What Is Procurement Profiling?
Procurement profiling is the process of identifying vendors who meet certain criteria. This includes looking at past performance, pricing, and other relevant data.
Why Should You Use Procurement Profiling In Your Business?
There are several reasons why procurement profiling should be used in your business. Here they are:
Helps you find the right vendor for your needs
It saves money by reducing the number of bids you need to submit
Reduces the risk of selecting the wrong vendor
It gives you more control over your purchasing decisions
Makes your company more competitive
Improves customer service
Provides transparency into your company’s spending habits
Ensures compliance with government regulations
Helps you save time
Helps you avoid fraud
What Are Some Of The Benefits Of Procurement Profiling?
It reduces supplier risks, provides increased visibility on category sourcing patterns, and boosts source-to-pay efficiency.
Procurement profiling has been proven to reduce costs, improve quality, and increase efficiency. In fact, according to the National Association of Purchasing Management (NAPM), procurement profiling saved companies an average of $1.5 million per year.
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