The role of procurement has evolved into a strategic department that can help increase revenue. No longer is the sourcing of goods and services done out of some dark and distant office with the sole purpose of finding the best suppliers for the best cost. Procurement is often front-and-center in the overall business strategy in many companies, as its value lends itself to these three core pillars for success: increasing revenue, operational efficiency, and retaining talent. In regards to increasing revenue, here are three ways your procurement team can positively influence your bottom line.
As a vendor management service with a focus on vending machine services, we work with more than 1,500 suppliers across the United States. That's a lot of suppliers and vending revenue to manage. To do that effectively, we use a few tools such as a proprietary SQL database, QuickBooks, and MS Excel.