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How Inflation Affects Your Procurement

Cost savings during inflation.

Inflation continues to grow and companies are now seeing the rise in cost of many of their procurement solutions. This includes deliveries, procured goods, software contracts, and even the cost of team member retention.

Pressure continues to rise for many companies to find the right solutions to help tackle the continuing rise of inflation. Everyone is trying to save their company as much money as possible. The good news is there are solutions to prepare your company to deal with inflation’s rising costs.

One of the goals of procurement is finding the most cost-effective options for your goods. A lot of moving parts can go into ensuring this process is as efficient as possible. Sometimes, especially with larger companies, things can fall through the cracks. Too many products can be ordered, costing companies even more money and resources.

A more expensive or non-approved vendor might be chosen. This costs time to set up another procurement job to correct your mistake. With the rise of inflation, you want to make sure your procurement solutions continue to save you money. Who wants to spend more than they already are?

What can your team be doing to combat the rise of inflation and ensure your procurement spend remains cost-efficient?

First, having a way to measure your current procurement spend is vital. Using reports and numbers of your entire procurement department spend keeps you on top of yearly budgets and cost spent for each vendor or project. Second, being able to keep track of your vendors to ensure you‘re using the most cost-efficient, business-approved vendors.

Vendors, like your business, can be adjusting based on availability and inflation costs. Finally, keeping it all housed in one place is essential. Disorganization leads to lost time, money, and resources. You don’t want to keep spending more than you have to with inflation on the rise. 

eLynxx Solutions is here to provide your team with procurement solutions tools and resources to help you combat inflation and improve your process. Our state-of-the-art cloud software lets you keep track of procurement spend, manage vendors, and keep your entire procurement process from inception to completion in one place.

No more worrying about choosing the wrong vendor or ordering too many goods, costing your business hundreds to even thousands of dollars and man-hours. We are here to help your team combat inflation and provide you with procurement solutions software that works for your team. 

Discover how our software has worked for hundreds of print buyers and procurement specialists, saving them time and money.