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Why Is Spend Management Important? Your Comprehensive Guide

Written by Abstrakt user on September 11, 2023. Posted in In the News.

Spend management is a strategy that businesses employ to make their spending on products and services more efficient and controlled. This approach typically involves streamlining processes, finding the best sourcing strategies, building good relationships with suppliers, and using digital tools like procurement software and automated systems to improve financial practices.

Effective spend management includes careful planning, predictive analytics and data analysis, and robust financial controls to manage how much the company spends. An important part of this approach is utilizing spend management software or solutions, which have features like contract management, spend analysis, and accounts payable automation. These tools also allow you to delegate important financial tasks.

How Spend Management Contributes to Organizational Success

Effective spend management plays a pivotal role in your organizational success. Implementing a spend management strategy gives finance teams better control over spending, improving supplier management and leading to substantial cost savings. Optimized spend management processes also strengthen global partner payments, mitigating regulatory compliance risks and enhancing transparency in business operations.

Furthermore, clear spend data helps identify maverick spend or tail spend, providing chances to consolidate suppliers and reduce costs. Without a strategic management system, you may experience procurement inefficiencies, missed opportunities for early payment discounts, and strained supplier relationships.

Understanding Different Types of Spend

Your organization encounters a number of different expenditures. It’s important to understand what these expenditures are and how they affect your operations.

Managed vs. Unmanaged:
- Managed Spending: Carefully controlled and optimized expenses through strategic planning and analysis.
- Unmanaged Spending: Expenses lacking oversight, potentially leading to inefficient resource utilization.
Direct vs. Indirect:
- Direct Spending: Expenses directly linked to production, like raw materials and labor costs.
- Indirect Spending: Overhead costs supporting operations, such as office supplies and administrative salaries.
Operating vs. Non-operating:
- Operating Spending: Costs integral to regular business activities, including rent, wages, and utilities.
- Non-Operating Spending: Expenditures outside core operations, like interest payments and one-time expenses.

Managing your organization’s spend can seem like a hassle, but it doesn’t have to be. Explore Velocity’s comprehensive spend management solutions to start your journey toward financial stability.

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6 Key Benefits of Quality Spend Management

Accurate and Centralized Data

A quality spend management solution enables you to implement a centralized system where all spend data is stored. This aspect provides easy access to accurate data, eliminating the risk of data duplication and errors. It also allows businesses to analyze trends and patterns in their expenditure, aiding in strategic planning and decision-making.

Improved Cash Flow and Savings Opportunities

A key advantage of effective spend management is its ability to improve cash flow. By identifying savings opportunities and offering scope for early payment discounts, you can achieve significant cost savings. Spend management also provides clear visibility into accounts payable, helping you manage and forecast your cash flow better.

Increased Productivity

With automated systems and streamlined data integrated into your spend management solutions, repetitive and time-consuming tasks can be automated, leaving more time for teams to focus on strategic, value-adding tasks. This improves the overall productivity and efficiency of your procurement functions.

Better Sourcing Opportunities

With access to real-time data and comprehensive spend analysis, you can uncover better sourcing opportunities, negotiate more advantageous supplier contracts, and cultivate long-term, beneficial supplier relationships. This ultimately drives cost savings and allows you to provide higher-quality products and services.

Effective Risk Management

Quality spend management stands as a pivotal tool for businesses to effectively mitigate a range of risks. These encompass potential hazards tied to adhering to global regulatory requirements, fostering stable supplier relationships, and addressing maverick spending. By establishing transparency and furnishing essential insights, spend management becomes instrumental in shaping a robust risk management strategy, bolstering overall operational resilience.

Building an Effective Spend Management System

Effective spend management is a fundamental requirement for any company that wishes to stay competitive today. The bedrock of an effective spend management strategy lies in achieving a solid balance between cost savings, supplier relationships, global partner payments, and maintaining a healthy cash flow.

Identify Expenditures

Your first step in the spend management process is to identify all your business expenditures. Remember, not all your cash outflows qualify as spend. Examine your managed vs. unmanaged spend, direct vs. indirect spend, and operating vs. non-operating spend. This will give you a good starting point for your spend management system.

Extract Data and Centralize It

Modern accounting software and procurement systems make the data extraction process smooth. Centralizing your spend data allows finance teams to have real-time visibility with real-time data, streamline the tail spend process, and effectively manage maverick spend.

Clean, Verify, and Organize

Poor quality spend data can lead to poor spend management. Cleaning data includes finding errors and duplicates, verifying all data, and aligning data sets. Your aim should be to get accurate data, clean data that is perfectly prepared for analysis by spend analysis software and procurement analytics.

Perform a Thorough Spend Analysis

Performing a thorough spend analysis can help you focus on strategic sourcing and strategic planning, giving procurement organizations an edge in the market. Spend analytics can help uncover areas where you are overspending, where there might be potential for cost savings, and offer ways to lower costs.

Forecast Future Spend

Predicting future spend is an integral part of a spend management strategy. It revolves around analyzing spend data and using it to project future spending by accounting for variations in market conditions. This way, your team can be prepared and plan strategically.

Establish Spend Management Policies

Establish firm policies for purchase orders and contract management. Ensure that your policies cover every aspect of the spending lifecycle, incentivizing early payment discounts, compliance with purchase order processes, and adherence to the established budget.

Track KPIs and Adjust Accordingly

Having specific Key Performance Indicators (KPIs) for your spend management process can help streamline the process and improve efficiency. Make sure to track your KPIs diligently and tweak strategies based on the results. This way, you can facilitate a continuous and iterative process of improvement for your spend management system.

Optimize Your Spend Management With Velocity Procurement

At Velocity Procurement, we strive to help you drive efficiency and cost effectiveness across your operations. We provide spend management solutions that deliver unparalleled insights into your business spend management, helping you make informed decisions and optimize your expenditure. By partnering with us, you can streamline your operations, maximize cost savings, and establish a seamless supply chain ecosystem.

How Do You Know If You Need Procurement Consulting Services?

Written by Abstrakt user on August 30, 2023. Posted in In the News.

Efficient procurement processes are critical for achieving business goals and maintaining a competitive edge in today’s dynamic marketplace. However, ineffective procurement processes can result in cost inefficiencies, supply chain disruptions, and missed opportunities for supplier innovation. When you’re able to establish effective procurement processes and undergo procurement transformation, you can unlock significant benefits, such as cost optimization and strategic cost management.

