Hire Procurement Consulting Firms – 3 Reasons to Go for It

If your procurement team is shifting its focus from cost to value, it makes sense to enable proactive procurement with actionable market intelligence. Discerning organisations hire procurement consulting firms to enable their chief procurement officers to achieve actionable intelligence on supply chains, procurement categories, and suppliers. Doing the same thing can help your procurement team, and CPOs act proactively and make informed decisions concerning procurement. In fact, by hiring a procurement consulting firm, your company can experience the following three advantages:

1. You get comprehensive procurement intelligence solutions – Effective procurement intelligence requires actionable and critical information at every stage of the procurement life cycle. Experienced and established procurement consulting firms have an in-house database of thousands of online information sources and a network of over a million suppliers worldwide to enable their procurement analysts to produce actionable insights and intelligence for your procurement department, category managers, CPOs, and other key decision-makers in your organisation.
   
   
2. You can leave the grunt work to the experts – Procurement consulting firms can take care of repetitive and back office tasks like benchmarking and measuring the performance of your incumbent suppliers, and observing the supply chain to determine early signs of any risk that may affect it. Likewise, you can count on them to help you meet compliance requirements that have anything to do with supplier monitoring. Procurement consulting firms can track the changes in procurement categories and give you advice and tips to ensure a sustainable supply chain and stronger relationships with your suppliers. They can bring new ideas to your company, too, especially when you need assistance in identifying new and niche suppliers, and assistance in finding levers for cost savings and negotiations.
   
   
3. Sustainable procurement intelligence – By hiring a procurement consulting firm, your organisation can improve the sustainability of its supply chains while strengthening supplier relationships. You can leave the periodic and thorough assessments of your suppliers to them. They can help you engage suppliers that are having sustainability issues, too.