Outsourced Procurement Services
Managing a budget is a tough challenge, especially when unexpected costs arise. With most CEOs and CFOs viewing cost-reduction initiatives as a top priority, there is a growing trend in organizations to scrutinize expenditures more closely. Outsourcing to a procurement solutions provider can help businesses better monitor costs, report expenses and do more with less effort.
Procurement is not just about buying paper towels in bulk. Today’s procurement has moved far past simple purchasing. It’s the strategic analysis of operational spend and if done right – rapid savings of 22% on average to your bottom line with enhanced service and efficiencies.
The procurement function within businesses is being elevated to a strategic component of value creation. This move gives businesses a rich source of competitive advantage. A good procurement solutions provider will become an extension of the organization’s existing procurement resources, in a non-obtrusive fashion.
LBMC is a Procurement Service Provider.
LBMC’s strategic procurement team can positively impact your company’s bottom line through our full procurement process from aggregated purchasing power and supply sourcing. We are a procurement service provider who can provide:
- competitive market research
- rapid analysis of organizations spends
- select suppliers
- strategic vetting
- negotiate payment terms
- contract negotiation and management
- project management
- travel discounts
- rapid implementations
- procurement transformation
- purchasing goods, services or work from a third-party supplier
Advantages of working with LBMC Procurement Solutions
LBMC provides clients with a flexible set of procurement outsourcing options, custom configured to meet specific needs with tailored solutions. Working with LBMC, clients’ experience:
- One true point of contact for any issues
- Savings of 10 to 40%
- ROI typically exceeding 300%
- Quick, easy wins
- Purchasing power leverage
- Negotiations on your behalf
LBMC Procurement Solutions holds a Quarterly Business Review (QBR) with all clients, looking at what the company is saving and what areas offer additional opportunities for savings.
Our seasoned procurement professionals deliver cost savings and measurable business value in both your direct and indirect spend.
LBMC partners with clients to provide procurement services for both direct procurement and indirect spend through a variety of options including an extensive supplier network with category management and expertise for 60+ suppliers, 15 top-tier suppliers, custom sourcing support and alignment with the largest domestic GPO.
We partner with clients to design intelligent sourcing and procurement solutions that address today’s objectives and enable flexibility to accommodate scale. If your company has a multimillion-dollar spend, you have an opportunity to drive down cost through procurement by implementing category management.
LBMC focuses on tactical buying steps such as maintaining accurate spend data, optimizing payment cycle terms, eliminating errors in invoices to help optimize the procure-to-pay cycle, spot buying, purchase order management, catalogue management, master data management and accounts payable.
Our range of procurement solutions include:
- Source-to-pay – spend management, strategic sourcing and supplier management, performance management and procure-to-pay
- Procure-to-pay – purchasing, receiving, accounts payable, inventory and dashboard reporting
- Contract management – Our procurement team will support your contracting process from the negotiation of terms and conditions through full execution of the contract.
- Facilities management – We bring significant value to our clients through the coordination of space, infrastructure and organization facilitation, the creation of standards and “bills of materials” for repetitive or de-novo projects.
We have experience in delivering procurement solutions to multiple industries including healthcare, manufacturing, retail and financial services.
LBMC is an Aggregated Procurement Partner.
LBMC developed a solution that turns passive participation in a GPO into an active effort to bring all needed items under contract and control – thus becoming your Aggregated Procurement Partner. If you have a company-specific need that is not in the network, we will use our Group Purchasing Power and negotiation experts to negotiate a better contract with you and for you. When we add it to our portfolio and offer the same product to our growing list of clients, we’ll continue to drive pricing down and ROI up.
While some Group Purchasing Organizations (GPO’s) pass their bulk buying power on to their members in the form of tiered discounts, LBMC believes in cross-platform aggregated savings. GPOs only use group rates at a pre-determined supplier list level. LBMC aggregates pricing so that all companies get the same pricing. Regardless of the size of your company, you can receive two times, three times, even ten times the volume discount you might already have.
How do I get started with Procurement?
The first step for any organization seeking to optimize its procurement efficiencies and savings is to have a conversation with a procurement solutions provider. This starts the process of discovering where your business may have inefficiencies around the budget and identify ways to save costs.
Improvements to the bottom line can come in hard savings based on a cost-to-cost comparison or soft savings in efficiencies, technology and reporting. Strategic procurement, however, goes beyond just saving money to creating innovative processes that improve a company’s operations and efficiencies and position it for long-term success.