Process optimization has become even more important in the digital procurement age. The modern procurement landscape emphasizes sustainability, digitization, risk mitigation, and supplier innovation. In such an environment, procurement consulting services become invaluable for businesses of all sizes and across various industries. It enables enhanced efficiency and cost reduction and establishes the foundation for strategic supplier partnerships that drive growth and innovation.

Common Signs You Need Procurement Consulting Services

Inefficiencies in Procurement Processes

Persistent delays, bloated costs, and frequent errors are all signs of inefficiencies within your procurement process. In such cases, a procurement consultant might be your solution. These professionals can help identify bottlenecks, streamline processes, and implement digital procurement solutions for better efficiency and cost management. With their assistance, you can achieve smooth, error-free processes that promote business growth.

Risk Management Issues

Every procurement process entails some degree of risk, from vendor reliability to changes in market prices. Failure to effectively manage these risks can lead to serious consequences, including cost overruns and supply chain disruption. Procurement consultants are well-versed in risk management, providing strategies and tools for managing risks more effectively.

Misalignment With Organizational Goals

Procurement should ideally fall in line with your broader business goals. However, if there’s a misalignment, it can create significant roadblocks in achieving those goals. A procurement consulting firm can help bridge this gap. For instance, if your procurement activities are not contributing to cost savings or failing to support your organization’s sustainability objectives, a procurement consultant can assist in realigning your procurement process with your strategic goals, ensuring that procurement activities contribute to your business’s overall success.

Technology Gaps and Integration Challenges

Technology plays a huge role in modern procurement. However, many businesses struggle with implementing and integrating the right tech solutions. If your organization faces technology gaps or struggles to integrate digital procurement tools, procurement consulting services can provide valuable assistance. For example, if your organization lacks visibility into spend analytics or encounters difficulties in integrating procurement software with existing systems, a procurement consultant can help navigate these issues and drive successful procurement transformation through strategic cost management.

Struggling to optimize your procurement processes and achieve continuous improvement throughout your organization? Velocity’s strategic advisory services can help you streamline your operations, reduce costs, and maximize your use of technology.

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Exploring the Benefits of Procurement Consulting Services

Procurement consulting services are vital for any business seeking to achieve its goals, streamline processes, and effect a successful procurement transformation. They provide you with the tools to optimize their supply chain, encourage innovation, and improve overall business performance.

Expertise and Industry Knowledge

Procurement consultants come with a wealth of expertise and industry knowledge. Their primary function is to analyze your procurement processes to pinpoint areas of inefficiency and propose tailored solutions to address these challenges. Procurement consulting services also bring a fresh, external perspective into your business. As outsiders, consultants can objectively analyze your procurement process. Their industry knowledge empowers them to identify opportunities for supplier innovation and strategic cost management that internal teams might not see.

Thorough Procurement Assessments

A competent procurement consulting firm, through a procurement assessment, can thoroughly examine your company’s procurement processes to identify inefficiencies. These assessments are often comprehensive and cover every aspect of the process, including supplier quality, cost optimization, risk management, and sustainability. Using the insights from these assessments, procurement consultants can then draft a detailed procurement strategy to better align the procurement process with your company’s business goals. This not only improves the process but fosters cost management, process efficiency, and supplier quality.

Managed Services to Supplement Your Team

Another notable perk of procurement consulting is the availability of managed services to supplement your team. A procurement consulting firm can fill any gaps in your procurement team, providing the necessary expertise and support to help you meet your business goals. From providing on-ground support during a procurement transformation to offering assistance with digital procurement strategies, these services can be an invaluable asset for your company.

Keeping You Up to Date With Industry Changes

Procurement is a dynamic field with constant changes and updates. Procurement consultants keep your business updated with the latest trends, industry changes, legislation, and technologies. This proactive approach to changes helps to keep your procurement process lean and cost-effective.

Bridging Technology Gaps

With the rise of digital procurement, companies often face the challenge of integrating new technologies into their operations or simply keeping up with the pace of technological changes. A procurement consultant can help bridge this gap. They can assist in selecting and implementing the most suitable procurement technologies, ensuring the transition is smooth and does not disrupt your operations.

How an Expert Like Velocity Can Help

With years of experience helping businesses unlock their procurement potential, Velocity is your dependable procurement expert. Our expertise stretches across multiple areas, such as strategic sourcing, contract management, and more, offering an end-to-end solution that takes care of all your procurement needs. With our team of highly-qualified procurement consultants, we’re well-poised to help you optimize your procurement functions and align your people, processes, and technology with your overall business goals.

Reach out to the experts at Velocity today, and let’s take your procurement to the next level.

Velocity Utilizing Strategic Sourcing Digital Transformation to Achieve Better Business Outcomes

Written by Abstrakt user on August 29, 2023. Posted in In the News.

When strategic sourcing is coupled with digital transformation, it can yield transformative outcomes in terms of efficiency, collaboration, transparency, and innovation in supply chain processes. By utilizing digital tools, businesses can recognize critical opportunities, get real-time market insights, and implement data-driven decisions promptly. Moreover, using strategic sourcing software in a digital business network can assist in identifying best-fit suppliers, negotiating optimal contracts, and managing supplier performance effectively.

Digging Deeper: How Strategic Sourcing and Digital Transformation Can Change Business Outcomes

Integrating digital transformation into your sourcing plan can lead to better supply chain management, enabling your organization to handle complex supply chains with ease. It can also offer visibility into the entire sourcing process, providing valuable insights to improve operational efficiency, reduce costs, and ensure robust contract compliance. Let’s take a look at some of the key components of this process.

Key Stakeholders Involved in Strategic Sourcing and Digital Transformation

The key stakeholders in a company’s strategic sourcing and digital transformation include senior executives, procurement managers, suppliers, IT leaders, and legal counsels. These key stakeholders work collaboratively to ensure the strategic sourcing process is aligned with your company’s digital transformation goals.

Leveraging Strategic Sourcing Digital Transformation

To harness the full potential of strategic sourcing and digital transformation, organizations should follow a well-defined, step-by-step process. This approach ensures every stage is optimized for success, leading to transformative outcomes.

