3 Ways a Managed Service Program (MSP) Can Drive Value for Procurement Professionals
When you think about the value a managed service program, or MSP, can offer your organization, your mind might first go to your workforce or HR department. Traditionally, many businesses have used MSPs to handle recruiting, hiring, onboarding, and other talent management functions. These partnerships free up significant time and resources for internal HR and Talent teams, helping them to operate more efficiently and focus on other needs.
But beyond HR, a managed service program can be a great asset to other departments, including procurement/purchasing, accounting, and even compliance. Leading MSP providers have expanded their offerings to meet the rapidly evolving needs of the organizations they serve, and procurement professionals stand to reap the benefits – here are just a few.
MSPs = efficiency.
First and foremost, a good MSP creates new efficiencies for your procurement team that can have a positive ripple effect throughout your entire organization. Rather than having to manage hundreds of different suppliers, vendors, and subcontractors, an MSP provides your procurement department with a single point of contact and integrated software for all these interactions and the work that comes with them, including the RFI/RFP process, invoicing, contracts, and more.
And if you have a strategic partner that’s already working with your HR department on talent acquisition and workforce management, incorporating procurement into your MSP can be quite seamless.
MSPs → more transparency and visibility into spending.
With all the economic uncertainty we’ve experienced over the last couple years, businesses today have become increasingly money-conscious, knowing that things can change dramatically and without much warning.
Through regular monitoring and reporting, MSPs can offer greater visibility into spending within specific departments and across the entire organization – and to take things one step further, can help find ways to reduce costs and wasteful spending while improving billing accuracy. Because MSPs are laser focused on cost efficiency, they’re able to zero-in on the suppliers and vendors that are getting you the most bang for your buck.
MSPs are subject matter experts.
When you implement a managed service program to streamline your procurement efforts, you’re gaining the added expertise, experience, and relationships of an entire organization. And while an MSP provider isn’t meant to replace your procurement department entirely, it can be a highly effective supplement to your internal framework.
MSP providers are subject matter experts and, because of the clients they serve, have built cost-efficient, high-value relationships with suppliers that individual companies may not be able to leverage on their own.
Broadleaf Results offers managed service programs to support your organization’s wide ranging needs, from HR and recruiting, to procurement and statement of work. Reach out to learn more today.