Acquisition units adapting strategies in face of intricate danger landscape

In the dynamic world of business, procurement is no longer just about cutting costs. It's about building resilience, driving sustainability, and creating value across the supply chain. This shift is evident in the decision made by Tate Galleries, a renowned cultural institution with 1,500 employees, to partner with Amazon Business.

Centralising its procurement process with Amazon Business has been a game-changer for Tate Galleries. The platform allows procurement teams to search for suppliers efficiently, reducing the need for days to find a niche supplier. This efficiency ensures purchases align with the company's policies, providing a level of control that was previously unattainable.

Amazon Business offers more than just a marketplace. It allows procurement teams to set spending parameters, mandate preferred suppliers, and ensure purchases align with ESG and CSR objectives. This feature is crucial in today's business environment, where consumers, investors, and employees expect companies to act responsibly.

Insights into purchasing patterns from digital procurement platforms like Amazon Business help procurement teams anticipate demand, avoid stockouts, and negotiate better deals. Moreover, these platforms offer a centralised view of spending, enabling businesses to identify inefficiencies and align purchases with broader goals.

Artificial Intelligence (AI) is increasingly being used in procurement for demand forecasting and spend analysis. With 38% of procurement leaders planning to use AI in the next few years, it's clear that the future of procurement is digital.

The benefits of digital procurement platforms extend beyond efficiency and control. They help businesses stay ahead of the curve and fill data visibility gaps, which is crucial in today's global supply chain landscape. A single disruption can potentially impact global supply chains, making control and transparency essential.

Tate Galleries' head of procurement, Declan McAlister, stated that Amazon Business has helped the organisation become more dynamic in purchasing. Businesses of all sizes are using Amazon Business to gain control over their expenditures and reduce supply chain risks by leveraging its features like centralised purchasing strategies, spending limits, flexible payment options, and analytical tools for transparency and optimization.

In addition to cost savings and efficiency, digital procurement platforms like Amazon Business are helping businesses rethink their supplier strategies. Strengthening relationships with tier-one suppliers, diversifying the supply base, and moving supply chains closer to operating facilities are key approaches in rethinking supplier strategies.

The rise of ESG as a business priority is about staying relevant in a world where consumers, investors, and employees expect businesses to act responsibly. By ensuring every dollar spent aligns with ESG values, procurement teams are central to how businesses respond to challenges like supply chain disruptions and ESG goals.

To find out more about how Amazon Business could help your business gain control over spending and reduce supply chain risk, visit https://business.amazon.co.uk/. Embrace the future of procurement and turn challenges into opportunities.