Comprehensive Spend Analysis: Start by conducting a thorough spend analysis to understand your organization’s current spending patterns and identify potential areas for cost optimization.
Supplier Identification and Selection: Once you clearly understand your spending patterns, focus on identifying and selecting the right suppliers to support your strategic goals. Utilize digital platforms and supplier databases to streamline the supplier identification process, evaluate their capabilities, track performance metrics, and make informed decisions based on comprehensive data and analytics.
Contract Negotiation: Digital platforms and collaborative tools can streamline contract negotiation processes enabling real-time collaboration, automatic contract creation and approval workflows, and informed decision-making. By digitizing contract management, you can reduce cycle times, enhance transparency, and negotiate favorable terms and conditions.
Supplier Performance Monitoring: By tracking key performance indicators (KPIs), such as on-time delivery, quality, and responsiveness, you can ensure suppliers meet contractual obligations.Digital dashboards and real-time reporting provide visibility into supplier performance, enabling proactive identification of potential issues and facilitating data-driven decision-making.

The Impact of Strategic Sourcing Digital Transformation

Strategic sourcing digital transformation largely elevates efficiency, optimizes cost, mitigates risks, and promotes innovations in the supply chain processes. The digitally enabled sourcing process can streamline procurement, achieve cost savings, and facilitate better supplier relationships. Moreover, it can also provide a competitive edge in terms of forecasting supply chain risks and pushing for innovative solutions within the organization.

The Importance of Embracing Strategic Sourcing Digital Transformation to Drive Business Growth

Harnessing the power of strategic sourcing and digital transformation can create immense opportunities. It enables you to maintain competitiveness by optimizing spending, improving supply chain management, and driving substantial business growth. Additionally, utilizing suitable strategic sourcing software built on a digital business network can empower your organizations to effectively manage and analyze data, resulting in valuable and actionable insights. With the right knowledge and strategic approach, businesses can unlock the full potential of these transformative practices to achieve their desired outcomes.

Looking for strategic sourcing within your digital transformation? Explore Velocity’s sourcing execution solutions and start transforming your procurement strategy.

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Trust Velocity for Strategic Sourcing Digital Transformation Success

Robust strategic sourcing processes are absolutely essential in supply chain management. It’s not just a corporate function—it’s the heartbeat of a thriving enterprise. To improve your sourcing processes and achieve better business outcomes, you need a dependable partner that can help you harness digital tools and strategic sourcing processes. Enter Velocity Procurement, your partner in efficient procurement solutions and ongoing success. Velocity helps you leverage people, processes, and technology to improve the quality of your procurement functions while optimizing costs.

The Role of Spend Management

Success hinges on effective spend analysis. It helps in identifying spending patterns, optimizing costs, and scrutinizing suppliers. Spend management is a cornerstone of any sourcing plan, and Velocity exemplifies this with its comprehensive tools for automating tasks, gaining insights, and driving efficiencies in your supply chain.

Conducting a Proper Spend Analysis

Velocity brings expertise in sourcing both direct and indirect spend, allowing you to comprehensively assess your spending patterns across various categories, from raw materials to travel and marketing. Our team of specialists employs advanced tools and methodologies to analyze your procurement data, identify cost-saving opportunities, and scrutinize supplier relationships. By leveraging our comprehensive tools for automating tasks and gaining insights, you can drive efficiencies in your supply chain and make data-driven decisions to enhance your sourcing strategy.

Opportunity Assessment and Wave Planning

Opportunity assessment and wave planning are critical components of the strategic sourcing process. Velocity works closely with your organization to evaluate potential savings opportunities and changes in the sourcing landscape. This involves analyzing various factors such as market conditions, supplier capabilities, and internal priorities to determine the most promising sourcing projects.

With our expertise, you can prioritize these projects based on their potential for cost savings, operational improvements, or other strategic objectives. This strategic approach ensures that you allocate your resources effectively and focus on initiatives that align with your business goals. By riding the “right wave” at the “right time,” you can optimize your supply chain processes, mitigate risks, and drive enhanced business performance.

Unleash The Power of Strategic Sourcing Digital Transformation With Velocity Procurement

As you embark on your journey of strategic sourcing digital transformation, Velocity Procurement is your trusted partner to unleash its full potential. We empower businesses to optimize their spending, streamline supply chain processes, and drive exponential growth.

Contact us today to learn how we can tailor strategic sourcing solutions to your unique needs, accelerate your digital transformation journey, and help you unlock new opportunities for success.

Understanding Soft Costs vs. Hard Costs and Measuring Procurement Savings

Written by Abstrakt user on August 18, 2023. Posted in In the News.

Hard cost savings are the tangible and measurable savings that are realized from specific procurement processes. This type of cost saving can usually be calculated easily in monetary terms and measured on a dollar-for-dollar basis. Some examples of hard cost procurement savings include the following:

Negotiating better pricing structures with suppliers: Analyze your current supplier contracts, gather market intelligence on pricing trends, and leverage this information to engage in meaningful negotiations with your suppliers.
Lowering transportation costs: Consider consolidating shipments, optimizing routes, and using freight optimization software to reduce costs and improve efficiency throughout your transportation network.
Reducing storage fees: Identify slow-moving or obsolete items and implement strategies like just-in-time inventory management, vendor-managed inventory, or consignment arrangements to minimize storage requirements and associated costs.
Optimizing production processes to reduce waste: Implement lead manufacturing principles, such as value stream mapping and continuous improvement initiatives and eliminate non-value-adding activities to streamline your operations and reduce waste.

Typically, hard cost savings are your organization’s most visible and immediate benefits from its procurement initiatives. Measuring these tangible results is easy because they can be tracked directly through invoice and purchase order data. Your procurement team can use this data to calculate precise amounts of hard cost savings that have been achieved.

What Are Soft Cost Procurement Savings?

Soft cost savings, on the other hand, are less tangible benefits that your organization can achieve through its procurement processes. These benefits may not be as immediately apparent or quantifiable, but they still add value to your organization over time. Examples of soft cost procurement savings include:

Improved customer service: Focus on enhancing communication challenges, implementing customer feedback systems, and investing in customer service training to ensure the prompt and effective resolution of customer inquiries, complaints, and issues to improve customer satisfaction and loyalty.
Increased supplier responsiveness: Foster proactive and transparent communication with your suppliers, establish clear performance expectations and leverage technology solutions for efficient order processing, supplier collaboration, and issue resolution. This will enable faster response times and smoother interactions between your organization and its suppliers.
Enhanced supplier relationships: Establish regular performance evaluations, mutual goal-setting, collaborative problem-solving, and joint value creation initiatives with your suppliers. By cultivating open and trusting relationships with your key suppliers, you can foster long-term partnerships and unlock additional value through innovation and continuous improvement.
Improved quality of products: Utilize supplier quality audits and rigorous testing protocols to ensure adherence to industry quality standards. Establish clear quality control processes and work closely with your suppliers to ensure consistency.

