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4 Procurement Trends to Watch in 2021 and Beyond

The pandemic and following recession have taught businesses an important lesson: it is essential to plan for the unexpected and for the long term. While COVID-19 may prove to be a temporary situation, its impacts reach far and wide—and those changes are likely here to stay. The economy closing (and reopening) affected consumer demand and all aspects of the supply chain, particularly lead times and budgets. As a result, several procurement trends emerged that may test your business resilience—and subsequently help you build your adaptability.

Sustainability

With the threat of climate change looming over us, sustainability is a high priority for businesses and customers alike. When it comes to procurement and supply chain management, specialists will need to move away from simply ensuring that their vendors comply with eco-conscious practices. They will be expected to proactively collaborate with businesses on how to ensure sustainable practices at each step in the supply chain and lower carbon footprints.

Social Impacts

Businesses (and by extension, their procurement and supply chain partners) will need to ensure an ethical supply chain due to consumer demand. There is an increased social pressure for proof of local sourcing, fair employment practices free of exploitation, ethical business practices, and following sanctions. Organizations need to be prepared to adjust to these consumer demands in order to maintain their client base.

Market Volatility

As businesses and countries continue to reopen after the pandemic shocked our global economy, we will continue to deal with the extensive market volatility that emerged. While many businesses tend to focus on supplier consolidation, this technique leaves little room to adapt to changes like the pandemic. That means your business needs to find ways to track vendors, proactively anticipate problems, and handle sudden changes when they come. The ability to effectively manage risk will be even more necessary.

Resourcefulness

Many organizations had to cut back on resources during the pandemic. That meant letting staff members go and losing essential tools. Businesses had to get resourceful to find ways to work smarter with new budgets and the tools they already had. This creates the need to train existing staff members and leaders in areas of professional development such as time management for greater efficiency. Businesses will also need to find ways to automate their processes to save time and increase productivity.

Outsource Your Purchasing Process and Call Teknik Today

At Teknik, we are constantly innovating and finding new tools to simplify the purchasing process for our clients. With the number of changes in the procurement industry, we want to be sure your business can stay up to date and keep your clients happy. By taking over the procurement and sourcing process, we have consistently helped our clients simplify their work day, reduce their lead times, and boost their savings. As your procurement expert, we can help you acquire any product line you need, ensure order accuracy, and manage the delivery from origin to destination.

For stress-free procurement, talk to us today at +1(305) 592-1512.

How a Purchase Order Management Company Can Simplify Your Purchase Process

As a large company ordering thousands of goods every week, you need a flexible, streamlined process in place to efficiently get the goods you need. Handling purchases through pen and paper is no longer an efficient way to track your orders—this method can lead to plenty of manual errors. On the other hand, software is not specialized enough to handle every step of the purchase process. So if you have been struggling to reduce your lead times, simplify your invoices, and save plenty of money, a purchase order management company may be the right solution for you.

Why Invest in Purchase Order Management?

As a service or goods provider, you are likely buying from tons of vendors at once, sometimes hundreds. Your purchasers may struggle to manage all those different orders and invoices simultaneously. While software can prove helpful, there are so many nuances in the international commerce process that you need more personalization and monitoring than current technology can provide.

The issue of inaccurate orders also comes into play. Without a well-organized solution, late or wrong items can become a consistent problem. Not only does your company have to return incorrect orders, the purchases will then have to go through a lengthy international customs process twice. You lose time and money waiting for the right items to get to you.

When you outsource your purchasing, the investment more than pays for itself in the short and long run. A great procurement specialist will not only search for the best goods and prices, but they will thoroughly check your order for accuracy. The increased efficiency and speed will not only save you precious time, but it will also save you money due to lower loss ratios.

The Benefits of P.O. Management

Order Consolidation

You no longer have to deal with hundreds of vendors. You can receive one invoice and one report that tells you exactly what you need to pay without all the confusion.

Better Prices

When you handle your own purchases, your purchasers need to spend time shopping around for the best prices. Instead, a P.O. management company can source and negotiate the best prices for you more quickly.

Real-Time Progress

A good P.O. management company will give you consistent, accurate information at any stage of the purchasing process. That means you can check on the status of your order whenever you need to.

Less Worries

A purchase order management company specializes solely in purchase orders. They take the stress out of your day and handle your orders, which means you can focus on running your business and doing what you are best at while improving your bottom line.

Want to Streamline Your Purchasing Process? Call Teknik Today

We have consistently helped our clients simplify their purchase order process, reduce their lead times, and boost their savings. As your procurement expert, we can help you acquire any product line you need, ensure order accuracy, and manage the delivery from origin to destination.

For stress-free procurement, talk to us today at +1(305) 592-1512.