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Every large and forward-thinking corporation delves into making capital expenditures (CAPEX) to gain competitive advantage and upgrade infrastructure. Ranging from oil and gas industry to healthcare service providers, capital projects often represent around 10% of a company’s annual revenue.
Often CAPEX procurement becomes challenging due to the need for relevant technical expertise, long maturity cycles, and inability to manage supply-related risks. In certain areas such as engineering and construction, total costs associated with CAPEX are significantly driven by non-cost considerations like vendor profiles and quality of the product. Reforming CAPEX procurement management to facilitate maximum ROI is a multifaceted undertaking which can result in long-term competitive advantages.
Through Procol’s intelligent solutions, we help companies expand their abilities and focus on overlooked categories, feature benchmarking, and operational spend. Companies can also leverage our extensive supplier database to identify and evaluate the best possible pool of suppliers based on their time and cost efficiency.
Benchmark Contracts Based on Supplier’s Reliability and Efficiency
While choosing the lowest-cost bid may seem cost-effective, it’s not necessarily the best practice for CAPEX procurement. Award contracts by evaluating details such as product metrics, amount of time involved, and production lost due to inevitable delays, on a centralized dashboard and rank suppliers accordingly.
Reduce the Cycle Time
In a competitive market, smooth procurement performance is defined by quick implementation of contracts that meet desired business requirements. With Procol’s unified spend and contract management, companies can consolidate supplier data and decrease the waiting time for realizing ROI.
Due Diligence in Reviewing Procurement Risk
Assessing the procurement’s scope on the basis of logistical requirements and detailed technical knowledge can add significant value to supply-related risk. The analysis can help procurement teams formalize the risk evaluation process to avoid problems down the line and add transparency to the procurement journey.
Digitize Your CAPEX Procurement
Incorporating digital operations in CAPEX procurement can significantly influence costs and operational efficiency. Procol’s digital capabilities help you gain quicker access to supplier base, conduct seamless e-auctions and negotiations, and evaluate performance on multiple metrics for continuous improvement.
Procurement spend managed
Suppliers spread all over India
Average savings offered
Events conducted across 25+ customers
“The startup helps food retailers procure inventory online, has clients such as Bikanervala and Big Bazaar.”— Yuvraj Malik
“A single platform for sourcing, collaboration, commodity insights; helps businesses save cost and time”— Editorial Desk
Procol can revolutionize procurements for you.
#CallProcol today to facilitate deployment in <2 weeks and realize savings and operational efficiency from your CAPEX spend with a smart solution for managing suppliers, sourcing projects, contracting, and rate management.Call Procol