As organisations struggle to navigate the unprecedented disruptions and prepare for an inevitable economic downturn due to the coronavirus, procurement professionals are feverishly looking for ways to cut costs and improve supplier value.
A poll conducted by Supply Management and CIPS reveals that over two-thirds (69%) of procurement and supply chain professionals believed the impact of coronavirus on businesses is getting worse. Already 70% of buyers are paying more or expect to pay more for good and services, with almost half (48%) paying up to 20% more and 15% paying up to 50% more.
Your ability to act swiftly now will greatly influence the success of your company’s recovery. triSaaS has identified three key actions you must take now to reduce costs and derive the most value from your suppliers.
1. Review existing contracts
It is important to document every current contract and regular committed expense. But manual contract management is inefficient and almost impossible when your team is working remotely, but contracts are in file cabinets at various office locations.
Our online contract management tool automates contract management. It allows you to securely store and remotely access all contracts from one location. Proactively monitor and manage agreements, reduce off-contract spending, take action on an upcoming renewal or termination and more.
2. Engage your suppliers
How fast you bounce back from this crisis will depend on how well you’re able to contain costs over time. There are significant benefits to put your contracts out to tender now. F&B is just one example, but what about all your non-F&B categories? We recently conducted a customer survey and found that over 90% of contracts are not being tendered on an annual basis.
Our eSourcing platform simplifies tendering. It automates existing processes and delivers data analytics with the click of a button. You can run more tenders in a fraction of the time and make smarter decisions that get you better outcomes.
3. Use technology to work faster and smarter
The skill and speed of procurement is critical. Traditional tools like email, spreadsheets and paper files are cumbersome, inefficient and increase the likelihood of human error.
eSource by triSaaS lets you run an eRFx quickly with your existing supplier or you can invite new suppliers to a live eAuction. Our clients save on average 13% and reduce the time to tender by 50% or more. Our contract management tool improves spend visibility and reduces off-contract or rogue spending. It also minimises legal risk and eliminates unplanned renewals of unwanted services.
We have solutions to empower your organisation today so that you’re prepared and in the best possible position once the lights are turned on. You will have a competitive advantage by being able to work faster and make better informed decisions that achieve the results needed to succeed.
Why not get started? Contact us today to learn about our special one-time offer or schedule an online demo.