Soft costs can be difficult to track because they may not show up as clearly on invoices or purchase orders. To accurately measure soft costs, you need to look beyond traditional metrics like total spend and instead focus on how your procurement processes have impacted customer satisfaction levels, supplier performance, and overall quality standards. You should also track customer feedback through surveys or use other qualitative methods to measure these types of intangible results.

Want to learn more about how you can effectively manage your procurement finances and achieve savings? Velocity makes it easy.

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How to Measure Cost Savings in Procurement: 4 Key Steps

In order to effectively measure both hard and soft costs in your source-to-pay operations, you should keep in mind the steps outlined below.

1. Identify Target Areas for Improvement

Begin by assessing your current procurement processes and identify areas where you could save money or optimize your operations. This may include reducing transportation costs, improving vendor performance, increasing inventory turns, or improving service levels (like on-time delivery). Be sure to include both tangible measures of savings as well as intangible goals.

2. Analyze Existing Data

Collect all existing purchasing information from your ERP system or other tracking system and analyze it for patterns or trends that could help you identify opportunities for savings and cost avoidance. Look for discrepancies between budgeted vs. actual spending in various categories, such as material costs or labor expenses. This will help you quickly spot potential areas where you could negotiate better prices with suppliers or implement other efficiency improvements.

3. Implement Changes

Once you’ve identified potential areas for improvement, create an action plan for implementing changes within your organization’s procurement activities. This may include negotiating better pricing with suppliers, pursuing strategic source opportunities like buying in bulk, or streamlining procurement processes with automated technology solutions. If possible, track your progress against key performance indicators (KPIs) and industry benchmarks to ensure that you achieve your desired results over time.

4. Measure Results

Finally, evaluate the impact of your changes by measuring soft costs vs. hard costs before and after implementing changes. Use quantitative techniques, such as invoice or purchase order analyses, to assess hard costs and qualitative measures, like customer feedback surveys, to determine soft costs. This will allow you to determine if you achieved significant procurement cost savings and whether further optimization efforts will be necessary to improve financial performance down the road.

Achieve Procurement Savings With Expert Support from Velocity

At Velocity Procurement, we’re dedicated to providing you with the support you need to propel your cost-saving initiatives to new heights. From unlocking hidden efficiencies and slashing expenses to revolutionizing supplier relationships and enhancing customer service, we have the expertise you need. Don’t settle for partial savings—contact us today and let us guide you toward procurement savings.

How to Protect Your Procurement Organization From Inflation

Written by Abstrakt user on August 11, 2023. Posted in In the News.

Inflation is on the rise. In 2020, inflation rates in the US were at their highest levels since 2008. In 2022, prices rose more than 9% over the course of a calendar year, the largest increase in 40 years. This is due mainly to significant fluctuations in supply and demand since the start of the COVID-19 pandemic.

The impact of rapid inflation has been felt across all industries, with essentials such as gas, electricity, and food becoming much more expensive. These escalations erode your procurement organization’s buying power, making it challenging to stay within budget and obtain quality goods and services at favorable prices.

The Effects of Inflation on Your Procurement Organization

With rising prices and eroded purchasing power, inflation can significantly impact your procurement organization. Understanding these effects is crucial for devising an effective procurement strategy to protect your source-to-pay organization.

Increased costs: Inflation leads to higher prices for goods and services, directly affecting your procurement costs. As suppliers pass on increased expenses to customers, your organization may face higher prices for raw materials, components, transportation, and other inputs. This can strain your budget and make it challenging to maintain profitability and competitive pricing.
Limited buying power: As mentioned above, inflation erodes your purchasing power. The same budget that previously allowed you to purchase a certain quantity of goods or services may no longer stretch as far. As a result, you may need to make difficult choices, potentially compromising on quality or quantity to align with budget constraints.
Supply chain disruptions: Inflationary pressures can also disrupt your supply chain, impacting your procurement processes. Suppliers may face difficulties procuring raw materials, managing production costs, or meeting increased demand. These disruptions can lead to delays, shortages, and increased lead ties, affecting your ability to fulfill orders and meet demands.
Supplier relationships and performance: Inflation can strain your relationships with suppliers and impact their performance. Your suppliers may struggle to manage their own rising costs, leading to challenges in meeting delivery schedules, maintaining quality standards, or offering competitive pricing. Maintaining strong supplier relationships becomes even more crucial during high inflationary periods, as it allows you to ensure a reliable supply of goods and services.

Want to learn more about the effects of inflation on your procurement organization? Explore our blog to learn more about how it impacts your supplier contracts and discover new ideas for your procurement department.

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5 Procurement Strategies to Protect You From Inflation

Foster Internal Alignment and Transparent Supplier Relationships

To protect your organization from inflation, it’s crucial to encourage internal alignment between your procurement department and other departments. By working collaboratively, you can align your procurement objectives with overall business goals and strategies. This alignment enables you to anticipate potential inflationary pressures and take proactive measures to mitigate their impact.

Furthermore, establishing transparent, open communication channels with your suppliers is essential for navigating inflationary pressures. Encourage suppliers to share information about their cost structures, such as raw material prices, labor costs, and transportation expenses. This allows you to better understand the factors contributing to price increases and identify areas for negotiation or alternative sourcing options.

Actively Engage Your Suppliers and Perform Quick Bids

Regularly revising and assessing the supplier market is essential for leveraging competitive pricing and protecting your organization from inflation. Conducting sourcing events, such as request for proposals (RFPs) or request for quotations (RFQs), allows you to engage multiple suppliers simultaneously, encouraging healthy competition and driving down costs.

Additionally, implementing a quick bidding process can be an effective procurement strategy. These expedited bidding events focus on urgent requirements or specific categories, allowing you to obtain competitive bids and secure favorable pricing terms quickly. Quick bids are particularly useful during times of inflation when market dynamics and prices fluctuate rapidly.

Negotiate Favorable Contract Terms

Negotiating favorable contract terms is a powerful method for protecting your procurement organization from inflation. When drafting contracts with suppliers, consider including provisions that address price volatility and protect against unexpected cost increases.

One approach to this is to include price ceilings or caps that limit the extent to which prices can rise during the contract period. This helps mitigate the risk of sudden price surges and provides much-needed budget certainty. You can also incorporate inflation adjustment clauses in your contracts, allowing periodic price changes based on inflation indices or specific economic indicators.

