Following a turbulent year of lost revenue, COVID-19 has pushed ‘reducing costs’ to the top of the agenda for many businesses as they continue to navigate this difficult period. Never before have businesses from startups through to enterprise had to scrutinise costs in the way they are right now. Add to this the impact of Brexit on the economy and the growing financial strain placed upon consumers over the last 12 months and the path forward is far from clear.
One thing that is certain though, is the need for businesses to reduce day to day costs significantly to stay afloat in the short to medium term. That means unlocking hidden costs, identifying areas of overspend and streamlining resources and processes to reduce admin and ensure operational efficiency and growth. All of these aspects are worthy areas of focus, and all are time consuming to properly grasp. Price has become a major deciding factor on the sourcing and purchasing of services and supplies, yet on the flipside, quality, sustainability, and ethically sourced products remain high on the list of consumer priorities (particularly in the case of Gen Z). While it could save you money to shop around for the best prices and negotiate discounts, it is by no means a time-efficient task.
Of course, there is nothing quite like a pandemic to businesses further towards innovation – and quickly. Many organisations have faced some difficult decisions over the last few months and budgets remain under immense pressure despite the need to remain relevant, on-trend and competitive. This is where fit for purpose e-procurement technology, as opposed to old-school purchase order systems, really does come into its own. Right now, we are helping a number of our customers to see the wood for the trees when it comes to saving time and reducing costs.
Many of our customers have been saving money by using our technology to improve how they control and manage costs as well as overspend by mirroring their budgets and using their existing finance system to stay on top of budgeting. Our technology even allows you to fix specific authorised spending levels down to user, group or department and across all of your trading outlets. By digitising your procurement systems and processes you will also improve efficiency and reduce the admin paper chain at the same time.