Strategic procurement refers to the process of purchasing goods and services. At ProcMarket, we have goods and services that are available within the 26 industries, which include construction, agriculture, food, beverage, recreation, education, healthcare, finance and many more. Within these industries, there are 157,000 categories and subcategories available for strategic purchasing through the Procurement Marketplace platform.

Many businesses find that maintaining their product and service quality while trying to reduce costs at the same time is a never-ending struggle. Fortunately enough, businesses can easily achieve this through strategic procurement.

Strategic procurement services are important as they not only allow businesses to enhance their automation in sourcing and procurement processes but also offer a number of modules that enhance purchasing accountability, supplier base management and even help with building and refining supplier relationships. Hiring a procurement management consultant can be very cost-saving, offers greater value-added and is very time-saving for your business operations.

Below we have outlined the seven steps of the strategic procurement process.

1. Identify The Needs Of Your Business

The first step of strategic procurement services begins with evaluating your current performance and deciding what is required to meet these specific goals.

There are numerous ways in which a procurement management consultant can assess your organisation’s existing operations and predict its expected future growth. Such ways include communicating with your various departments, analysing workflows and even gathering customer feedback.

2. Gauge The Supplier’s Market

Recognising the prospective sources of raw materials, components, finished goods, or services is one of the central obligations of a business procurement consultant. If there are certain needs for your business, the number of suitable vendors may be limited.

3. Collect Information About The Provider

It is very important to choose your business suppliers competently as your business may encounter significant losses if your supplier does not match your selection criteria. It is best to consider looking over the supplier’s portfolio on how they have been transacting business. Customers of a provider would also be able to outline their experiences if possible to do so. 

In order to produce a competitive environment, selecting more than one provider is beneficial to inhibit supply disruptions. Large international companies would be able to benefit from this strategy the most as it provides them with more centralised control but regional distribution.

4. Develop A Purchasing Strategy

The data that has been acquired from the previous steps can be utilised to create a company’s sourcing or outsourcing purchasing strategy. Whether it be direct purchasing, strategic partnership or acquisition, these are all forms of sourcing.

5. Implement Your Sourcing Plan

In this step, your business procurement consultant will produce your sourcing plan. It is a major commitment to obtain goods and services or collaborate with other businesses. In these cases, suppliers are likely to have the following characteristics:

6. Negotiate With Supplier And Bid Selection

A procurement management consultant will evaluate responses from suppliers and apply its evaluation criteria. 

The strategic procurement team will then assess the bids, quotes or proposals that have been received and use the selection criteria and a process to either shortlist bidders to provide more information or select a first and second successful bidder. Once the review is finalised, the strategic supply chain team will initiate negotiations with the successful bidder.

7. Execute A Turnaround Strategy

When bringing on new suppliers to your business, it is important to hand over information and, form connections to logistics and communication systems, provide training as well as certain physical assets if needed. The implementation of such tasks takes time and expertise, and all expectations should be agreed upon during contract negotiations.

The transition from in-house services to an outsourced service provider can be quite risky, which is why transparency and preparation are vital to this aspect of the sourcing strategy.

Do You Require Strategic Procurement Services? Get In Contact With ProcMarket Today!

Here at Procmarket, we have highly skilled and talented procurement management consultants who are able to help you develop successful strategies.

We utilise a user-friendly interface that provides an Interactive Categorisation Engine, Collaboration Zone, and our Procurement Marketplace. In our Interactive Search Engine, we display 157,000 categories and subcategories to choose from within our industries, with photos to guide the process.

At ProcMarket, we offer a wide range of products that include procurement strategies, risk assessment and treatment plan, scope of work, evaluation criteria and response schedules, request for x document, source to contract, evaluation facilitation and report, spend analytics and sustainability solutions. 

If you have any questions about our procurement processes or services, our business procurement consultants are able to assist you with your query. Feel free to get in touch with our friendly team by submitting a contact form or by telephone at +61 432 779 620. Our highly experienced and professional team will be able to guide you on the path that best solves your specific procurement requirements!

Have you been searching for assistance with strategic procurement, strategic sourcing and strategic purchasing? Our friendly team at ProcMarket can assist you with any questions you may have about our procurement process. Our team is knowledgeable, friendly, trustworthy, detailed and experienced in all aspects of procurement and aims to assist you in reaching your business and procurement needs. 

ProcMarket can assist you with outsourcing and augmenting your strategic procurement needs by offering cost-effective solutions, easy-to-access user platforms and a range of benefits of talented procurement professionals to assist buyers along the process and provide time-efficient procurement solutions.

What is Strategic Procurement?

Strategic procurement refers to the process of purchasing of goods and services. At ProcMarket, we have goods and services that are available within the 26 industries, which include construction, agriculture, food, beverage, recreation, education, healthcare, finance and many more. Within these industries, there are 157,000 categories and subcategories are available for strategic purchasing through the Procurement Marketplace platform. 

Procurement professionals who have world-class experience and education in each industry and specialised training in specific categories will assist with the delivering of goods and services to create a seamless procurement process. 

Strategic procurement is beneficial to augment your goods and services to have the entire process held under one platform. Augmenting your procurement capabilities ensures buyers have the opportunity and variety of options for goods and services and can utilise strategic purchasing in one central platform. 

What is Strategic Purchasing?

The concept of purchasing and procurement are often used interchangeably as they aim to give the end result of goods or services, although procurement closely relates to the process of purchasing goods and services, whilst strategic purchasing is the end step of finalising the purchase. 

Strategic purchasing at ProcMarket occurs when a client purchases a goods or service through the procurement Marketplace platform and is then allocated a procurement professional who is suitable for their project. This final step of the strategic procurement process allows for the delivery of the selected goods or services by a procurement professional who is educated and has experience in the specific category and subcategory. 

