9 Best Procurement Consulting Firms of 2023
📖 Table of content
- 1. Bain & Company
- 2. GEP Worldwide
- 3. Oliver Wyman
- 4. PwC
- 5. Vie Healthcare Consulting
- 6. Boston Consulting Group
- 7. Deloitte
- 8. Mckinsey & Company
- 9. Procurement Tactics
- 1. Determine the level of your need
- 2. Decide how much you want the procurement firm to be involved
- 3. Evaluate the affiliations of the procurement firm
For this article, we are going to talk about the 9 best procurement consulting firms of this year. We’re going to check what the company does, and why they’re considered the best in their field. We will include links, so you can check them out.
Whether you want to work for a procurement consulting firm yourself, or you would like them to help your company achieve the desired goals, you will get all the information you need right here.
Whatis a Procurement Consultant?
A procurement consultant is a professional or a business who has extensive experience in purchasing or procurement. Most if not all procurement consulting firms or freelancers are industry specific.
Usually, procurement consultants have four areas of focus which are business process review, strategic procurement advice, procurement system installation, and procurement training.
9 Best Procurement Consulting Firms
The following are the best procurement firms that you can check online:
1. Bain & Company
LinkedIn: Bain & Company: Overview | LinkedIn
Started as a company that is into global consultancy that helps the world’s most ambitious change-makers define the future, Bain & Company was founded with the sole purpose of helping their clients in achieving their goals. Founded in 1973 and with a company size of 10,000+ employees, Bain & Company is certainly included in one of the best procurement firms.
It’s a company that earned a gold rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, thus you know that this company is at the top 2% among procurement consulting firms.
How can this company help procurement managers: With years of experience in procurement processes, Bain & Company work alongside their clients as one team with a shared ambition in achieving extraordinary results. According to their social media profile, the results include outperforming the competition and redefining industries.
2. GEP Worldwide
Founded in 1999, GEP Worldwide is considered one of the best procurement consulting firms in the world. A leader in multiple Gartner Magic Quadrants, GEP’s cloud-native software and digital business platforms are always winning awards and recognition from research firms, media outlets, and industry analysts. GEP is also regularly ranked a top supplychain consulting and strategy firm and a leading managed services provider by ALM, Everest Group, NelsonHall, IDC, ISG, and HfS, among others.
How can this company help procurement managers: GEP boasts about having smart, passionate people running the company. They are able to help their clients with their fresh thinking, innovative products, and unrivaled domain expertise. Their products deliver supply chain resolutions of unprecedented scale, power, and effectiveness. They also have an impressive record of clients, including Fortune 500 and Global 2000 companies from all over the world.
3. Oliver Wyman
LinkedIn: Oliver Wyman: Overview | LinkedIn
Another company that is considered a world leader in management consulting, Oliver Wyman was founded in 1984 with the goal of helping every business leader in improving their operations and risk profile. The company now has offices in 60 cities and operates across 29 countries. A subsidiary of March McLennan, another company that is also a leader in supply chain and procurement, the company works together in offering world-class professional services in procurement strategy and risk.
How can this company help procurement managers: With offices in 60 cities and 29 countries, Oliver Wyman brings its expertise to procurement managers who are in great need of assistance with their procurement processes. The firm has over 5000 professionals from all over the world who are more than ready to assist their clients.
LinkedIn: PwC: Overview | LinkedIn
While it is more of an accounting firm, PwC has its own share of assisting businesses and people in terms of tax services, tax advisory, and quality assurance. While not entirely a procurement firm, the services they provide are a big help for offices that are in need of a consulting firm for their spending and purchasing needs.
How can this company help procurement managers: PwC has over 284,000 employees who are more than happy to help procurement managers in dealing with procurement and sourcing processes. The company has more experience in handling accounting, tax, and any other professional services.
5. VIE Healthcare Consulting
According to their LinkedIn page, VIE Healthcare Consulting is “the only consulting service provider with a proven capability through our in-house expertise and internal resources to analyze all of your non-labor costs to dramatically improve your operating margins and economics of your organization.”
Proof of this is the numerous healthcare organizations that trust VIE Healthcare Consulting with assisting them with their procurement needs.
How can this company help procurement managers: VIE Healthcare Consulting is more directed towards healthcare companies that need assistance with procurement and/or sourcing issues. If a procurement manager’s company is more into the healthcare service, then this consultancy firm is a good choice.
6. Boston Consulting Group
Another world leader in the procurement and supply-chain services, BCG or Boston Consulting Group is working closely with clients to embrace a transformational approach at benefitting all their stakeholders. Founded in 1963, the company partners with business and society leaders in tackling the most important challenges for their business. BCG is proud of delivering solutions through leading-edge management consulting, technology, and design with the help of its diverse global teams.
How can this company help procurement managers: Boston Consulting Group has been assisting several clients since 1963. Until now, the company is working closely with clients through leading-edge management consulting, technology and design, and corporate and digital ventures.
LinkedIn: Deloitte: Overview | LinkedIn
Who hasn’t heard of Deloitte?
If you’re into management consulting, then you’ve probably heard of this company. One of the many branches of Deloitte Touche Tohmatsu Limited, Deloitte has over 10,000 employees all over the world and is largely involved in managing companies over important aspects of their business. And this largely involves procurement and the supply-chain process.
The company also offers consulting, audit, financial advisory, tax services, and risk management.
How can this company help procurement managers: Deloitte is more of an accountancy consultancy service. While their services do not focus mainly on procurement and sourcing, their accounting and financial advisory services are much sought by procurement managers during a procurement process.
