MPS Managed Procurement Services (MPS) involve outsourcing the procurement function to a customer to enhance efficiency, reduce costs, and ensure compliance. Key components include:

1. Strategic Sourcing: Identifying suppliers, negotiating contracts, and conducting market analysis for new opportunities.
2. Supplier Management: Maintaining strong relationships, monitoring performance, and conducting regular audits.
3. Procurement Operations: Handling daily activities like purchase order creation, order management, and workflow approvals with advanced systems.
4. Category Management: Optimizing strategies for specific spending categories and continuously monitoring performance.
5. Contract Management: Drafting, reviewing, ensuring compliance, handling disputes, and managing renewals.
6. Cost Control and Reduction: Identifying cost-saving opportunities and negotiating better terms with suppliers.
7. Risk Management: Identifying risks, developing mitigation strategies, and ensuring legal and regulatory compliance.
8. Technology and Automation: Leveraging software, e-procurement systems, and data analytics for process automation and improved decision-making.
9. Reporting and Analytics: Providing insights into procurement performance and offering recommendations for continuous improvement.

Benefits of MPS:

• Cost Savings: Achieved through strategic sourcing, better negotiations, and streamlined processes.
• Operational Efficiency: Enhanced by specialized providers’ expertise.
• Access to Specialists: Gaining industry-specific knowledge and extensive supplier networks.
• Compliance: Ensuring adherence to regulations and internal policies.
• Focus on Core Business: Freeing internal resources for strategic initiatives.
• Scalability: Adapting procurement activities to changing business needs and market conditions.
• Continuous Improvement: Introducing new technologies and best practices.

Overall, MPS optimize procurement functions, driving cost savings, efficiency, and compliance, enabling companies to achieve their business objectives more effectively.