A study by Riskmethods found that 79% of companies experienced supply chain disruptions, resulting in a loss of 4% or more of their total revenue in the past 3 years.
Without a strong procurement strategy, companies are at risk of losing a significant portion of their revenue due to disruptions. More than 150 executives in supply chain and procurement were surveyed to learn about the challenges they face and gather insights on the best practices to prevent major disruptions.
Companies find it hard to choose suppliers for buying parts. To save time and avoid mistakes, many businesses are using automation to handle their procurement process.
How does automation help in reducing disruptions? Automation software can do a lot of work in processing data. Companies don’t need to hire a data scientist to enter data, update part records, or organize component information. This gives procurement managers more time to check the market and decide if a part is good to buy.
Automating the BOM manager gives insights into risks, inventory levels, and compliance data.
Inventory costs can greatly impact product development teams. Studies have found that these costs can range from 18% to 75% of a product’s total value. Ideally, inventory costs should be around 15-25% of the total inventory value.
There are ways to reduce inventory costs:
Many businesses don’t use multiple sources for their products, according to a survey of manufacturing executives. This can be risky because relying on just one supplier or distributor can lead to problems after natural disasters or geopolitical events. Companies that use multiple suppliers from different places are more resilient in their purchasing.
Automation can help with multi-sourcing. When you can see all the parts in a BOM (Bill of Materials), you can measure the risk. If many parts come from the same place, it’s considered high risk. BOM management software can help find alternatives and options for multi-sourcing.
One Software That Offers All In One Solution For RFx & E-Auctions India’s Most Decorated and 100% Secure Online e-Auction Platform That Makes ProVen The Best Supplier Relationship Management (SRM) Solution.
Move away from spreadsheets and manually compare quotations and information from vendors. Cloud Expert’s eRFX solution – ProVen lets you manage all your RFIs, RFQs, RFPs, RFTs, and Auctions, in one system.
Deploy reverse auction strategies to maximize savings and innovate procurement operations.
One Software That Offers All In One Solution For RFx & E-Auctions India’s Most Decorated and 100% Secure Online e-Auction Platform That Makes ProVen The Best Supplier Relationship Management (SRM) Solution.
Move away from spreadsheets and manually compare quotations and information from vendors. Cloud Expert’s eRFX solution – ProVen lets you manage all your RFIs, RFQs, RFPs, RFTs, and Auctions, in one system.
Enhance your most normal obtaining process, eRFX, and contract talks in the quickest way possible. Leverage ProVen&apos’s intelligent APIs to concentrate all obtaining information onto a solitary stage and improve on the most confounded processes with quicker direction.
Open the window to make your spending analysis more astute with ProVen. Open fundamental examples by solidifying a lot of spending Data and assist your Procurement Team to eliminate blind expenditures, screen conduct, and gain further bits of knowledge.
You can link your processes and technology using ProVen’s smart APIs. This will make different systems work well together. You don’t need to collect information from various tools anymore. You can make your procurement system better.
Say Goodbye to misplaced and mismanaged paper contracts with ProVen’s Contract Management Software. You can say goodbye to risks and lost savings too. It helps you to handle all types of contracts easily, securely, and without using paper and ink. It simplifies the creation, execution, and management of your contracts.
Save up to 20% of your procurement budget by reducing unplanned or uncontrolled spending. ProVen can help you manage your tail spend and find more savings by giving you a clear view of your spending.
See where you spend money in your supply chain and find ways to save. Procol’s smart dashboards show you information about how much products cost, details about suppliers, and trends in prices. You can use this information to cut down your expenditure.
Connect with an expert who can share more about our solutions and answer any questions you have.
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