You’ve got to admit it; procurement management is a complicated process. It can be frustrating and difficult to make sure that you have the right suppliers for your business. This is not just about making sure you have good suppliers; it is also about making sure that you are spending more time on sourcing and managing suppliers than the time it takes them to fulfill your orders.
Procurement strategy and management is an art whereby efficiency, effectiveness, productivity, and enhancing service delivery performance will help you gain a competitive advantage.
Do you really want to spend more time managing your procurement process? Sure, you could hire a bigger team. But the real answer is simple: save huge amounts of time by optimizing your procurement process!
Automate the process
The first step toward reducing your time spent on procurement management is to automate as much of it as possible. However, automated bids and quotes allow you to quickly and accurately generate multiple responses from vendors. You can also use this feature to compare prices and features across multiple vendors, helping you get the best value for your money.
Supply chain project management software helps you track inventory levels and manage supplier relationships. It lets you know when supplies are running low or when it’s time to reorder products from your suppliers. This saves time by eliminating manual processes such as tracking invoices and placing orders with your suppliers.
Clarify and define your roles and responsibilities
Another thing to save time is to make sure everyone involved in the process understands their roles clearly. If you’re working with several people who handle different parts of the procurement process, make sure everyone knows who does what and where they fit into the bigger picture. That way, when problems arise, you’ll know who should handle them and how they should be resolved.
Make use of technology
Technology has made procurement much easier than it used to be, and making good use of it can save you tons of time in both managing existing contracts and handling new ones. You can do everything from bidding out jobs online to using automated contract management software such as DocuSign or Axiosoft Contract Manager for tracking ongoing contracts over time.
In the end, there are countless methods for saving time in procurement management. It all depends on the nature of your business and how you approach your management style.