In today’s uncertain economic climate, many businesses are looking to increase their profit margins by focusing more on cutting costs rather than increasing revenue.
In many instances, this goal may be desirable if a company can sustain current revenues while implementing new methods for reducing overhead expenditures. Procurement is one such business practice that can be streamlined to be more cost-effective and efficient. The procurement organizations within companies play a pivotal role in the companies’ successes and profit margins. With a successful procurement strategy, a company can remain competitive during these uncertain times.
Many large or complex business entities may have difficulty identifying their exact expenditure details due to a variety of factors including system inefficiencies, human error, or outdated technologies. By bringing these errors and inefficiencies to light, companies can better control their spending. With Claritum’s sourcing and procurement tools, clients can clearly view their spend details. Claritum can also provide another level of spend control by implementing procurement rules designed to provide the best value for the targeted goal. These procurement rules help to ensure that during the purchasing process the inexperienced employees, which may be responsible for frequent low-value orders, follow procurement protocol and suppliers are not able to bypass the established procurement procedures. Examples of frequent, low value complex spending include print and marketing procurement. .
Claritum’s sourcing and procurement platform can help companies control their expenditures, create a more streamlined and efficient procurement process, and deliver cost savings. Essentially, Claritum can monitor the entire supply chain and deliver in-depth analyses that allow decision makers to visualize every aspect of the company’s expenditures and made effective decisions on the cost efficient nature of certain practices or services.
Although other sourcing and procurement technologies may be able to identify and monitor general expenditures, Claritum goes several steps further by monitoring complex expenditures with frequently ordered low-value transactions or distributed demand. This meticulous monitoring scrutinizes every aspect of the supply chain to provide the most comprehensive assessment of the procurement process. Every aspect of spending can be evaluated, streamlined, and controlled for cost. Additionally, integrating the Claritum e-procurement platform into current systems (or using the e-procurement platform as a standalone system) can save significant administrative and management costs.
Claritum is an industry leader in print procurement. Because of the complex nature of print procurement, Claritum’s services are directly transferable to other areas and industries with complex expenditures. Since 2002, Clairtum has helped some of the world’s largest enterprises control their complex expenditures, reduce their operating costs, and streamline their procurement processes. With over 90,000 clients worldwide, Claritum is dedicated to saving time and money.