Implement Robust Procurement Technology

In an increasingly complex and dynamic business environment, leveraging advanced procurement technology is essential for protecting your organization from inflation. Robust procurement technology solutions provide automation, analytics, and supplier management capabilities that streamline procurement processes, enhance efficiency, and drive cost savings.

By automating your procurement workflows, you can reduce manual effort and human error and enhance operational efficiency. And, with analytics capabilities, your procurement technology provides valuable insights into spending patterns, supplier performance, market trends, and more. Using these insights allows you to make data-driven decisions that mitigate the impact of inflation.

Harness the Expertise of a Procurement Specialist

Partnering with a procurement expert can provide invaluable support in navigating inflation and protecting your procurement organization. These experienced professionals possess in-depth market knowledge, extensive supplier networks, and expertise in optimizing your procurement strategy. By leveraging their knowledge and experience, you can stay ahead of inflationary trends, adapt your procurement strategy, and make informed decisions that protect your organization from rising costs.

Find Your Procurement Solution With Velocity

Ready to protect your procurement organization from inflation and optimize your sourcing practices? Take the next step toward success by partnering with Velocity Procurement, your industry-leading procurement specialist. Our expert team is here to guide you through the unique challenges of inflation, help you streamline your procurement processes, and achieve cost savings.

Get in touch with us today and unlock the full potential of your procurement organization.

Do I Need a Procurement Strategy?

Written by Abstrakt user on August 4, 2023. Posted in In the News.

Your procurement strategy serves as a guiding framework for procurement activities and aligns them with organizational goals and objectives. By developing and maintaining a robust strategy, your business can reap numerous benefits, including:

Cost reduction: A well-defined procurement strategy enables you to identify cost-saving opportunities, negotiate better contracts with suppliers, and optimize procurement processes to minimize expenses.
Risk management: An effective procurement strategy incorporates risk assessment and mitigation measures, ensuring business continuity, supply chain resilience, and regulatory compliance.
Supplier management and optimization: With a clear strategy in place, you can strategically select and manage your suppliers, which enables you to foster strong relationships, improve quality, and drive supplier performance.
Process efficiency: By relying on your procurement strategy as a roadmap, you can streamline your procurement processes, eliminate redundancies, enhance your workflow, and improve efficiency across the board.
Continuous improvement: By regularly reviewing and refining your strategy, you can identify areas for improvement, embrace emerging technologies, and drive ongoing enhancements in procurement performance.

How to Develop a Procurement Strategy: Nine Key Steps

Developing a procurement strategy requires a systematic approach. Let’s explore some of the key steps involved in establishing an effective procurement strategy framework:

Assess Your Current Procurement Process and Ecosystem

Before developing your procurement strategy, you need to examine your current procurement processes and ecosystem. With a thorough procurement assessment, you can evaluate how your organization currently handles procurement activities, including sourcing, supplier management, contract management, and strategic purchasing. It also helps you identify your strengths, weaknesses, bottlenecks, and areas for improvement. By clearly understanding your existing procurement landscape, you can effectively identify the gaps that need to be addressed through your new procurement strategy.

A procurement assessment may be the first step to revamping your procurement strategy, but it’s not one you should take lightly. Learn more about Velocity’s procurement assessments and how they can start your strategy on the right foot.

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Determine Your Business Needs and Align Procurement With Them

To develop a robust procurement strategy, you need to align your procurement activities with your organization’s broader business objectives. Identify the fundamental needs and goals procurement should support within your enterprise and engage stakeholders from different departments to understand their expectations, requirements, and pain points. By aligning procurement with your organization’s strategic goals, you can ensure that your procurement strategy contributes to your overall business success.

Conduct a Thorough Market Analysis

A comprehensive market analysis is crucial to developing a procurement strategy, as it provides insight into market conditions, pricing dynamics, technological advancements, and the supplier landscape. You can make informed decisions and improve your procurement strategy by assessing the competitive landscape and identifying potential risks and opportunities.

Set Clear Procurement Objectives

Establishing clear procurement objectives, such as reducing costs or maverick spend, diversifying your supplier base, mitigating risk, improving sustainability, and maintaining industry benchmarks, is essential to a successful procurement strategy. By ensuring these objectives are realistic, measurable, and time-bound, you can accurately track the impact of your procurement strategy.

Involve Stakeholders and Foster Alignment

Involving stakeholders from various departments is essential for developing a procurement strategy that meets the needs of your entire organization. Engage with finance, operations, legal, and other relevant teams to gather their input and understand their requirements. By fostering collaboration and alignment among various stakeholders, you can improve buy-in and support for your strategy, allowing you to leverage their expertise, address potential conflicts, and create a strategy that resonates with broader organizational goals.

Outline How Your Procurement Strategy Supports Your Goals

When developing your strategy, describe how it aligns with and supports your organizational goals. Clearly define how each component of your strategy contributes to achieving your objectives, and articulate the value your strategy has in driving cost savings, enhancing supplier relationships, and improving overall efficiency.

Implement Effective Procurement Software

To enable the seamless execution of your procurement strategy, consider implementing procurement software and using technology to streamline procurement processes, automate manual tasks, and provide real-time data visibility into your operations. Leveraging powerful procurement software can enhance your strategic purchasing initiatives, supplier and contract management, and analytics capabilities, empowering you to make informed, data-driven decisions.

Evaluate Human Capital and Conduct Training

Investing in your procurement team’s skills and capabilities is essential for the successful execution of your strategy. Evaluate the competencies of your procurement personnel and identify any skill gaps that need to be addressed. Provide training programs, workshops, and professional development opportunities to enhance your team’s expertise in strategic sourcing, negotiation, supplier relationship management, and risk assessment. This will equip your team with the knowledge and skills to execute your procurement strategy framework effectively.

Refine Your Strategy As Needed

Your procurement strategy is not a static document—it requires continuous evaluation and refinement to drive ongoing success. As such, you should establish key performance indicators (KPIs) and metrics to measure your strategy’s effectiveness. By regularly monitoring and evaluating progress against these metrics and seeking feedback from stakeholders, you can continuously refine your procurement strategy and ensure its relevance in a business context.

Craft Your Strategy With Velocity Procurement

In today’s competitive business landscape, a well-defined procurement strategy is no longer a luxury but a necessity for sustainable success. At Velocity Procurement, we’re here to help you navigate the complexities of strategic purchasing, helping you develop a strategy that’s tailored to your unique needs and objectives. Let us be your trusted partner on the path to achieving your procurement goals—contact us today to begin crafting your procurement strategy.

