Is your business facing procurement challenges? Are the supply-side constraints causing a major headache to your procurement team? If the answer to the aforementioned questions is yes, you are not alone.  

Every business is dependent upon its partner ecosystem to function with a high degree of efficiency, and there is no department of an organization that is immune to the ripple effects created by disruptions, external and internal alike. As far as disruptions go, the past few years have presented unprecedented challenges to businesses, particularly on the procurement front.  

The Bottlenecks For Procurement Professionals 

Managing procurement for an organization is no easy feat. There are numerous challenges for procurement professionals, including vendor management, MRO (Maintenance, repair, and operations) spending, and risk management. Here are some of the key challenges being faced by procurement professionals across the globe  

1. Supply Side Issues: One of the foremost challenges for procurement teams is supply-side constraints. From the identification of the right vendors to securing their services and maintaining a healthy and sustainable business association, each facet of vendor management is ridden with potential bottlenecks. If there is one thing the pandemic has taught procurement professionals, it is that having a robust supply chain is a massive asset and one that needs consistent effort.  

2. Indirect Procurement Costs: A key facet of the procurement costs of any business is the spending on MRO categories. Due to its low proportion in the overall operational cost, though, MRO in procurement often takes a backseat. Since MRO supplies are critical to the day-to-day functioning of a business, their optimal management is pivotal.  

3. Data Visibility Constraints: Another key challenge for modern-day procurement professionals is data analysis and management. It is no secret that data drives informed strategic decision-making and enables businesses to make the most of their potential and opportunities. There is, however, a marked lack of sufficient and relevant data management and visibility, particularly vis-a-vis vendor availability. This is one key area of improvement for procurement teams.  

All of the aforementioned challenges are also massive opportunities for procurement professionals.  

Transform Your Procurement Strategy With Moglix  

If you are looking to optimize the procurement processes at your organization, we could be of immense assistance. At Moglix, we offer excellent procurement solutions to transform your business. You can choose from a range of solutions, including Moglix Marketplace, Moglix SME, and Moglix Business.  

Contact us now and usher in the magic of data and digitalization in your procurement processes.