8. McKinsey & Company
LinkedIn: McKinsey & Company: Overview | LinkedIn
Mckinsey & Company is a global management consulting firm. And just like all leading management consulting firms, the company works with leading organizations across the public, private, and social sectors. Their scale, scope, and knowledge allow the company to address issues that no other company can. With over 10,000 + employees and a mission to build capabilities and leadership skills at every level, it’s no wonder that Mckinsey & Company is included as one of the best procurement consulting firms.
How can this company help procurement managers: A global management consultancy firm, McKinsey & Company has helped procurement managers from all over the world for years now. Procurement managers can expect internal support and practical recommendations from this consultancy firm. McKinsey & Company has helped lead organizations across private, public, and social sectors.
9. Procurement Tactics
LinkedIn: Procurement Tactics: Overview | LinkedIn
Saving the best for last, it is us, Procurement Tactics. The team of Procurement Tactics has over 20 years of experience in procurement and negotiations, including 7+ years within the commercial department of a large global retailer and over five years in online start-ups & business funding. Thus, we certainly can help you with your procurement.
How can this company help procurement managers: With the years of experience of our procurement team, we can help you create solutions to whatever procurement problems you may have. Additionally, our team at Procurement Tactics are all master negotiators. Thus, we can help you to secure the deals you have.
WhatCan a Procurement Consultant or Firm Offer?
Many people think that employing a procurement consultant is just an additional cost for a business. However, it is far from the truth. Hiring a talented and skilled procurement consultant is vital to achieving business success.
When the procurement strategy is aligned with the organization’s goals and objectives, it can expect to gain these benefits:
- Stay at a stable target liquidity level
- Win market share
- Adjust and adapt to meet new customers’ demands.
- Reduction of external supplier spend
- Continues to be profitable
- Enhance supplier relationships
- Streamline your supply chain
- Operational improvements
What is a ProcurementStrategy?
We discussed earlier that the procurement strategy must be aligned with the organization’s goals and objectives to ensure business success. However, what is a procurement strategy?
A procurement strategy refers to a long-term plan to create strategic relationships with competitive suppliers to acquire the needed materials and services with the best quality at the best possible price.
The procurement strategy defines how purchasing decisions are made. It is a term that encompasses various processes of the procurement cycle.
What Determinesthe Best Procurement Consulting Firms?
One of the questions in your mind right now must probably be why you need to find out who are the best procurement consulting firms. You are thinking, ‘I can just simply apply for any procurement company. Why do I need to look for the best ones?’ The answer to these questions is rather simple; you owe it to yourself to work for the best procurement companies because it is the only way that you’ll get the experience needed to become a good procurement manager or director.
Yes, our Negotiation Course For Procurement Professionals certainly has all the means to provide you with the best skills and training to become a force to reckon with in the procurement career, but you’ll also need experience. You need to have the experience and the mental fortitude to be able to handle a procurement team on your own. Only in the best procurement consulting firms will you be able to step up your game, so to save time and effort, apply for one of the best procurement firms and make your mark there!
Why Should You Considera Procurement Firm?
Hiring a procurement firm might seem like an added cost, but if your company is struggling with its procurement process and doesn’t have an in-house procurement expert, then working with a procurement firm can be a smart way to make your procurement processes smoother and more efficient.
Procurement firms also allow you to comply with the procurement standards and regulations in place, especially if you are just starting your business.
Furthermore, just making enough profit is tough for today’s startups, and it’s even harder when a company hasn’t built a strong foundation for growth.
With the global supply chain facing significant disruptions, there’s a bigger emphasis on being in charge. While having control might cost more, taking steps to lower risks, like moving production closer to home, can reduce the impact of global events on your company’s operations.
How to Choosea Procurement Firm?
Here are some ways to choose the best procurement firm for your business:
1. Determine the level of your need
A company’s success in procurement relies heavily on the quality of its team. In this step, you must answer these questions: What areas does your current procurement team fall short in? What skills do you lack that could significantly enhance your procurement efforts?
By taking the time to evaluate your team’s strengths and weaknesses, you’ll be better equipped to identify the talent and or procurement firm you need to collaborate with to streamline your procurement process.
2. Decide how much you want the procurement firm to be involved.
Based on your initial assessment, you can now determine the level of collaboration you want with the procurement firm
Do you want them to assist and support your existing team, or are you considering fully outsourcing all your procurement needs to them?
Regardless of your choice, the next consideration is whether you want to keep the procurement firm operations abroad or in your own country.
3. Evaluate the Affiliations of the Procurement Firm
It’s important to note that some procurement firms or procurement service providers act as intermediaries, connecting sellers and buyers. They earn commissions from both sides, which can introduce bias into their services.
When they are involved in such arrangements, there may be a conflict of interest. Therefore, discuss the affiliations of potential PSPs to make an informed decision about whom to choose.
In Conclusion, procurement firms are crucial for modern businesses. They provide the expertise needed to handle procurement effectively. Although you may see it as an extra cost for your business, many businesses and startups need it at the start of their business to ensure that your procurement process functions well.
Furthermore, a reliable procurement firm can significantly improve your company’s procurement processes, making them more efficient and contributing to your overall success in a competitive market.
+ What is procurement consulting?
Procurement consulting means developing sourcing strategies for companies.
+ How to do procurement consulting?
You need to be an experienced procurement manager to do procurement consulting. You also need to work with a reputable procurement consulting firm to do so.
+ How can I become a procurement consultant?
To become a procurement consultant, you need to start as a procurement specialist. Once you accumulate enough skills and experience, you can work as a procurement consultant.
Get the skills neededto become the best procurement consultant!
Our Negotiation Course For Procurement Professionals has everything you’ll need to become an expert procurement consultant. But be quick about it, as our offer is for a limited time only!
Visit www.procurementtactics.com for more information.
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