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Harness The Power of Indirect Procurement
Optimising your procurement methods is essential for keeping competitive and fostering growth in today’s fast-paced corporate environment. Indirect procurement is just as crucial for streamlining procedures, cutting costs, and improving overall efficiency. It is the process of purchasing goods and services that are optional for creating a company’s goods and services. The phrase “indirect spend” or “MRO” (maintenance, repair, and services) is frequently used to describe these products and services.
Facilities offered by Refteck.
- Commercial warehouses: For businesses to run efficiently, factories, offices, and commercial buildings are necessary.
- Utilities: For equipment to operate and for the operation of the business, commercial premises need access to water and power.
- MRO: Companies need MRO products to maintain their buildings and equipment.
- Travel: Businesses need travel services to send staff to several locations for business-related reasons.
- Professional services: These are necessary for businesses to operate efficiently, including legal, accounting, and consulting services
The Advantages of Indirect Procurement
- Cost reductions: There is an immense possibility for cost reductions with indirect procurement. Hence, you can considerably lower your costs for numerous indirect goods and services by utilising economies for sale and arranging favourable contracts with suppliers.
- Efficiency improvement: It can simplify procedures, reduce administrative burdens and improve operational efficiency. As a result, your team can focus more on strategic projects rather than tedious activities.
- Visibility and control: Strong indirect procurement procedures help you better understand your company’s spending trends. You can make wise judgements and find areas for development with improved data analytics and reporting.
- Relationship management with vendors: Indirect buying encourages fruitful supplier partnerships. You can ensure consistent service quality, on-time delivery, and favourable terms by cultivating partnerships with critical suppliers.
- Risk reduction: A well-planned indirect procurement strategy reduces the risks brought on by market changes, supplier disruptions, and regulatory compliance. This aids in the resilience and stability of your company.
Refteck’s expertise
Our procurement consultants can help identify particular opportunities for cost reduction and improvement by combining their in-depth knowledge of sourcing best practices with our extensive experience in vendor management. They will work with you to analyse your current sourcing process and help you identify and take advantage of opportunities for quantifiable improvement through indirect procurement strategy.
Key Practices for Indirect Procurement
- Strategic sourcing: Examine your spending habits to find areas where you may group suppliers and bargain for more significant discounts. This strategy reduces expenses and optimises procurement.
- Supplier diversity: Promote inclusion and a more comprehensive selection of cutting-edge goods and services by embracing supplier diversity.
- Technologies automation: Utilise automation technologies and procurement software to expedite processes, improve accuracy, and minimise manual intervention.
- Collaboration across functional lines: Several departments are involved in indirect procurement. Encourage cooperation between the finance, HR, IT, and other pertinent teams to match procurement goals with overarching business goals.
- Data-driven strategies: Utilise advanced analytical solutions to acquire insights into consumer purchasing patterns, supplier performance, and market trends. Making educated decisions is made easier with this data-driven strategy.
Refteck is your gateway to the Revolution in Indirect Procurement
We at Refteck are committed to changing how you think about indirect procurement. Our dedication to quality, innovation, and individualised service distinguishes us as a reliable companion on your path to procurement optimisation. Discover the Refteck advantage and unleash your company’s hidden potential. Are you ready to benefit from Refteck’s advantages? To start a transformational journey that will change the way you see indirect procurement, contact us immediately. Let’s work together to open up new possibilities, achieve unmatched efficiency, and propel your company to unprecedented procurement success.
RELATED EXPERTISE
outsource procurement
Are you spending too much time on Procurement? Do you need to get the best prices from your suppliers? Do you worry about fraud and errors in your procurement process? If so, consider outsourcing and let our experts help you! Outsourcing procurement can free up your time and resources so you can focus on what matters most. Interested in learning more about outsourcing procurement? Let’s get started!
Tail Spend management
Are you looking for ways to save money and improve your procurement strategy? If so , tail spend management is definitely something you should consider. Tail spend is the money that your organisation spends on low-value, high-volume purchases. It typically makes up 80% of your transactions but only 20% of your total spend. That means even a small percentage of savings on tail spend can greatly impact your bottom line. For example, if you can reduce your tail spend by just 10%, you could save millions of dollars per year. Yes, you read that correctly! Continue reading to learn in-depth!
Invoice and supplier base reduction
Reducing the number of suppliers you work with and the number of invoices you get is known as “invoice and supplier base reduction.” By effectively managing bills and strategically modifying their supplier network, our revolutionary method enables companies of all sizes to streamline processes, reduce expenses, and increase productivity.
Total cost of ownership
In the fast-paced landscape of today’s business world, cost reduction and operational efficiency are more crucial than ever. But achieving smart spending involves a crucial change in how we look at things – it’s about moving beyond just the starting price and digging into something called Total Cost of Ownership (TCO).