Purchasing Services for Life Sciences

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

Life science establishments have witnessed a rapid transformation due to ever-increasing demands and opportunities. Increased pricing, client limitations on returns and pricing, rising regulations, expiring patents are some of the challenging areas. These factors encourage companies totransform their product portfolios. However, there are procurement services that offer an array of services determined to help life science and biotech companies achieve vital improvements in their purchasing power expertise. This includes improved purchasing data, use of procurement skills, and potent sourcing. Therefore, purchasing services for Life Sciences can be an advantageous move as these services promising biotech research companies by providing economical facilities designed to streamline the procure-to-pay procedure while ensuring vigilance for the audit process. Furthermore, such organizations optimize savings, accelerate order transaction time, and minimize delays in the research proc

Companies small and large make the business decision to hire firms to do procurement services for them. Good procurement strategies are often what sets apart profitable companies from struggling ones. Procurement requires a unique level of knowledge on market trends, cost saving, and compliance. A strong procurement outsourcer can leverage its expertise and relationships to cut costs and increase efficiency. The first step in identifying the best decision for your business is to understand why outsourcing procurement services is often a better alternative to having your own staff do the work. Experience . Professionals who offer procurement services are just that: professionals. They are experienced and know how to effectively negotiate and use sourcing strategies to get the best deal. They understand the market and know the proper prices for the goods and services you’re looking for. Cost reduction . Upon hiring a procurement team, you will have the opportunity to help t

Startups and small businesses often rely on operations and lab managers for a variety of roles including managing inventory, ordering of equipment and consumables, and maintaining records. It doesn’t take long for these roles to lead their focus away from other priorities such as staffing, financing, and the direction of the company. Even with the latest technology, strong supplier partnerships, and established procurement processes, startups and small businesses fall short of optimal purchasing savings. Smaller sized companies have less purchasing power because of their low volume orders. The solution?  Outsourced procurement.  By partnering with a professional procurement company , startups, and small businesses dramatically increase their purchasing power and optimize savings. Outsourcing procurement allows business owners and managers to focus on what they should be doing, while procurement specialists take over the tasks of inventory management, chasing approvals, and su

In order to efficiently manage your procurement, the first step is to understand your purchase spend , which is much easier said than done, especially without a dedicated procurement team. Below are tips to get you started with your procurement spend analysis. Identify Sources Before you can begin to collect data to analyze your procurement spend, you must first identify all of the sources that may affect your spend data, which includes sources from all departments across all company locations. Data sources may include accounts payable, general ledger, pCard, and eProcurement systems. Collect Data Analyzing your company’s spendings will be much simpler if you collect data on an ongoing basis. If you have an eProcurement system (like ours, Prendio), this data will be captured automatically and should be easy to report. We recommend obtaining, at a minimum, the following data: What was purchased? When was it purchased? From whom was it purchased? How many potential supplie

Although the words are used interchangeably more often than not, procurement and purchasing are not synonymous. First, let’s take a look at their definitions: Procurement : The act of obtaining or buying goods and services. The process includes preparation and processing of a demand as well as the end receipt and approval of payment. (Source:  BusinessDictionary ) Purchasing : The activity of acquiring goods or services to accomplish the goals of an organization. (Source:  BusinessDictionary ) Purchasing is Part of the Procurement Process Purchasing is actually just a subset of procurement. Procurement includes purchase planning , standards determination, specifications development, supplier research and selection, value analysis, financing, price negotiation, making the purchase, supply contract administration, inventory control and stores, and disposals and other related functions. Purchasing refers simply to buying goods or services. Purchasing often includes receiv