Mon. Jun 27th, 2022

Business News on the Fly

What Is Global Procurement As Service?

The Benefits of Global Procurement as Service

Today businesses operate in a global environment enabling the sourcing of goods at the best price and quality from a worldwide market. Procurement as a service enables the procurement function to be implemented on a software platform that streamlines the order contract process, gives high data visibility of contract details and fulfilment and can be used to provide innovative solutions for improvement.

Global procurement services provide the following benefits:

• Through electronic forms and contracts for, and online sourcing of, materials and services it enables truly global procurement

• Enables consistent contract management throughout the procurement life cycle (for example by using standard forms, electronic signatures and clause-level responsibility assignation) to optimize workflows

• By providing rich analytic data on contract spending through centralising information from disparate systems, it gives overall data visibility for decision-making

• Enables centralised cost, risk and performance reviews by consolidating all relevant data for procurement contracts