How can an e-procurement consultant help you improve ROI?
Summary
Businesses set a number of objectives out of which maximising ROI is a top priority, which is why businesses need an e-procurement consultant—to help businesses match out solutions for smoother operations. It is a proven way for businesses to save money while improving the efficiency of their supply chains. The major benefits of using an e-procurement consultant are the identification of cost savings and streamlined business processes, which in turn explains why procurement automation ROI is important. A procurement consultant would help your business achieve a high ROI through careful planning and execution, which is why businesses choose e-procurement.
e-Procurement systems can automate and streamline the purchasing process in an organisation—reducing costs, improving efficiency, promoting transparency, and increasing compliance.
ROI is one of the most important metrics a company can analyse to determine its success and progress in achieving objectives. When it comes to assessing procurement ROI, the goal is not just to determine if the procurement process is effective but also to determine that the current suppliers are increasing your ROI every step of the way.
One proven tool that helps businesses optimise their operations is an automated procurement solution. Data has shown that the average return on investment (ROI) for procurement automation is 220% and optimising automation allows you to prioritise business-critical activities such as decision-making and strategising.
If you want to make informed decisions like automating procurement for enhanced processes, it is best to identify opportunities for improvement and secure data. For this, you need solid metrics like ROI at your fingertips. This is where a procurement consultant can contribute.
Why do you need an e-procurement consultant?
Maximising ROI is a top priority for companies and achieving that goal requires careful planning and execution. Procurement consultants can suggest solutions which can lead to significant cost savings and improved business processes.
The benefits of using a consultant for e-procurement are many. Here are some that contribute to an improved procurement process.
Hiring a consultant would allow your business to enhance efficiency and prioritise achieving short-term objectives. They can help you identify suppliers who offer better pricing, negotiate better deals, and reduce the overall cost of your procurement process.
e-Procurement consultants may have a wide array of information that you may not have access to internally. Being in the field will specialise their knowledge and experience in relevant areas of work and they will utilise it to help businesses solve difficult problems and reach their goals.
A consultant can also bring a fresh perspective to your business and identify new growth opportunities. This can grow your competitive edge and potential.
e-Procurement consultants can help you distinguish and prioritise objectives. By evaluating potential consultants and establishing a strong working relationship, companies can maximise their return on investment and drive sustainable growth.
With the right consultant, businesses can optimise their procurement processes, streamline operations, and reduce costs, pushing the maximum ROI to be achieved.
Why is procurement automation ROI important?
ROI can be used as part of analytics and serves as a benchmark for shaping business strategies for the future. Data has shown that more than 80% of company leaders are increasing the speed of their work process automation. This lets you determine what tactics are working and what areas can be improved.
ROI can be an indicator of your business gaining a competitive edge within the industry. This metric can help businesses plan for goals and objectives that are attainable, and reallocate funds to the most optimal business tactic. This allows you to let go of the opportunity costs your business is incurring.
A procurement consultant will help you identify, assess, and implement solutions in compliance with regulations. Procurement consultants can also provide guidance on critical areas such as risk assessment and management, pricing, and contracting processes.
An e-procurement consultant can facilitate this level of ROI by efficiently standardising and automating routine tasks which lowers the costs and by boosting productivity to divert focus on strategic initiatives. Data has shown that 76% of businesses see ROI from automation within one year.
Why choose e-procurement?
Overall, e-procurement can result in better purchasing decisions, prompt faster transactions, and centralise information across the board. With e-procurement there is privacy protection and role-based access controls allow you to check who can view budget information, invoices, requisitions, and other sensitive data points.
An e-procurement system results in integration and stronger connections with other parts of the business. Being able to share information in real-time with the rest of the company and other stakeholders is valuable to promoting a fast-moving workflow. Data has shown that 66% of organisations are planning to centralise their procurement functions.
Why it is worthwhile for businesses to get an e-procurement consultant?
An e-procurement solution worth your consideration should have integrations with ERPs and other financial tools. It is not easy to keep up in a volatile and constantly changing market and business environment.
Procurement consulting thus offers capabilities to digitalise the procurement processes—streamlining operations and promoting greater productivity, control, coordination, and accuracy.
