5 Common Procurement Bottlenecks in Australian SMEs (and How to Fix Them)

Small to Medium Enterprises (SMEs) in Australia often face unique procurement challenges that can hinder growth and profitability. Identifying and addressing these bottlenecks is crucial. Here are five common issues and how to tackle them:

1. Manual and Time-Consuming Processes: Reliance on spreadsheets and email leads to errors and delays. Solution: Implement a centralized e-procurement platform like MyGETS to automate workflows.
2. Lack of Spend Visibility: Difficulty tracking where money is going and identifying savings opportunities. Solution: Utilize spend analytics tools to gain clear insights into purchasing patterns.
3. Inefficient Supplier Management: Poor communication and tracking of supplier performance. Solution: Adopt a system for centralized supplier information and performance monitoring.
4. Compliance Challenges: Struggling to keep up with internal policies or external regulations. Solution: Use platforms with built-in compliance checks and audit trails.
5. Limited Negotiating Power: Difficulty leveraging volume or market insights for better deals. Solution: Consolidate purchasing data to identify opportunities for strategic sourcing and negotiation.

MyGETS offers solutions tailored to help Australian SMEs overcome these hurdles and optimize their procurement function.