplier to assist in Customer acquisition, engagement. • Helping manufacturing and Buyers to master the transformation of their business.
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