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Top Three Ways Outsourced Procurement Saves Businesses Money

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Although procurement is not always a core competency within a business, it is one of the most demanding aspects of any business. If a business’ procurement processes are ineffective, research and production can be brought to a halt. Even worse, the company could end up not being profitable. This is why outsourcing procurement should be a serious consideration for all businesses. On top of expediting purchasing processes and getting the best deals, outsourced procurement can save you money. Below, we have highlighted three ways outsourced procurement saves businesses money. 1. It allows staff to focus on research and product development Many companies, specifically startups, and smaller companies, will task particular employees with procurement responsibilities. Often, startups and smaller companies do not have the resources to create procurement departments or to hire dedicated procurement employees. Even if they do, they usually don’t have the in-house knowledge to properly ov
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Gain Strategic Advantages In The Biotech Industry With Professional Procurement Services

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In an ideal world, biotech organizations would have full–service purchasing and AP departments. In reality, most of the emerging biotech startups have scientists and a small administrative staff to handle purchasing and accounting, taking time away from the core operational work and vital research in the lab. Outsourcing these functions to a professional consultancy can help streamline the procure-to-pay process, improve operational efficiencies, and accelerate research and development. Increase Operational Efficiencies Biotech organizations operate in a dynamic environment influenced by unique challenges and opportunities. Procurement is a team effort that involves various departments including scientists, purchasing and finance professionals. To reduce costs, many startups and emerging companies rely on scientists and lab managers to procure essential supplies required for research. Tasks such as creating supplier accounts, getting approval from managers, finding quality prod
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Everything You Need To know About E- Procurement

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In a time when the world lives online, people have begun to utilize virtual communication in both their personal and professional lives. Communication isn’t limited to video conference calls or emails with family and friends though. In fact, communication between suppliers and customers is a topic more businesses are showing interest in. This online communication between suppliers and customers is known as e-procurement. E-procurement improves efficiency, accuracy, and overall customer satisfaction while saving both parties money along the way, but it’s a topic that still leaves many people scratching their heads. What is E-Procurement? Before we dig deeper into the benefits of e-procurement for businesses, let’s take a look at what exactly it is. E-procurement involves taking the traditional procurement process and digitally enhancing it for both the supplier and customer. That means that all parts of the procurement process, from order placement to checking invoices, are perfo
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Location: 660 Main St, Woburn, MA 01801, USA
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3 Hot Procurement Topics

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Procurement may not seem like the most exciting topic in business, but there are some new trends that are worth talking about. Whether you’re an experienced company or a new start-up, there’s always more you can do to improve your procurement process. At BioProcure,  we’ve simplified and optimized the procurement process to bring the newest hot procurement topics to you. We’re constantly working to utilize new ideas in our procurement process, but these are a few of the best procurement methods we’re using right now. E-Procurement In a time when the world lives on the internet, why should procurement be any different? E-procurement is rising in popularity thanks to the easy organization, enhanced control, and quick processing that it offers. At BioProcure, we offer e-procurement services to meet all of your business needs at a cost-efficient price. E-procurement is easy to use, update, and integrate into the systems you already have in place! Not only will this new procurement m
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Location: 660 Main Street Woburn, MA 01801
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Automation In Procurement

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This is a guest blog by Paul Giese. Paul is the founder of  intheBlk software , a firm that specializes in long-range planning and ASC606 revenue recognition for biotech organizations. When he isn’t working on financial models, Paul enjoys spending time with his wife and one-year-old son. You can find more thoughts by Paul on Twitter (@intheBlkData) and at  his blog . An   Ernst & Young study   found that finance departments are 80% ready for automation. Practically, this is converting a report built in Excel from three sources to a report that an ERP system generates automatically. The benefits of automation include more accurate financial data, more thorough financial reporting capabilities, and time savings from more efficient processes. Biotech organizations can achieve these benefits in the purchasing and payables process through the use of an optimized system such as   Prendio . Below are a few benefits of automating the procurement process: Maintain one list of f
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Order Management: What Is It And Why Is It Important?

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Order management may seem like a simple term, but what does it really mean? And why is it so important? Many business owners are unsure of what order management includes, so let’s take a closer look and get a better understanding. What is Order Management? To put it simply, order management is the process of keeping track of orders, the processes and people needed to fill those orders, and managing the customer data for the order. Order management handles everything from receiving the order to delivery and post-delivery customer service relations. Without order management, a business can easily become overwhelmed by orders or struggle to fill them correctly. The first step to proper order management involves keeping track of inventory on hand versus orders taken in to make sure you don’t take on more orders than you can fulfill. After orders are received by customer service representatives, they must be filled and shipped out. This means that order management requires communic
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Everything You Need To Know About E-Procurement

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In a time when the world lives online, people have begun to utilize virtual communication in both their personal and professional lives. Communication isn’t limited to video conference calls or emails with family and friends though. In fact, communication between suppliers and customers is a topic more businesses are showing interest in. This online communication between suppliers and customers is known as e-procurement. E-procurement improves efficiency, accuracy, and overall customer satisfaction while saving both parties money along the way, but it’s a topic that still leaves many people scratching their heads. What is E-Procurement? Before we dig deeper into the benefits of e-procurement for businesses, let’s take a look at what exactly it is. E-procurement involves taking the traditional procurement process and digitally enhancing it for both the supplier and customer. That means that all parts of the procurement process, from order placement to checking invoices, are
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