Book a Demo
  • About Us
  • Solutions
    • Procure to Pay
    • e - Auction
      • Reverse Auction
      • Logistic Auction
      • Forward Auction
    • Contract Management
    • Catalog Management
    • e-Invoice Management
  • Services
    • Spend Analysis
    • Tracking Management
      • Savings Tracking
      • Material Tracking
    • Project Management
      • Project Management
      • Requisition Processing
      • Finance Approvals
      • Data Analytics
    • Vendor Management
      • Vendor Profiling
      • Strategic Vendor Sourcing
      • Supplier Risk Management
  • Industries
    • Pharmaceutical
    • Hospitals
    • Energy
    • Infrastructure & Construction
    • Agri & Poultry
    • Manufacturing
    • Others
  • Resource
    • Blogs
    • White Papers
    • Customers
    • Reviews in Gartner
    • Media & Awards
    • Careers
    • FAQ
  • Contact us

CAN WE CREATE SAVINGS WHILE BUYING?

Do we actually have a problem in buying? Aren't we smart, intelligent? At least I had few takeaways while buying:

  • While purchasing a new product I am never sure to what extent it can be negotiated. We go on the road, like something and ask for the price. Let's say he said 300, we ask for 250 and he says take it. Usually people feel happy and take it. But I always get this feeling, I should have asked for 200 only.
  • I feel embarrassed to negotiate with the people I already know because the relation comes into the picture as I have known this person since a long time
  • Most of the times I am never sure of the price I am buying the product for, that too when it is a bulk or premium purchase. We always have a friend who buys it for a lesser price than what we buy and we get to know only after we bought it.

In the month of November when Nitesh and I were discussing on the idea of effective negotiation, I am sure there is a problem that needs to be addressed. But I am not sure of the size of the problem. With the very less experience or I would say no direct experience in procurement I felt I am an individual and I buy products mostly one time so I may not have an idea but every company would definitely have an insight on the product they are going to buy i.e. they would purchase it a better price, they will have experienced people to work on it. So, how much value addition can we actually make?

To learn more about procurement and tell them our plan of creating savings while buying I have started meeting people like Directors, CXO's, Purchase heads etc. The more people I meet, it turned out to be more and more interesting and every meeting I had there is a new thing to learn about.

Few interesting questions/conversations I had:

  • "I have been in this industry before you were born, how do u think u can help me "
  • "I buy at the prices which no one else in the industry can get"
  • "We have digitalized everything "
  • "Money is never a problem to me, it's the reliability and quality "
  • "How can you save more than our procurement specialists?"
  • "Our vendors are much unorganized, they can't use the system"
  • "I talk to companies directly, I don't do business with local vendors"
  • "We have our own ERP"
  • "Our Vendors are the best Vendors"
  • "My prices are fixed at the start of the year, I don't do negotiations every time "
  • "The amount of research we do, no one else can do "
  • "Our brand and reputation in the market ensures we get the best price "
  • "Our vendor management team is one of the best "
  • "I personally take care of the negotiations, I don't leave it to my team "

Do you also have the same questions? With all the systems/approaches above, are you sure that the prices at which you are buying are the best?

Latest Posts

Maximizing Efficiency with Digitized Direct and Indirect Materials Procurement Software

March 07, 2023

Unlocking the Potential of the Manufacturing Sector: A Comprehensive Guide to the Ten Procurement Challenges of 2023

March 06, 2023

10 Purchasing Problems Faced by Purchasing Manager

March 3, 2023

Challenges Involved in Procurement Process and Ways to Manage

May 12, 2022

Procurement Strategy Best Practices

April 21, 2022

Impact of AI on Procurement

March 28, 2022

What is Procurement?

March 13, 2022

eProcurement Software for Robust Spend Analysis

February 28, 2022

Impact of e-procurement in procurement world

February 14, 2022

The Brand Behind Procurement Savings

January 28, 2022

Key Trends that Transforms the Procurement Industry

December 2, 2021

Know more about ROI

November 17, 2021

Read about IOT

October 10, 2021

Read more about AI in procurement

September 17, 2021

Dig Deeper to know about Data Analytics

August 11, 2021

Purchase process automation... will it make any difference??

July 18, 2021

how engaged is your procurement team?

June 5, 2021

not just the price, time matters too !!

May 12, 2021

can we create savings while buying?

April 2, 2021

AI Procurement Automation

March 6, 2021

why should you choose e-procurement system over a traditional erp to transform purchasing experience?

February 4, 2021

Block Chain technology

January 11, 2021

Quick Links

  • About Us
  • Blog
  • Customers
  • FAQ
  • Contact Us
  • Careers

Solutions

  • Procure to Pay
  • e - Auction
  • Contract Management
  • Catalog Management
  • e-Invoice Management

Services

  • Spend Analysis
  • Tracking Management
  • Project Management
  • Vendor Management

Industries

  • Pharmaceutical
  • Hospitals
  • Energy
  • Infrastructure & Construction
  • Agri & Poultry
  • Manufacturing
  • Others

Resources

  • Blogs
  • White Papers
  • Customers
  • Reviews in Gartner
  • Media & Awards
  • Careers
  • FAQ

PRM Trust Center

  • Privacy Policy
  • Social Media Policy
  • IP Policy
  • ISO 27001:2013
  • Terms & Conditions
  • PRM360 GDPR

Copyright © 2021 PRM360. A Product of Acads360 India Pvt Ltd.

Contact us
  • +91 7075115999
  • info@prm360.com