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How an Effective Supplier Relationship Management Framework Benefits Your Source-to-Pay Organization

Written by Abstrakt user on August 2, 2023. Posted in In the News.

A supplier relationship management framework is a structured approach that allows your organization to manage and optimize its interactions with suppliers throughout the procurement life cycle. It encompasses a set of strategies, processes, and tools designed to foster effective communication, collaboration, and performance evaluation between buyers and suppliers. With an SRM framework in place, your organization can strategically identify and manage key supplier relationships to maximize value, minimize risks, and ensure alignment with business objectives.

Effective supplier relationship management solutions provide a holistic view of supplier performance, enabling your organization to identify areas for improvement, drive continuous innovation, and achieve mutually beneficial outcomes. By implementing an SRM framework, you can elevate your procurement operations and establish strong, long-lasting partnerships with your suppliers.

The Benefits of Implementing a Supplier Relationship Management Framework

Implementing a supplier relationship management framework offers many crucial benefits for procurement departments and source-to-pay organizations. This structured approach to managing supplier relationships goes beyond transactional interactions and focuses on building partnerships based on collaboration, trust, and mutual value creation. Let’s dive into the most impactful benefits of a supplier relationship management framework and how it can revolutionize your procurement operations.

Enhanced Collaboration and Communication

A well-defined SRM framework facilitates improved collaboration and communication between your procurement department and suppliers. It enables both parties to share information, align strategies, and work together to address challenges. By fostering open dialogue, you can build trust, strengthen your relationships, and drive joint problem-solving efforts. The effective communication channels established through your SRM framework enable the timely resolution of issues, ensuring a smooth operational flow and reduced risk of supply chain disruptions.

Risk Mitigation and Compliance

A supplier relationship management framework also empowers your organization to proactively identify and manage supplier-related risks, such as delayed deliveries, poor quality control protocols, or noncompliance with environmental regulations. By implementing a robust risk assessment process, you can effectively evaluate supplier performance, financial stability, and compliance with various regulatory requirements.

Additionally, regular performance monitoring and risk mitigation strategies within your SRM framework allow you to respond promptly to potential disruptions and minimize adverse impacts on your supply chain. This framework also helps you ensure compliance with legal, environmental, and social standards, safeguarding your organization’s reputation.

Continuous Innovation and Value Creation

Effective supplier relationship management also fosters a culture of innovation and continuous improvement within your source-to-pay organization. Through close collaboration and knowledge sharing, organizations and suppliers can identify opportunities for innovation, explore new technologies, and jointly develop creative solutions. By engaging suppliers as strategic partners, you can tap into their expertise and leverage their unique capabilities to drive product or process improvements. This collaboration enhances value creation, competitive advantage, and customer satisfaction.

Interested in learning more about continuous improvement within your source-to-pay organization? Discover how process benchmarking provides you with the insight you need to elevate your processes.

Cost Reduction and Performance Optimization

Another benefit of an effective SRM procurement framework is that it allows you to optimize costs and improve supplier performance simultaneously. Through systematic supplier evaluation and performance measurement, you can identify underperforming suppliers and take proactive measures to address issues or explore alternative options.

By leveraging these data-driven insights, you can negotiate better pricing, implement cost-saving initiatives, and enhance efficiency. Supplier performance improvement programs implemented as part of your framework help your suppliers meet their performance targets, establishing a mutually beneficial relationship.

Strategic Alignment and Long-Term Partnerships

A supplier relationship management framework also allows you to align your strategic business strategy and objectives with your suppliers. By clearly communicating organizational goals, expectations, and performance metrics, you can select suppliers that align with your values and long-term vision. Building these long-lasting partnerships with key suppliers fosters stability, loyalty, and joint growth—it’s a win-win for all parties.

Streamlined Procurement Processes

Implementing an SRM framework is also crucial in streamlining your procurement processes and improving overall operational efficiency. By standardizing supplier evaluation, contract management, and performance measurement procedures, you can reduce manual effort and eliminate redundancies within your supply chain management. This allows you to focus on more strategic initiatives and value-adding initiatives.

Enhanced Supplier Diversity and Inclusion

Maintaining an SRM framework can also improve your ability to promote supplier diversity and inclusion. You can create a more inclusive supply chain ecosystem by actively seeking out suppliers from diverse backgrounds, such as minority-owned, women-owned, or veteran-owned businesses. Supplier diversity initiatives not only bring new perspectives and ideas to your business but also contribute to social responsibility and community development.

Build Your Supplier Relationship Management Framework With Velocity Procurement

To fully leverage the benefits of implementing a supplier relationship management framework, the best approach is to partner with a procurement expert like Velocity Procurement. With extensive experience and expertise in procurement and supply chain management, we provide comprehensive guidance in designing and implementing an effective SRM framework tailored to your unique needs. We strive to ensure you can maintain optimal supplier performance, mitigate risks, reduce costs, and streamline your procurement processes.

Get in touch with us today to take the first step toward enhancing your supplier relationships.

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Driving Sustainable Procurement: Four Strategies for Continuous Success

Written by Abstrakt user on July 31, 2023. Posted in In the News.

Sustainable procurement involves making responsible purchasing decisions that prioritize sustainability factors, such as reducing carbon emissions, promoting social equity, and supporting ethical sourcing. Sustainable procurement aims to minimize negative environmental and social impacts while maximizing positive contributions throughout the supply chain.

The Shift Towards Sustainability

Businesses are increasingly embracing sustainable procurement practices due to several key drivers. Firstly, there is a growing awareness among organizations and consumers about the environmental and social challenges our planet faces. Climate change, resource depletion, and human rights issues have compelled businesses to take responsibility for their actions and adopt more sustainable approaches.

Secondly, sustainable procurement aligns with the evolving expectations of stakeholders, including customers, investors, and regulatory bodies. These stakeholders are demanding greater transparency and accountability regarding environmental and social performance, pushing organizations to prioritize sustainability in their procurement processes.

Thirdly, sustainable procurement can lead to long-term cost savings and operational efficiencies. By optimizing resource usage, reducing waste, and mitigating the risks associated with unsustainable practices, organizations can improve their bottom line while minimizing their environmental impact.

The Three New Pillars of Business

Traditionally, profit has been the primary focus of businesses. However, the concept of sustainability has introduced three new pillars that organizations must consider to operate effectively and ethically: environmental impact, social responsibility, and economic viability.

