SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on how procurement can help build a better budget.
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Building a good budget forms an integral part of any company’s planning and operations. However, many companies fail to make efficient use of resources and knowledge they have at hand. Procurement is one such department that is deeply involved in spending but often not involved in the budgeting process. It can benefit both the planning and execution of a company’s budget and find optimal ways to carry out the company’s plans.
At SpendEdge, we understand that including procurement and supply chain management can help companies build a better budget. Therefore, we have highlighted the role of procurement in the budgeting process.
Role of Procurement in the Budgeting Process
More accurate predictions
As the procurement function handles the responsibility of finding suppliers, negotiating terms, and ordering supplies, it’s best equipped to provide estimates of costs. It can help companies identify challenges while building a budget and suggest ways to save a significant amount of money.
Managing commodity price volatility and consolidating spend is imperative for companies to build a better budget. Book a free demo to identify key cost-saving opportunities in the organization.
Detailed view of past spending
Rather than relying on the previous budget and improvising it to address future requirements, procurement solutions can enable companies to compare the previous year’s budget to that year’s actual spending. This allows companies to review the last year’s costs for that supply and create an accurate budget. It also helps companies to identify areas where expenses are high and need to be reduced. To know more, get in touch with our analysts here!
Accounting for volatility
Including procurement in the budgeting process can help companies to plan for volatility in the supply chain. CPOs are well experienced in dealing with changing material costs and know how to address fluctuating prices. They can analyze factors affecting supply chain costs beyond the simple price of supplies and offer better insights.
To gain more insights on the role of procurement and supply chain in the budgeting process, read the complete article here!
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