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Procurement savings services

Procurement savings services

Procurement function in an enterprise exists to make sure the continuous supply of necessary goods and services in timely manner at right price and from reliable source who does not pose any risk to the organisation. Their primary function is to hold the bottom-line for the enterprise and help running the company’s operations without any shortages or quality problems. In recent times, procurement is identified as strategic function for CEO organisation. It not only buys stuff but can also help in generating value and competitive advantage by identifying strategic suppliers, negotiating best price or by being the first line of defence for the organisation to meet new demands which have never been faced earlier.

At Value Weaver, we are committed to help procurement leaders by solving the problems they face to achieve their targeted savings. This helps procurement leaders to align their objectives with CEO organisation and work collaboratively for bigger vision of the organisation and not bogging down by complexities of supplier contracts, sourcing delays, or operational web of procure to pay transactions.

With our procurement operations and technology deployment experience of more than 50 years, we have consolidated a credible strategy with working tools, techniques and technology to save you those extra pounds and dollars which are crucial to your business.

Why Savings Matter in Procurement

A strong procurement function is crucial for any enterprise's financial health. Here are few key reasons why achieving savings in procurement is important:

  • Increased profitability: Every pound/ dollar saved in procurement goes straight to your bottom line. Consistent savings translate to a significant boost in profitability over time.
  • Improved cash flow: Efficient procurement practices ensure you're not overspending and frees up cash for investments in other areas of the business.
  • Enhanced competitiveness: Lower procurement costs allow you to offer competitive pricing for your products and services, giving you an edge in the market.
  • Strategic reinvestment: Savings achieved through procurement can be strategically reinvested in areas like research and development, marketing initiatives, or talent acquisition.
  • Risk mitigation: Effective procurement identifies and manages risks associated with suppliers and contracts, ensuring cost predictability and avoiding unexpected expenses.

What makes us UNIQUE?

Methodology for Procurement Savings

Value Weaver team has developed proprietary methodology “RIME” based on our core procurement team’s experience which can produce results faster. Our “RIME” methodology, looks into all aspects of savings. We are sharing few elements of our methodology your procurement team can follow to achieve significant savings:

Identify and categorize all your organization's spending to understand where the most significant opportunities for savings lie.
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Segment suppliers you work with to leverage discounts and negotiate better contract terms.
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Develop and implement effective negotiation strategies to secure the best possible pricing and terms from suppliers.
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Reduce variety in purchased goods and services to simplify procurement processes, minimize inventory complexity, and potentially negotiate lower prices.
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Involve key suppliers early in the design or development phase to optimize for cost-effectiveness and identify potential savings opportunities.
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Implement e-procurement software to automate manual tasks, streamline workflows, and improve data transparency for better decision-making.
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Regularly evaluate supplier performance based on factors like quality, delivery, and cost. This allows you to identify underperforming suppliers and negotiate improvements or seek out better alternatives.
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Implement policies and procedures to minimize maverick spending (unauthorized purchases outside designated channels).
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Regularly assess your procurement processes and identify areas for further improvement. Embrace a culture of continuous improvement to maximize savings over time.
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Leverage data analytics to gain insights into spending patterns, identify trends, and make informed decisions that optimize cost savings.
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By following our structured “RIME” methodology and focusing on these key areas, your procurement team can unlock significant cost savings and contribute to the overall financial health of your enterprise without increasing the budget of procurement team and automating many activities for which you need to deploy experienced procurement staff.

So procurement leaders, please don’t delay, contact us and ignite your savings to boost your career progression.

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