Pillar 1: Environmental Impact

Organizations need to assess the environmental impact of their procurement processes. This includes evaluating the carbon footprint of their supply chain, promoting energy-efficient practices, and minimizing waste generation. By incorporating sustainable practices, such as using eco-friendly materials, reducing packaging, and implementing recycling programs, you can significantly reduce their environmental impact.

Pillar 2: Social Responsibility

Procurement departments should also prioritize social responsibility by ensuring fair labor practices, promoting diversity and inclusion, and supporting local communities. Your organization can contribute to social welfare and build a positive reputation by engaging with suppliers that uphold these ethical standards.

Pillar 3: Economic Viability

Sustainable procurement practices should also align with economic viability. You need to consider the total cost of ownership, including life cycle costs, maintenance expenses, and potential risks. By strategically selecting suppliers based on cost effectiveness and sustainability criteria, you can achieve a comfortable balance between profitability and sustainability.

Aligning your procurement strategy with your sustainability goals can be challenging, but it doesn’t have to be. Learn how an effective procurement assessment from Velocity can support your sustainability initiatives.

Establishing an Effective Procurement Sustainability Strategy

To improve sustainability and overall business performance, you need to focus on thoughtful, ethical, and sustainable business practices. Implementing a comprehensive procurement sustainability strategy is key to achieving these goals. Let’s explore a multi-phased approach to sustainable procurement.

Spend Analytics

To drive sustainable procurement, your organization needs to gather and analyze data related to its procurement spend. By identifying areas of high environmental impact, such as excessive energy consumption or waste generation, you can target specific improvement initiatives and begin refining your processes. Spend analytics can provide valuable insights into supplier performance, enabling informed decision-making based on your sustainability criteria.

Key Performance Indicators (KPIs) and Best Practices

Defining relevant KPIs and implementing best practices is crucial for measuring and improving sustainable procurement performance. You need to establish KPIs that align not only with your overarching business strategy but also your sustainability goals, such as reducing greenhouse gas emissions by a certain percentage, increasing the usage of renewable materials, or improving supplier diversity. By regularly monitoring these metrics and benchmarking against industry best practices, you can drive continuous improvement in sustainability

Supplier Collaboration

Collaboration with suppliers is essential for implementing sustainable procurement practices. Your organization should establish open lines of communication with its suppliers to ensure a shared commitment to your sustainability goals. This collaboration can involve joint initiatives to reduce environmental impacts, promote responsible sourcing, and share best practices. Supplier assessments and audits can also help you evaluate and select suppliers based on their sustainability performance.

Strategic Sourcing

Sustainable sourcing involves selecting suppliers and products that meet stringent environmental and social criteria. You should prioritize partnering with suppliers that demonstrate sustainable business practices, such as reducing emissions, adhering to fair trade principles, or employing renewable energy sources. Implementing supplier codes of conduct and incorporating sustainability clauses in your contracts can further enforce sustainable procurement practices throughout your supply chain.

Find Your Sustainable Procurement Solution With Velocity

In the quest for sustainable procurement, your organization needs a trusted partner who can guide them through the intricacies of procurement optimization and sustainability. Velocity Procurement is here to help. As your experienced procurement advisor, we understand the challenges you face as a source-to-pay organization as well as the importance of driving sustainable practices. With our expertise and proven strategies, we can assist you in improving sustainability across your entire procurement operations.

Reach out to us today to learn more and start your journey toward sustainability.

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How Investing in the Right Procurement Partner Can Help Avoid Supply Chain Disruptions

Written by Abstrakt user on July 26, 2023. Posted in In the News.

Supply chains are intricate, encompassing a complex web of interconnected activities involving suppliers, manufacturers, distributors, and customers. If a link breaks, it can have drastic consequences, leading to delays, increased costs, and even a loss of business. Because of this, it’s imperative to understand the various sources of supply chain disruptions to ensure your procurement department can operate effectively and efficiently.

Here are some of the most common sources of supply chain disruptions:

Demand disruptions: Fluctuations in demand, such as sudden changes in consumer preferences or market trends, can pose significant challenges to supply chains. For example, a sudden surge for a particular product can strain your supply chain’s capacity, resulting in delays or shortages.
Supply disruptions: Supply disruptions occur when suppliers are unable to meet the required quantity or quality of goods and services. They can be caused by various factors, from raw material shortages to labor strikes. When a key supplier fails to deliver, it can have a cascading effect on the rest of the supply chain, impacting every procurement process downstream.
Environmental factors: Environmental disruptions are often beyond the control of businesses but can have a severe impact on their supply chains. These disruptions include a wide range of events, including natural disasters, trade policy changes, sanctions, or geopolitical conflicts. These disruptions can lead to infrastructure damage, transportation disruptions, or regulatory constraints, all of which impede the smooth flow of goods and services.
Manufacturing disruptions: Machinery breakdowns, equipment failures, or labor shortages can severely impact the manufacturing process, affecting production schedules, product quality, and lead times. For example, a breakdown of critical manufacturing equipment can result in reduced production capacity, which can cause a ripple effect on the overall supply.
Shipping disruptions: Transportation and logistics issues, such as port backlogs, customs hold-ups, labor disputes, fuel cost changes, or shortages in availability, can all cause shipping problems. This can delay packages from reaching their destination on time, hike up transport fees, and lead to discrepancies in stock levels.

Not sure of the best way to navigate potential supply chain disruptions? Velocity’s full suite of advisory services allows you to reduce supply chain risk and move forward with confidence. Learn more.

Five Ways a Procurement Expert Can Help

Even with so many sources of potential supply chain disruption, there’s hope for your procurement department. Collaborating with an experienced procurement company can help you steer clear of unpleasant surprises and added expenses, allowing you to establish effective procurement strategies that make it possible to adjust to changing conditions. Here are five ways they can support your procurement operations:

1. Creating a Contingency Plan

To avoid supply chain disruptions, you need to take proactive steps that prepare your business for any potential broken link in your supply chain. Your contingency plan should include a comprehensive assessment of your current processes, procedures, technologies, and staff, as well as an examination of potential supply chain risks and their associated costs. Your procurement management partner can help you identify potential weak points within your supply chain and provide you with custom strategies to manage them better. Should your supply chain be disrupted in the future, you’ll already have an effective plan for responding to it.

2. Auditing Your Supply Chain

Once you’ve identified the risks associated with your supply chain, you need to audit it regularly to ensure there are no hidden weak points or areas of vulnerability. An experienced procurement company can provide invaluable experience here, whether through auditing your current supplier base or developing protocols for supplier compliance. Additionally, your partner can help you negotiate improved terms and conditions with your suppliers, which can further reduce risks associated with supply chain disruption.

