SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article onhow procurement can help build a better budget.
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Despite budget being an integral part of companies' planning and operations, not many organizations make efficient use of the resources and knowledge they have at hand. The procurement function manages spend, and yet is often left out of the budgeting process. However, there are numerous ways through which procurement and supply chain management can benefit the planning and execution of a company's budget.
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At SpendEdge, we understand that building an effective budget and finding the optimal way to carry out the company's plan is imperative. Therefore, we have highlighted the role of procurement in the budget planning process.
Role of Procurement in Building a Better Budget
More accurate predictions
The procurement team is primarily responsible for finding best-fit suppliers, devising negotiation strategies, and ordering supplies. It possesses detailed insights into costs and the ease or difficulty of procuring an item. While creating a budget, companies can gain vital insights from the team and analyze if the right amount of money has been allocated for a particular item or not.
Want to know how procurement can help you allocate resources effectively and identify cost-savings opportunities? Reach out to our experts for specific insights.
Detailed view of past spending
Rather than depending on previous budgets for future planning, a procurement solution can help companies obtain considerable insights into actual spend. Businesses can make the budget more accurate by comparing it with last year's supply costs. They can identify areas of excess spend and identify ways to reduce it.
Obtaining a detailed view of past spend is crucial for companies to identify areas of excess spend. Request a free demo to access our web-based procurement platform.
Accounting for volatility
Procurement can help companies plan for volatility in the supply chain. It can better address changing material costs, current pricing, and possible fluctuations in the price of cost elements. Fluctuating prices can impact different supply chain operations of the company. With procurement, firms can gain insights into all such operations.
To know in detail about the role of procurement in building a better budget, request for more information from our experts now!
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SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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