One of the most important processes within your business, your procurement strategy impacts almost every facet of your company, which means when things go right, your entire corporation reaps the benefits.
Questioning if your procurement process is working for you? Read on to discover the positive signs you should be looking for.
Indication That Your Procurement Process Is Working Fine
Departmental Spending Is Under Control
In terms of spending, the procurement process has to be carefully monitored. When your team is under pressure to source several parts as quickly as possible, it doesn’t take much for the costs to spiral out of control.
If your procurement process has meant a decrease in departmental spending, then it’s a good sign that your buying strategy is paying off. Whether you’re purchasing D Type Connectors by Rosenberger, semiconductors, or resonators, searching for your component parts online means you’re no longer under pressure to compare providers or miss out on deals or the latest prices. Additionally, when you move to an online marketplace like Sourcengine, you’ll be in better control of your BOM, with enhanced clarity on ordering and better communications throughout your business meaning fewer mistakes and duplicate orders.
The Quality Of Your Products Is Outstanding
A strong sign that your procurement process is working well for your business, is demonstrated in the quality of your end-product. When you’ve finally found the right component parts provider, it shows in everything that comes off your production line, and the finer your products, the better your reputation and revenue will be.
Customers Are Happy
It’s easy to dismiss the link between your procurement process and the satisfaction of your customers, but in reality, they’re very closely linked. If you’re able to source the parts you need for an unexpected order promptly, then you’re going to please your clients. If you can exceed their expectations by completing their order faster than they anticipated, then you’re going to please your clients. And if your products are of excellent quality, thanks to the high-end parts you’ve sourced online, then you’re going to have happy clients. The more satisfied your clients are, the higher your revenue will be.
Collaboration With Other Departments Has Improved
When a procurement process is successful, it shows in your colleagues. When you have the right process in place, communication across your business should improve. Common mistakes such as duplication of orders, or production lines not knowing when to expect a shipment of parts can play havoc with your productivity levels and employee satisfaction. A strong procurement process eliminates all of these.
You’re In Better Control Of Your Supply Chain
If you’re unsure where your components are or when they’re expecting to be delivered, then you have a supply chain issue. A strong procurement process means clarity on all aspects of the chain, including transport and distribution, elements that are crucial for keeping your production line moving.
Establishing a strong and positive purchasing strategy can feel like an overwhelming task, however with the right supplier and tools by your side, you can enjoy the positives we’ve mentioned here. If you’re unhappy with your current procurement process, consider switching to an online marketplace.