3. Identifying Backup Suppliers and Diversifying Your Supply Base

Having a diverse supplier base is essential for avoiding supply chain disruptions, as it allows you to pivot if one area of your supply chain experiences an issue. With a reliable procurement management partner, you can identify multiple sources of goods and services that your procurement team requires so that you’re never put into a situation where you don’t have backup options available.

4. Building Up Your Inventory

A dependable procurement company can also help you build your inventory levels to ensure you always have adequate stock available when needed. This helps reduce the risk of running out of material or supplies during a disruption event and creates a buffer stock, which allows you to stay afloat when there’s increased demand or longer than expected lead times from suppliers. Additionally, having extra inventory on hand can reduce costs over time by eliminating the need for rush orders that incur higher prices due to urgency or limited availability.

5. Increasing Supply Chain Transparency and Visibility

By developing a real-time dashboard for tracking materials and orders along every step of the procurement process—from sourcing to delivery—your procurement partner allows you to increase visible visibility across your entire supply chain network. From pricing trends to supplier performance metrics, these dashboards provide you with crucial insight that allows you to make accurate predictions about future trends. This allows you to react quickly to supply chain disruptions or avoid them altogether.

Establish a Resilient Procurement Strategy With Velocity

Supply chain disruptions can create significant challenges for any source-to-pay organization. Fortunately, with support from an expert like Velocity Procurement, you can mitigate the risk of disruption and ensure your procurement department is equipped to deal with anything the market throws its way. We proudly provide advisory services that help you optimize your supply chain network and achieve savings so you can continue moving forward with your business.

Get in touch with us today to start protecting your business from potential disruptions.

Procurement Strategies for Managing Spend During Inflationary Times

Written by Abstrakt user on June 1, 2023. Posted in In the News.

In today’s economy, several factors contribute to rising prices. Wage growth, increased demand for goods and services, supply chain shortages, trade tariffs, and world-shifting events like pandemics can all significantly impact the cost of doing business. This puts financial pressure on various business functions and can be particularly frustrating for those responsible for managing spend through the procurement process.

In 2020, inflation rates started to rise. Although gradual at first, inflation rose substantially over the next two years, reaching a peak of 9.1% in June 2022. Since then, inflation has cooled—March saw rates of around 5%—but businesses still deal with bloated prices, making it difficult to run a cost-effective operation.

How Visibility and Collaboration Support Procurement

An effective procurement strategy’s most important aspects are visibility and communication between departments. Your entire organization needs to work in tandem to establish transparency regarding overall spending. By addressing individual components from each department, you can gain greater insight into your total expenditures. This allows you to identify areas where costs could be reduced or improved. For example, it may indicate that you need to introduce alternative suppliers or renegotiate your contracts with existing ones to maintain your bottom line.

Communication is also crucial to managing spend during inflationary periods, as stakeholders in your organization need assurance that their purchases are being managed effectively against budget constraints and price increases. Stakeholders need data-driven insights about any potential risks or opportunities within the supply chain so they can make informed decisions on how to best allocate resources against changing market conditions.

Discover how an effective spend management solution can support your strategic sourcing initiative. Explore Velocity’s full-service approach to data, market intelligence, and cost-effective procurement.

Implementing a Procurement Strategy Framework

With this in mind, it’s essential for organizations looking to reduce their total costs to develop a comprehensive procurement strategy framework that encompasses both visibility and communication initiatives across various departments within the organization, including finance, operations, legal, and HR. It should also include your suppliers.

A successful procurement strategy framework should include clear objectives that work toward achieving total cost savings. Some of these objectives should include:

Strategic sourcing of goods and services at competitive rates
Minimizing risk exposure
Supply chain relationship management
Benchmarking processes
Performance metrics
A comprehensive data strategy
Employing automation

Five Essential Strategies for Effective Procurement During Inflationary Times

Here are a few key strategies that source-to-pay organizations should consider when implementing a successful procurement strategy framework:

1. Leverage Data Analytics

During inflationary periods, organizations need enhanced visibility into pricing trends across multiple channels—such as direct and indirect spend—to compare market rates versus internal benchmarks. Effective use of data analytics will provide insight into where your costs originate from as well as any potential opportunities or risks associated with price fluctuations. This enables you to respond to economic challenges quickly and effectively. For example, thorough analytics may reveal opportunities to consolidate suppliers in certain spend categories, allowing you to lower costs in that area of your supply chain.

2. Establish Clear Supplier Management Processes

Having visibility into strategic supplier performance metrics enables your organization to identify areas where improvement is required—whether that be the quality of materials, delays in delivery, or discrepancies with quotes supplied—so that they can be resolved before they disrupt your operations. Building strong supplier relationships based on trust and mutual understanding can lead to more favorable terms when rate hikes might occur due to rising resource costs.

3. Automate Workflows

When it comes to optimizing cost efficiency during times of heightened financial pressure, automation technologies can offer significant advantages over manual processes. Automated invoicing, payment processing, PO approvals, and more can all help improve your efficiency by enabling teams to prioritize more mission-critical tasks. This ultimately leads to faster resolution timeframes and lower administrative costs.

4. Monitor Contract Compliance

Regularly reviewing your contracts with existing suppliers is especially important during inflationary times. Key terms such as rate hikes might not have been negotiated upfront, which can lead to higher-than-expected costs down the line. Having robust contract compliance controls in place helps you ensure adherence to contractual terms while maintaining healthy, sustainable relationships even under challenging economic conditions.

5. Empower Your Employees

To mitigate the effects of inflation, it’s essential that you utilize training programs and tools that enable employees to understand supplier capabilities, purchasing policies and procedures, and industry trends to optimize your organizational buying power. Taking this proactive stance not only helps you navigate economic challenges and keep costs down but helps you stay ahead of the competition.

Develop Your Procurement Strategy With Velocity

At Velocity Procurement, our goal is to align your people, processes, and technology with your overarching business strategy so that you can experience continuous improvement, even during times of inflation.

We understand the challenges of sourcing materials and services during high inflationary periods. That’s why our team of procurement professionals is here to help you navigate these difficult times and develop a comprehensive procurement strategy tailored to your unique needs. We’ll collaborate with you every step of the way, from developing an integrated procurement network to establishing robust supply chain management practices.

Get in touch with us today to start your journey.