Benefits of consolidating vendors

It should now be clear that supplier consolidation is a means to an end, not an end in itself.If you have implemented, or are considering implementing, a supplier consolidation goal, be sure to have a plan on how you will direct your supplier consolidation to produce these results.

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Reducing the number of suppliers they do business with is a common procurement department goal.

Each service provider that you use possesses overhead costs of their own (rent, utilities, payroll, etc.) which are baked into their pricing structure.

As you multiply your outsourced vendors, you also needlessly multiply these inherent costs.Ask yourself: In addition to increased costs, the time spent managing multiple vendors also factors into employee productivity and could greatly impact your workflow efficiency.Over the course of a fiscal year, the seemingly minute amounts of time spent juggling multiple contact numbers, emails, personalities, corporate policies, invoices, etc.The current Accounts Payable process at Marcy’s company is consuming too much of her time — time she would prefer to spend managing her core business.She realizes that multiple invoices arriving at her desk are causing processing issues and errors… Meet Patrick, a devoted husband and father to a busy 2-year old son who gives him a run for his money!Earning your SPSM Are you a procurement leader whose team isn't achieving the results you know are possible? Over time it is not uncommon for organizations to find themselves with a large number of service providers supporting their operations.Companies are likely to outsource this annual work.So, because there is a specific task done for each supplier, fewer suppliers will mean fewer tasks done which will mean lower costs.Result #2 - The consolidated spend is leveraged and lower prices are negotiated.It's Procurement 101: the more volume of business you do with a supplier, the higher discounts you should be eligible for.

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