Modern Slavery Statement
By David Robertson, Head of Technology at Banner.
As part of my role at Banner, I work with businesses to consolidate and streamline their IT procurement. The challenge is, knowing where to start isn’t always easy.
In this blog, I’ll discuss why it matters, the benefits it brings, and practical ways you can improve your IT procurement strategy, so it works harder for you.
Why is streamlining your IT procurement important?
As those who work in the industry will know, procurement can often be time-consuming and complex.
Inefficient processes can have several knock-on effects, including exceeded budgets, increased costs, supply chain disruption, and compliance risks, to name a few.
On top of that, I frequently find that those without a strong IT procurement strategy struggle to keep up with the rapid innovation and frequent product updates we see within the industry, leaving them at risk of falling behind.
By ensuring your procurement process is airtight, you can help your business save money, reduce admin, and free up IT teams to focus on other priorities.
How can you better streamline your IT procurement?
Here are my top tips to help make your procurement process as streamlined and seamless as possible.
- Take advantage of AI
Like with so many processes, AI can transform procurement efficiency. Not only can it help analyse large, complex data quickly, but it also spots errors and improves accuracy in quotes.
In fact, according to IBM, AI-powered procurement can help reduce the time it takes to onboard a new supplier from two days to just 10 minutes, freeing up professionals’ time.
In my experience, this is extremely useful when creating tenders, which can often be time-intensive, and identifying and shortlisting vendors based on their compliance and accreditations. The Oxford College of Procurement and Supply found it can reduce time spent on processes by 60%, which goes to show just how transformational the technology is for the sector.
- Use centralised procurement platforms
One of the hardest parts of IT procurement is managing all your different suppliers. Each relationship is different and requires a lot of time and energy to keep on top of all the agreements and terms first laid out.
This is where centralised procurement solutions are a game-changer, offering a single place to manage all your existing client relationships for your IT procurement needs. Leading examples include Coupa and SAP Ariba, which Banner has experience working alongside.
Having personally used some of these platforms, I’ve found that it makes it much easier to manage spend, gather data on your IT procurement, and liaise with suppliers. Some of these platforms are already integrating AI into their solutions too, which will make using them even more seamless.
- Consolidate your suppliers
Consolidating your supplier relationships can help reduce costs and admin, while working with fewer, trusted vendors improves relationships and service levels.
At Banner, we can help consolidate your supplier list and provide you with a one-stop shop for all your needs, managing all your supplier relationships on your behalf. For large organisations with complex procurement needs, this makes a huge difference, especially with a partner that understands the specific accreditations you require and your wider business objectives.
- Follow best practice
My last – and most straightforward – tip, is to follow best practice. Too often I find bids and tenders complicated by unclear category management strategies. Spend time defining your categories and deciding your strategy for each, and ask:
- What is your budget for each category?
- Have you conducted a market analysis for the category?
- Have you rationalised the suppliers you’re willing to work with?
- Have you conducted a risk assessment?
It’s okay if you haven’t got all the information, but knowing where you stand on all of the above will help you select the right suppliers for your needs.
Where possible, use a standardised template for each category, whether it is hardware, software, or services. This will improve accuracy, reduce errors and speed up the entire process – a win-win-win!
How Banner helps
As consultative partners, we bring expertise in both traditional and AI-driven procurement. With access to centralised platforms and tailored solutions we make your IT procurement simpler and smarter.
If you’re looking for a tailored solution, for everyday IT products or larger-scale technology projects, please feel free to reach out to me on LinkedIn, or via the Banner site.