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News Room > Blog > Transaction support services – Does your organisation need it?

Transaction support services – Does your organisation need it?

Developing world class procurement with a clear path to a commercially mature function delivers collaborative, digitally enabled, procurement services for a variety of industry and sector specific transformations. Having a clear end to end remit that elevates procurement’s broader value proposition, will maximise shareholder value, drive profit enhancements, mitigate strategic risk, provide visibility and control of all third party and partnership contracts, and reduce the cost base.

A very important objective for every procurement organisation should be maximising the strategic use of resources and minimizing the transactional use. Transactional automation can free up resources that can focus on strategic procurement. If the transactional activities are not automated, large amounts of time are consumed. This aspect reduces the time spent on improving your overall strategic procurement activities. Automating transactional processes provides a great way to not only reduce operating costs but to also add functional value.

Transaction support services provide help for end users processing low risk or low spend suppliers. Having this part outsourced, your procurement team can focus more on the strategic aspects of the business.

 

Benefits of using procurement transaction support services

  • Saves time and money by reducing effort on low risk, low spend purchases
  • Re-allocation of procurement resources to other tasks
  • Compliance at a lower spend supplier level
  • Easy access to remote support
  • Reduced administrative burden of procurement
  • Fast and access to procurement cost saving expertise

Using 3rd party support for your procurement transaction activities can bring deep expertise across the procurement processes, which can improve your Source to pay effectiveness and in return reduces your organisation’s cost of operation. Managing contract data, enabling suppliers and dealing with contract related issues across your organisation can be a distraction from optimising the value your buyers and category managers could realise. Involving a procurement consultancy company helps you deliver increased value for your organisation.

Outsourcing your transactional procurement needs can revise the time your procurement teams spends on repetitive processes and helps them move their focus on more strategic activities. Outsourcing of transactional procurement requires an accurate transition and change management plan to be put in place, so that the roles and responsibilities of both the client and the outsource service provider are clear.

Here are some areas where contracting a 3rd party supplier can make a significant difference: invoice clearance, running tenders, reporting scorecards and performance, contract storage, auctions, supplier saving tracking, PO processing, registering data in IT systems – contract data, cleansing, supplier data, material data, etc.

Through strategic procurement processes, correct positioning and a more efficient target operating models, procurement plays a leading role in enhanced profitability across the organisation. Having the spare time to focus on the more strategic procurement processes, a procurement department will improve their source to pay effectiveness and reduces your organisation’s cost of operation.

If you are interested in knowing more on how to acquire procurement transaction desk support services, get in touch!

 

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