Procurement Outsourcing Services in Including Category and Contract Management with Strategic Sourcing in Bangladesh

In the real world, we’ve found that clients don’t have cookie-cutter issues, so we don’t use one when helping them meet their procurement objectives.

PayrollBD provides clients a flexible set of procurement outsourcing options, custom configured to meet their specific needs. From end-to-end procurement outsourcing to point solutions like category management, strategic sourcing and procurement operations, we get you more bang for your buck.

The Global Procurement Outsourcing Services Market size was estimated at USD 2,390.89 million in 2020 and expected to reach USD 2,706.48 million in 2021, at a CAGR 13.63% to reach USD 5,849.01 million by 2027.

 Procurement outsourcing  saves you money by preventing duplicate spending, leveraging volume buying, and saving you costs associated with paper-based systems 

Electronically conducting your procurement makes it easier to write and analyze reports on your procurement systems

With  Procurement outsourcing , everything can be saved and stored electronically. 

The procurement process is essential for all businesses. Whether it’s direct procurement (such as purchasing of materials or other goods and services for final product) or indirect procurement (such as purchasing of office equipment, utilities or marketing activities), all types of procurement processes require a relatively large amount of labour, time, and money.

In other words,  Procurement outsourcing  BPO is a third-party service to take care of all the businesses’ needs during the procurement process, from identifying suitable suppliers all the way to the integrated supply chain management.

Businesses who outsource their Procurement outsourcing  processes can better allocate their resources and put more focus on their core business operations. 

Procurement BPO service providers can often bring purchasing expertise, while cutting down spending on projects that are not normally supported by in-house procurement teams.

By using a  Procurement outsourcing  BPO service, companies can cut down on vendor spending and save cost on hiring full-time employees with the same expertise. 

 procurement outsourcing companies can also help to save time and improve efficiencies, due to their scalability, flexibility, and management capability.

According the latest report from SpendEge, the global procurement business process outsourcing (BPO) market size (in terms of category spend) will grow by USD 4.32 billion from 2018 to 2022, registering a strong CAGR of over 17% during the forecast periods. The recent market trends have seen the growing adoption of automating BPO operations in the global procurement process, which allows service providers to significantly improve their sustainability in the market.

5 Benefits of Procurement Management

Implementing consistent procurement management procedures in your workplace can result in positive changes across your organization. Some of the beneficial ways that procurement management impacts business include:

Reliability: By having consistent procurement management policies in place, your internal team can become more reliable and consistent when it comes to sharing purchasing responsibilities.

Financial savings: Procurement management involves sourcing the most cost-efficient resources possible, resulting in significant budgetary savings.

Time management: You use your time more wisely when you're confident in the procurement management system and are able to automate key tasks.

Industry compliance: Factoring in industry compliance rules and regulations into your procurement management process ensures that your business and its partners all meet the essential requirements for operation.

Communication: Procurement management systems make it easier for internal employees to communicate with one another about their inventory, supply and labor needs.

The procurement best practices discussed above are steeped towards automation of procurement management. Using technology in procurement management and supply chain management comes with proven advantages vouched by the best practices. We believe that PayrollBD is the way forward for building sustainable businesses. Our PayrollBD solution Cflow is a go-to software for automating key business processes.