What is Strategic Sourcing?

Strategic sourcing is a procurement process that includes every step up until the stage of strategic purchasing. Strategic sourcing refers to market analysis, research, spend analytics and contracts. 

A range of products from ProcMarket may assist you with your strategic sourcing needs, such as a procurement strategy, request for x-document, scope of work, evaluation facilitation and report and more. Our procurement products aim to assist in providing a strong analysis in a variety of areas ranging from purchasing power, possible risks, and evaluation planning. 

Procurement products are available in a range of sizes, starting from under $500K to over $2M. The size range available aims to successfully provide personalisation of the product to suit individual strategic sourcing and strategic procurement needs. Each product is available in a range of skill levels which will showcase each professional’s level of experience and education. The three skill levels include beginner, advanced and experts, with beginner referring to a procurement professional with less than 5 years experience, advanced relates to a procurement professional who has 5-20 years experience, and expert procurement professionals have over 20 years of experience.

Get Started With Strategic Sourcing At Procurement Marketplace Today!

Here at Procmarket, we have highly skilled and talented procurement professionals who are able to help you develop successful strategies today for a financially secure tomorrow.

We utilise a user-friendly interface that provides an Interactive Categorisation Engine, Collaboration Zone, and our Procurement Marketplace. In our Interactive Search Engine, we display 157,000 categories and subcategories to choose from within our industries, with photos to guide the process.

At ProcMarket, we offer a wide range of products that include procurement strategies, risk assessment and treatment plan, scope of work, evaluation criteria and response schedules, request for x document, source to contract, evaluation facilitation and report, spend analytics and sustainability solutions.If you have any questions about strategic purchasing, strategic sourcing or our procurement processes and services, our team is able to assist you with your query. Feel free to get in touch with our friendly team by submitting a contact form or by telephone at +61 432 779 620. Our highly experienced and professional team will be able to guide you on the path that best solves your specific procurement requirements!

Instilling a streamlined procurement process, as well as a comprehensible strategy, is vital for any organisation to ensure that they are able to reach their business goals – spanning from profitability all the way to sustainability and more.

A procurement advisory firm are professionals who are experts in purchasing or procurement. They aid businesses in achieving their goals by buying goods and services in a way that is very profitable and ethical. Ways in which these goals are achieved can be through reviewing suppliers following mergers and acquisitions, cost optimisation, building and managing reliable supply chains, and so much more!

As a top procurement consulting firm here at Prockmarket, we are specialists in helping our clients spend their money wisely. This is the reason as to why many leading businesses trust us to fulfil high-quality procurement services that enable them to attain optimum business performance.

Through this article, we will outline the key benefits of hiring a procurement advisory consultant or procurement consulting firm to help you accomplish your business goals.

Improves Operations And Performance

By hiring a procurement consulting firm such as ProcMarket, you are able to obtain certain goals for your team and company. Such problem areas that can be overcome with the use of procurement advisory can include poor standardisation, time-consuming processes, not enough internal knowledge or training, as well as inaccuracies such as problems aligning with corporate goals. Our experts at ProcMarket are very experienced and are able to work out these issues for you. This applies to any other process you choose to outsource.

Can Help You Affiliate With Corporate Objectives

Costs are one of the first major concerns in regards to your corporate goals. Hiring a top procurement consulting firm can guide you to recognise any shortcomings in your business operations. An external team will be able to focus on outsourcing problem areas within your team. You will be receiving the best performance from our team here at ProcMarket.

Able To Carry Out A Formal Assessment

Procurement consulting firms are able to carry out a formal assessment of your organisation’s processes. This will enable you to see the cost-benefit of business function outsourcing in order to obtain your financial and performance goals. 

We will help you determine what to outsource to meet your corporate and fiscal objectives. Those companies who perform a formal assessment benefit from receiving enhanced value through their visibility, brand control and quality. 

Utilising Business Process Outsourcing

Top procurement consulting firms aid in improving teams’ performances whilst cutting down on irrelevant costs. Business process outsourcing does just that, and it ends with maximising results. Carrying out business process outsourcing can be very time-consuming, which is why our procurement experts are here to help.

Many businesses have certain goals that they cannot obtain because they do not have the required expertise in-house. By outsourcing processes, you are supplying your company with the expertise that your business needs. Not only does it free up dollars, but it can also free up time for your existing employees.

Cuts Down Operational Costs

Hiring a procurement advisory firm is very cost-effective. Procurement advisors can help determine the most cost-effective solutions for any department within your company. 

They can also help drive down internal costs also. With the help of internal procurement professionals, they can take on a more agile and strategic approach and spend less time impeded by individual processes within each department. That includes situating any changes in corporate objectives.

Are You Ready To Hire A Top Procurement Consulting Firm? Get In Contact With ProcMarket Today!

Here at Procmarket, we have highly skilled and talented procurement professionals who are able to help you develop successful strategies today for a financially secure tomorrow. 

We utilise a user-friendly interface that provides an Interactive Categorisation Engine, Collaboration Zone, and our Procurement Marketplace. In our Interactive Search Engine, we display 157,000 categories and subcategories to choose from within our industries, with photos to guide the process.

At ProcMarket, we offer a wide range of products that include procurement strategies, risk assessment and treatment plan, scope of work, evaluation criteria and response schedules, request for x document, source to contract, evaluation facilitation and report, spend analytics and sustainability solutions. If you have any questions about our procurement processes or services, our team is able to assist you with your query. Feel free to get in touch with our friendly team by submitting a contact form or by telephone at +61 432 779 620. Our highly experienced and professional team will be able to guide you on the path that best solves your specific procurement requirements!