SpendEdge, a global procurement intelligence advisory firm, has announced the completion of their most recent whitepaper on procurement best practices and how essential is it for a successful business. Adhering to procurement best practices can help deliver competitive advantage by eradicating wastage in the cycle of the source, demand, and supply when purchasing goods and services.
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Procurement best practices and how essential is it for a successful business (Graphic: Business Wire)
In today's competitive business scenario, procurement best practices help businesses gain a competitive advantage by offering insights into ways to achieve business success. Procurement best practices also help firms identify functional drivers and commercial decisions that impact the profitability; thereby, helping them implement best-in-class sourcing and procurement strategies across the supply chain.
According to the procurement best practices experts at SpendEdge, "Leveraging the use of procurement best practices help firms to streamline processes, decrease raw material costs, and identify superior sources of supply."
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Procurement Best Practices
- Set up a committee for purchasing - Conducting meetings with stakeholders at regular intervals helps in overcoming the barriers which exist within the organization.
- Harness technology efficiently Companies should strive to look for new ways to harness and exploit technology efficiently.
- Initiate agreements with key suppliers To enhance the supplier or buyer relationship it is essential for representatives from both parties to work closely and establish partnerships.
- Engage in collaborative strategic sourcing Feedback and information regarding objectives and strategies help improve the quality of decision making.
- To read more, download this whitepaper
Download the complete procurement best practices whitepaper here:
https://www.spendedge.com/request-white-paper?related=5647
About SpendEdge
SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement market intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence that helps sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.
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Contacts:
SpendEdge
Shilpa Balakrishnan
US: +1 (844) 746-0600
hello@spendedge.com