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The Procurement Optimiser
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Your procurement processes work, but are you searching for ways to streamline and become even more efficient?
The Procurement Optimiser will help you measure how efficient your current processes are, and identify areas for improvement.
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Have I implemented this?Check ListHow will this help to optimise my procurement?
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1. Are you conducting 3-way matching to evaluate supplier performance?3-way matching is important as it helps you identify and rank your suppliers according to reliability. This will greatly enhance your procurement processes and ensure that you’re focussing your resources on the right suppliers.
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2. Have you documented all your processes & included this in the training of every team member?Making sure you get your team aligned from the start of their journey with the company. This will limit the chances of costly errors that might occur in the long-run. Simplify the tracking and avoid retracing previous payments.
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3. Have you investigated all your workflows & removed unnecessary steps?As the organization grows, understand your current processes and performance. This will include benchmarking important data such as performance, resources used, department costs, functions and growth projects.
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4. Have you looked at entering into a contract with your most reliable suppliers?Entering into a contract with select suppliers will allow you to benefit. This shows commitment and can benefit you on important criterias; preferential pricing, delivery lead times, frequency of sourcing, even payment terms.
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5. Are you certain that you are getting the optimal prices & services from your suppliers?Align with long-term clients by actively comparing prices and services between suppliers. As the market evolves, new players arise, with varied wants and needs. Going through an RFQ process is key to make well-informed decisions.
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6. Are you being diligent in invoice payments to your suppliers?Avoid damaging relationships and your reputation by overlooking payment terms. Settling payments on-time builds trust and promotes good faith. Ensure your processes are set so that no approved invoice gets paid late.
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7. Did you set quantifiable objectives for your procurement team, aka KPIs?Define your exact goals and objectives to track and implement performance measures that will allow to improv or undestand this is the best process in place for the company as it stands.
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8. Do you have a thourough quality check in place?Goods being received need to pass through a quality check to determine damages, losses, inadequacies and ultimately supplier value.
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9. Are you using ny software to support the procurement team at the moment & how well is it being utilized?AI or automated tools will reduce human errors, delays, and late payments and inefficiencies overall. If one is in used, is it being being used to its full potential, or is there an upgrade required?
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10. With the procurement process in place, has it been properly enforced across the entire company, with a defined company policy?Enforcing procurement policies will offer guidance on fair practice for everyone involved in the process, as well as remedies for possible violations. It is crucial to ensure full compliance across the organization.
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OPTIMISATION SCORE
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Want to gain more insights on B2B? Tradeling My2B210%
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