The Approach and Benefits That CFOs Can Expect From Outsourcing Procurement with Concertiv
Takeaways from Priya Iver and Britt Tunick’s Fireside Webinar
In a compelling webinar discussion, Concertiv CEO Priya Iyer and renowned Financial Journalist Britt Erica Tunick delved into the transformative world of Spend Management. Their insightful Fireside Chat focused on how Concertiv is pioneering in the sector through its innovative Procurement-as-a-Service approach. A standout insight from this discussion was the unique strategy Concertiv employs with its clients and the tangible advantages CFOs can leverage through this approach.
Concertiv's Approach to Procurement-as-a-Service
Concertiv's strategy unfolds through a triad of pivotal elements: Centralizing vendor contracts, Managing contracts and renewals for peak efficiency, and Optimizing portfolios to secure premier services at the most competitive prices. The initial phase prioritizes bringing all contracts and renewals together to ensure the best prices. "Our approach provides visibility, transparency, and structured management, resulting in year one savings," CEO Priya Iyer mentions in the recent webinar.
Leveraging their proprietary procurement platform, Concertiv360, Concertiv masterfully centralizes all vendor and contract management. This strategic consolidation empowers the client and Concertiv to supervise all contracts effectively, enhancing renewal strategies and negotiation power. Furthermore, it streamlines the process of identifying redundancies, paving the way for significant time and cost savings.
This methodical approach not only enhances the management of the client's existing portfolio but also lays a solid foundation for continual optimization. The result? A trajectory of sustained savings and efficiency, year after year.
The Benefits of a More Focused Approach to Procurement-as-a-Service
Delving into the advantages of Concertiv's procurement-as-a-service model, CEO Priya Iyer encapsulates its impact across four key domains. At the forefront lies the allure of substantial cost savings. Iyer notes, “We optimize spending to achieve savings, making it a no-brainer for CFOs,” underscoring the financial prudence of this strategy. Risk management emerges as a cornerstone, with Concertiv's approach championing visibility, transparency, and meticulous management, substantially reducing risks.
Administrative efficiency is another hallmark of Concertiv's service. Clients frequently acclaim the administrative relief Concertiv provides, which streamlines processes and instills a sense of calm and control. The culmination of these benefits fosters a profound sense of peace of mind, assuring clients that their procurement processes are managed with unmatched efficiency and expertise.
Concertiv's innovative approach to procurement-as-a-service crystallizes efficiency and strategic foresight in spend management. CEO Priya Iyer and Financial Journalist Britt Erica Tunick's illuminating Fireside Chat has helped unravel the myriad benefits this model offers CFOs — from significant cost savings and risk reduction to administrative efficiency and invaluable peace of mind. Concertiv is a testament to the power of intelligent, client-focused procurement solutions, setting a new standard for operational excellence and financial acumen in the ever-evolving business landscape.
This was the second big takeaway from the enlivening and educational discussion about the benefits of procurement-as-a-service. Review Part 1 and 3 below…
Part 1: How 2023 Has Changed CFOs and COOs Focus on Spend Management for the Coming Years
Part 3: 3 Tips for CFOs and COOs Looking to Initiate the Procurement-as-a-Service Process
For the complete, in-depth discussion around Spend Management, Watch the Entire Webinar.
Interested in learning more about procurement-as-a-service for your firm?
Learn how leading firms are partnering with Concertiv to reduce spend, minimize risk, and save time across key spend categories.
