Understanding the market is the foundation of any successful procurement strategy. Material costs can vary widely depending on the supplier, location, and timing. Prices can change daily, especially for high-demand items, which means staying informed and tracking prices is essential.
Using a centralized tool like SubBase allows you to track historical pricing trends and monitor fluctuations. This data allows you to plan and make informed purchasing decisions.
Price is typically not the only factor when choosing suppliers – relationships matter. Strong relationships with suppliers can lead to better deals, quicker delivery times, and greater availability of items.
Strong relationships can also mean suppliers proactively reach out to offer deals or ensure you have the right materials on hand for your project needs. Building rapport creates a win-win situation, helping you secure the best prices and greater service.
Managing supplier communications and timely invoice management through SubBase can enhance supplier relationships.
When keeping to a project timeline, it can be easy to go with the first quote that comes in, but this approach could cost you in the long run.
The manual process of comparing quotes – collecting emails, printing documents, and levelling line items – has been drastically simplified through technology. SubBase’s automation allows you to send out RFQs (Request for Quotes), and receive quotes back in a standardized format so you can quickly compare them side-by-side.
This efficiency helps ensure you’re getting the best overall deal, factoring in price and availability.
One of the biggest advantages of using a platform like SubBase is the ability to automate much of the procurement process - removing the need for time-consuming manual data entry and comparison.
SubBase centralizes your data, allowing you to track historical purchasing information, vendor performance, and pricing trends. With all of this information available in real time, you can make proactive decisions based on accurate, up-to-date data, helping to avoid costly mistakes or delays.
SubBase also centralizes communications across all teams, ensuring everyone is aligned before a job starts.
Having to be reactive in procurement can lead to delays and overspending. A more effective strategy is to plan ahead, by understanding the project’s material needs well in advance.
You can avoid last-minute price hikes and availability issues by proactively sourcing materials and locking in prices before a project begins. SubBase’s data allows you to foresee potential challenges, using real-time and historical purchasing data, and address them before they impact your bottom line.
Maximizing value in procurement isn’t just about securing a lower price – it’s about optimizing the entire process from research and relationships to automation and planning.
By leveraging technology like SubBase, you can streamline your procurement, reduce manual workload, to ensure your projects stay on time and within budget.
Ready to optimize your procurement process? SubBase offers the tools you need to stay ahead of material costs, compare quotes, and manage supplier relationships effectively. Contact us today for a demo.
