3 Hot Procurement Topics
October 8, 2019
Procurement may not seem like the most exciting topic in business, but there are some new trends that are worth talking about. Whether you’re an experienced company or a new start-up, there’s always more you can do to improve your procurement process. At BioProcure, we’ve simplified and optimized the procurement process to bring the newest hot procurement topics to you. We’re constantly working to utilize new ideas in our procurement process, but these are a few of the best procurement methods we’re using right now.
E-ProcurementIn a time when the world lives on the internet, why should procurement be any different? E-procurement is rising in popularity thanks to the easy organization, enhanced control, and quick processing that it offers. At BioProcure, we offer e-procurement services to meet all of your business needs at a cost-efficient price. E-procurement is easy to use, update, and integrate into the systems you already have in place! Not only will this new procurement method reduce the number of mistakes during the procurement process, but it will also allow your employees to spend more time on other important tasks.
Outsourcing ProcurementOutsourced Procurement is another new trend in procurement aimed at saving your company time and money. By allowing your procurement needs to be outsourced to an expert team of professionals you’ll begin to see instant results on your end of the company. Outsourcing procurement will result in cost saving, improved communication throughout the procurement process, better information management, purchasing analysis, and so much more. When you outsource your procurement needs you’ll have the ability to utilize employees for more important tasks while having a better sense of management and direction for your procurement process. At BioProcure, we offer outsourced procurement options that you could begin using today. Making the transition from traditional procurement to outsourced procurement will give you the peace of mind that each of your orders I delivered to clients on time for the best price possible.
Procure-to-PayThe procure-to-pay cycle will help you to ensure that you aren’t overpaying for goods or paying for goods and services you haven’t received. Utilizing the procure-to-pay process effectively will allow your company to build lasting relationships with suppliers and improve profit margins. The steps needed for a successful procure-to-pay cycle include:
- Planning – of course, your company needs to plan and determine what they need, when they need it, and what price they can afford to pay.
- Compare Prices – next, you need to find the best price possible. Start by creating a list of possible vendors, contact each of those vendors and tell them what your needs are, followed by a quote for those services or goods. Remember, the cheapest vendor may not always be the best choice. Look at the quality of the product, warranty information, the terms of delivery, and the variety of their offerings before choosing a vendor.
- Send an Order – prepare a purchase order to send to the vendor of your choice, be sure you keep a copy of the purchase order for yourself too.
- Double Check – once your order is received, you’ll need to check the purchase order with the goods receipt. If everything matches up, then payment should be sent to the vendor.