Corcentric’s Procurement Services provides expertise to help optimize your procurement function
As Procurement continues to evolve, both large and small businesses find themselves in need of more robust strategic sourcing operations, and the resources to develop and maintain Procurement functions of the appropriate size, structure, and maturity. Corcentric Procurement Services includes a team of highly experienced procurement consulting services professionals, intuitive strategic sourcing technologies, and data-backed market intelligence. Together, they provide the specialized requirements to help drive the evolution of your Procurement from a purely tactical function to an innovative, nuanced, and strategic unit.
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What our Procurement Services cover
Corcentric’s team specializes in Procurement, but also speaks the language of other business units like IT, Marketing, and HR. Our strategic procurement services will make your Procurement team a trusted category manager — even in “off limits areas.”
Definitions for tail spend vary. Some organizations call the 20% of spend represented by 80% of their suppliers “tail.” Others use the term to describe all of their indirect spend. However you define tail spend, Corcentric enables you to take a more strategic approach and generate maximum value.
Not every organization has the internal resources to manage a world-class Procurement team. Unlike mere procurement outsourcing services, Corcentric fills in the gaps with true Managed Procurement support and expertise. Whatever your organization’s maturity level, Corcentric can provide for a strategic, effective approach to spend and supply management.
The supply chain experts know how to build effective partnerships with strategic and transactional suppliers alike. Partner with Corcentric to get the most possible value out of supplier information, engagement, and relationships. We’ll put contracting opportunities in front of you that can benefit your business with group purchasing and supplier diversity.
Corcentric’s Procurement Help Desk offers on-demand access to our full suite of resources. Whether you’re looking to explore a new spend category such as green purchasing, conduct outreach for new partnerships, or expand your supply chain, Corcentric’s expert team is here to help optimize every aspect of your procurement operations, from requisitions to purchase orders.
Our Procurement team has years of expertise in nearly every spend category — both direct and indirect. We’ll support you through each stage of the sourcing and supply chain management cycle to get not just the best price, but the best value. We can even guarantee risk-free savings through our contingency-based support model. Our goal is to lower your cost of doing business.
Establish new supply networks and optimized procurement processes with Corcentric’s support. Our team helps leading organizations lower the cost of operations and maximize the efficiency and sustainability of their supply chains.
How our procurement services work
Corcentric doesn’t just offer suggestions for improving your procurement processes or suggest a new procure-to-pay solution. Using a precise, three-stage approach, we work alongside your internal Chief Procurement Officer or Procurement team to understand your unique needs, develop strategies informed by our decades of experience, and deliver on your key objectives.
Corcentric embeds itself within your organization to understand its current approach to Procurement. From there, we’ll work alongside your team to identify opportunities for improvement, ways to deliver on key objectives, and steps to elevate Procurement’s role within the organization.
Some of the ways we do that:
From carrying out strategic sourcing events to implementing category strategies to vendor registration, we’ll support you in putting our recommendations into practice. Transitioning to a new supplier or entering a new spend category, or even adopting new payment systems like pcards (procurement cards or purchasing cards)? We’ll ensure you succeed in these new areas.
Some of the ways we do that:
Procurement Services FAQs
What are Procurement Services?
A Procurement Services provider enhances a company’s current procurement capabilities by offering strategic sourcing and procurement expertise and acting as an extension to the internal Procurement team. Subject matter experts (procurement SMEs) can help target specific areas of spend to optimize savings, and establish best practices across spend categories, including complex areas like Marketing and IT, and provide accessibility to actionable strategies that help achieve sustainability in savings opportunities.
What are the key elements of Procurement?
An obvious goal of any Procurement team is to uncover and realize cost-savings opportunities, and establish a secure supply chain. A robust procurement software solution helps achieve that, and the other key elements of Procurement, including: Catalog Management that makes it simple for users to keep purchases on-contract; an automated P2P requisition process and workflows; Purchase Order automation that’s fast, seamless, and efficient; E-invoicing that replaces manual paper-based processes; digitized P2P payments to optimize cash flow; integrated Contract Management to manage purchasing against catalogs and supplier performance; and embedded Receipt & Dispute Management.
What’s the difference between Purchasing and Procurement?
Outside of a Procurement organization, which probably includes internally across most companies, people generally don’t know the difference between purchasing and procurement, or use the terms interchangeably. Procurement, also described above, is an organizational function that sources, identifies, and selects appropriate suppliers from which to acquire necessary goods or services through an auction process, RFPs, or direct purchase. The role often includes Supplier Relationship and Performance Management, Spend Analytics, and working with Accounts Payable to ensure three-way matching of Purchase Orders, Invoices, and Receipt Reports. Purchasing, on the other hand, can be considered a subset of Procurement that includes the actual tasks of “purchasing” the direct and indirect goods and services a company uses to operate and / or create products, as well as receiving and payments.
Can Corcentric help with Green Purchasing?
Many Procurement organizations turn to Corcentric to help them implement a “green purchasing” strategy, establish greener best practices, and build a culture of sustainability. Corcentric’s Procurement experts can make any organization more capable of addressing environmental concerns across their supply chains, to not only make a tangible eco-impact on the world, but the bottom line as well. Corcentric has helped many leading companies adopt green supply chain management and choose more eco-friendly products, source recycled and/or recyclable packaging materials, and adopt energy- and waste-saving processes. These more sustainable practices don’t necessarily cost more; employed strategically and holistically, a green supply chain delivers both hard and soft dollar value.
How will Corcentric help me find new vendors?
One of the key competitive advantages a company has is the vendors and suppliers it engages with. Accurate vendor identification is step one in evaluating your company’s supplier options — which ones have the capabilities and qualities you’re looking for and will likely be a good fit for your company’s needs in the short- and long-term. Corcentric works with customers to identify the core reason for the required vendor relationship, establish the main drivers that will inform the decision process, and implement a structured research and selection process to ensure all key vendor criteria are satisfied. The process starts with supplier information collection to identify the supplier base, review and understand company technical needs and specs, such as volume and delivery frequency, packaging and shipping requirements, and other factors. After an RFP process, a final list of suppliers is created based on factors including capabilities, pricing, qualifications, operations, and financial and legal review, before conduction vendor registration.
How quickly can Corcentric improve Procurement?
As a leading provider of strategic sourcing, procurement services, source-to-pay technology, order-to-cash solutions, and managed services, Corcentric helps companies of all sizes, in all industries achieve digital transformation, operational improvement, reduced costs, and improved supplier relationships quickly, while simultaneously increasing internal stakeholder buy-in and organizational influence. We offer a team of subject matter experts and procurement advisors with real-world experience who will develop a plan that can actually be executed on in a very short timeframe, in a cost-effective manner.
Can Corcentric help with other business functions?
From Source-to-Contract and Procure-to-Pay, to Order-to-Cash and Electronic Invoice Presentment and Payment, to Accounts Payable Automation, Strategic Advisory Services, Managed Services, Payments, Fleet Solutions, and Group Purchasing Organizations (GPO), Corcentric offers vast depth and breadth of experience in helping companies across industries strengthen three critical operations – Procurement, Accounts Payable, and Accounts Receivable. Our goal is to optimize how they purchase, pay, and get paid so they can run smoother, spend smarter, and increase cash flow to compete more effectively.