Create a Foolproof Plan with Procurement Planning

From strict project timelines to tight budgets and supplier selection, planning and executing a successful sourcing activity can be a daunting task, especially when it comes to complex, high value or specific procurements.

And in organisations with decentralised buying models and remote working, building a valuable procurement plan can be the difference between success and failure when it comes to a sourcing event.

Before delving into our solution let's look at some of the common challenges procurement professionals face when it comes to putting together a robust procurement plan:

Budgets and Approvals

Often, procurement projects are launched without confirmed budgets or necessary approvals, leading to potential budget overruns and compliance issues down the line.

Supplier Selection

Identifying the right suppliers to invite to quote can be a time-consuming process, especially when specific requirements like engaging local suppliers, ESG engagement and ensuring successful completion must be considered.

Without a plan in place organisations run the risk of overlooking key vendors, not having a fair and competitive process or engaging with unsuitable suppliers.

Conflicts of Interest

Before going out to market accurate identification of conflicts of interest is crucial in maintaining transparency, probity and fairness throughout the procurement process. Organisations open themselves up to reputational and financial risk if a conflict is identified after work has been awarded.

Unclear or Incomplete Project Timelines

Without confirmed project timelines, procurement initiatives may face delays or disruptions, impacting overall project delivery. Not having a proper plan ahead of going out to market also increases the risk of a mission critical good or service being forgotten about.

VendorPanel’s Procurement Planning module is a comprehensive solution designed to address these challenges head-on. This module empowers users to create a complete and compliant plan.

It enables Buyers to execute procurement projects, ensuring compliance with policies, complete scopes while gaining the necessary pre-market approvals.

Key Features:

Planning Templates

Users can leverage pre-configured planning templates to kickstart their procurement projects, streamlining the planning process and ensuring consistency across initiatives.

Conflict of Interest Declaration

The tool allows organisations to identify and manage conflicts of interest proactively. This feature isn’t exclusive to users of the platform, allowing all stakeholders and involved team members to have their COI declarations recorded and stored against a sourcing event.

Supplier Discovery

With the new supplier discovery capabilities within this module, users can identify and select preferred suppliers to invite before initiating the sourcing process, enhancing supplier relationship management and efficiency.

Pre-Market Approvals

Procurement Planning allows Buyers to gain pre-market approvals, meaning key stakeholders can review and approve project plans, budgets and supplier selection before anything is open to market. This results in improved consistency, visibility and probity across an organisation.

Populating RFx Information

When used in conjunction with VendorPanel’s Go to Market sourcing tool, information outlined in a procurement plan can be automatically populated into your RFx. This increases time savings by eliminating manual data input, while reducing the risk of human error in the data transfer.

Reduced Risk

Pre-market approvals and thorough planning mitigate the risk of non-compliant or unapproved sourcing activities, safeguarding organisational integrity and reputation.

Increased Efficiency

Consistent and templated planning can help streamline the entire procurement process, increasing time saving and efficiency during the supplier analysis, award and evaluation stages of the RFx.

Comprehensive Documentation

Having all planning and approval documentation in a centralised repository ensures transparency and accountability, simplifying audit processes and compliance reporting.

Timely Project Delivery

Clear project timelines and milestones empower stakeholders at later stages of the procurement process to meet deadlines and deliver projects on schedule, and within budget.

Procurement Planning isn't just a tool – it's a force for good within organisations. By ensuring that all necessary preparations are made before going to market, robust planning lays the foundation for successful procurement outcomes and ethical sourcing practices.

From minimising the risk of non-compliance to promoting stakeholder involvement from the outset, Procurement Planning paves the way for competitive, fair and responsible procurement practices.

If you are interested in learning more about our Procurement Planning module, please get in touch with us today.