Procurement Consulting Firms – Bridging the Gap between Cost and Value

Maintaining an attitude of ‘needing to know everything’ is required of procurement organisations that are shifting from cost to value. By working with reputable procurement consulting firms, chief procurement officers can obtain actionable intelligence on their supply chains, procurement categories, and suppliers. The intelligence can help you act and plan proactively as you base your decisions on comprehensive, actionable, and critical information at every stage of the procurement lifecycle. This way, hiring one of the best procurement consulting firms makes perfect sense if you want to ensure the quality of your sources for a more profitable procurement process.

Hiring a procurement consulting firm can be cost-effective to your business, too. By hiring them, you do not have to hire additional in-house staff. This saves you from additional overhead costs associated with having more employees in your company. Procurement consultants are more flexible in finding and using resources for best results, and as long as you work with seasoned experts, you can count on their industry expertise to help you generate ideas and apply the best practices, while providing support to top management.

The best procurement consulting firms maintain an in-house database of thousands of online information sources and a network of over a million suppliers around the world. This way, their procurement analysts can create actionable intelligence and insights for you and other stakeholders in your business. They offer procurement intelligence solutions that will enable you to benchmark and measure the performance of current suppliers, identify early warning signs pertaining to supply chain risks, track the changes of your procurement categories, and ensure a sustainable supply chain. They help you ensure compliance with supplier monitoring regulations and standards, while strengthening your relationships with every supplier. Procurement consultants can help you find niche and new suppliers, and find solutions that can help you negotiate well and save on costs.