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How SMEs can improve their bottom line through procurement

In an article published in Business Reporter for The Sunday Telegraph, Toby Munyard and Tim von der Decken discuss how SMEs can leverage procurement to drive cost savings and efficiencies, and gain a competitive edge.
In today’s uncertain political and economic environment, it is particularly important for SMEs to ensure that they have effective procurement processes in place which enable them to increase efficiencies, minimise costs, reduce capital requirements and, in turn, increase the return on capital. Having these processes in place also allows organisations to review the dependencies of their supply chain and explore access to alternative suppliers in the event of market disruption – satisfying the risk requirements of large clients. For SMEs wanting to use procurement to reduce costs, there are a number of key areas to review.
 
 


If you would like to find out more about how SMEs can drive value from procurement, please get in touch.

Watch out for cosy deals and handshakes
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Watch out for cosy deals and handshakes

Published in Raconteur's Future of Procurement, Ian Bolger is quoted on the importance of balancing personal business relationships and an ethical approach to procurement.

First-class procurement
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First-class procurement

In a supplement produced by Supply Chain Digital, KAUST speaks about Efficio's work

3 ways to take the pain out of contract management
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3 ways to take the pain out of contract management

Why does procurement find it so difficult to successfully manage supplier contracts?

WANTED: Proactive CFO to optimise procurement and drive cost savings
Insight
WANTED: Proactive CFO to optimise procurement and drive cost savings

Maximising profitability, reducing costs and managing financial risks are key to the role of the CFO. Yet some CFOs are missing savings opportunities.