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Consolidate supplier selection and invoices with Wucato – find out how!

Wucato allows buyers to efficiently consolidate their suppliers in a central B2B platform

With central and customizable supplier selection and summarized invoices, buyers can keep track of their orders and save time on administrative work.

Considerable product and service requirements mean companies often lose track of which, and how many, manufacturers or wholesalers they actually order from. In the hunt for the lowest price, buyers diligently research and negotiate with a multitude of suppliers – without considering the administrative pitfalls lurking in invoice verification or reporting.

Buyers often manage to push the price of individual items down as a result of their work, but disregard the associated process costs or even framework agreements that have already been negotiated with other distributors. In order to increase efficiency not only in procurement but also in downstream management, we recommend meeting requirements centrally in one digital location and a process known as supplier consolidation.

Process _Supplier selection consolidation

So what does the term "consolidate" mean in procurement?

In procurement, consolidation means combining and reducing the number of suppliers that a company has. After consolidation, companies should continue to meet current and future requirements cheaply and reliably, just from as few suppliers as possible. In a process of dialogue with strategic and operational buyers as well as other colleagues responsible for procurement processes in the company (e.g., accounting, auditing or management), the employees involved should identify and exploit any consolidation potential. This work can be done either manually or directly via a digital procurement system.

This sometimes tedious manual work pays off: supplier centralization and consolidation leads to improved transparency and cost control and, ideally, lower prices. After all, if more items are ordered through a distributor, procurement benefits from lower transportation costs and a new negotiating position.

For greater efficiency in your procurement process

To simplify the supplier consolidation process, digital platforms like Wucato offer exactly the right sort of assistance – for example, consolidated invoicing, which many B2B buyers are also familiar with from online shopping in their spare time. Instead of meeting requirements individually on manufacturers' websites, users can only buy through a multi-supplier platform that issues them with a single invoice. In addition, Wucato customers can view all available suppliers in a central overview at any time to get a better picture of the entire assortment and also to find new manufacturers and distributors.

In order to ensure efficient procurement throughout the company, strategic buyers can also limit the supplier selection themselves and store prices and contracts that have already been negotiated in the system. This means that operational buyers order exclusively from suppliers that are actually worthwhile for the company.

Are you also on the lookout for a more efficient procurement process? Read thisto find out how our customers buy their resources digitally using Wucato.

To learn more about the features offered by the Wucato platform click here

 

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