One component of Procurement is the strategic analysis of operational spend. Done well, it can yield rapid savings of 22% on average to your bottom line, with enhanced services and efficiencies. Today, the procurement function within businesses is being elevated to a strategic component of value creation. This provides the opportunity of a competitive advantage for business owners. A good procurement solutions provider can become an extension of the organization’s existing procurement resources, helping you do more with less effort.

LBMC is an Aggregated Procurement Partner.

LBMC developed a solution that turns passive participation in a GPO into an active effort to bring all needed items under contract and control – thus becoming your Aggregated Procurement Partner. If you have a company-specific need that is not in the network, we will use our Group Purchasing Power and negotiation experts to negotiate a better contract with you and for you. When we add it to our portfolio and offer the same product to our growing list of clients, we’ll continue to drive pricing down and ROI up.

While some Group Purchasing Organizations (GPO’s) pass their bulk buying power on to their members in the form of tiered discounts, LBMC aggregates all client spend so that clients get the same pricing. Regardless of the size of your company, you can receive two times, three times, even ten times the volume discount you would have qualified for.

LBMC’s strategic procurement team can positively impact your company’s bottom line through our full procurement process from aggregated purchasing power and supply sourcing. We are a procurement service provider who can provide:

• Competitive market research
• Rapid analysis of organization spend
• Select suppliers
• Strategic vetting
• Negotiate payment terms
• Contract negotiation and management
• Project management
• Travel discounts
• Rapid implementations
• Procurement transformation
• Purchasing goods, services or work from a third-party supplier

LBMC provides clients with a flexible set of procurement outsourcing options, custom configured to meet specific needs with tailored solutions. Working with LBMC, clients’ experience:

• One true point of contact for any issue
• Savings of 10 to 40%
• ROI typically exceeding 300%
• Quick, easy wins
• Purchasing power leverage
• Negotiations on your behalf

LBMC Procurement Solutions holds a Quarterly Business Review (QBR) with all clients, to review what the company is saving and what areas offer additional opportunities for savings.

Our range of procurement solutions include:

• Source-to-pay – spend management, strategic sourcing and supplier management, performance management and procure-to-pay
• Procure-to-pay – purchasing, receiving, accounts payable, inventory and dashboard reporting
• Contract management – Our procurement team will support your contracting process from the negotiation of terms and conditions through full execution of the contract.
• Facilities management – We bring significant value to our clients through the coordination of space, infrastructure and organization facilitation, the creation of standards and “bills of materials” for repetitive or de-novo projects.

We have experience in delivering procurement solutions to multiple industries including healthcare, manufacturing, retail and financial services.

The first step for any organization seeking to optimize its procurement efficiencies and savings is to speak with a procurement solutions provider. The conversation starts the process of discovering where your business may have inefficiencies around process and identify saving opportunities.

Improvements to the bottom line can come in hard savings based on a cost-to-cost comparison or soft savings in efficiencies, technology and reporting. Strategic procurement, however, goes beyond just saving money to creating innovative processes that improve a company’s operations and efficiencies and position it for long-term success.