The Importance of Procurement Strategy
Cannabis companies typically don’t have a strategic procurement process which leads to confusion, inefficiencies, unexpected expenses, and unnecessary time spent. MainStem’s integrated Procurement Platform, gives operators a holistic and transparent view into an entire organization’s spend, ensuring better purchasing decisions and better standard operating purchasing procedures.
Here are five ways MainStem helps make your procurement team more efficient.
Cost Reduction
By leveraging our strategic sourcing e-commerce site, and smart purchasing technology, MainStem’s Procurement Platform keeps all purchases in one centralized location. When using MainStem, companies can evaluate total spend, identify areas for cost savings, and place controls on future spending. On average, MainStem saves companies up to 20% on individual purchases and 10% on overall company spend.
Time Savings
Don’t waste time seeking out new vendors. MainStem's supply chain ecosystem brings a Digital Supplier Network directly to you. On average, companies that leverage a in-network supplier save 96% of time spent searching for materials. MainStem compares pricing, shipping logistics, and overall product value across hundreds of suppliers in real time. With the RFQ feature, companies can even create custom requests that fit a certain time frame and criteria.
Risk Mitigation and Compliance Control
MainStem helps your organization control and monitor every purchase in one platform. With the ability to set user permissions and custom catalogs, MainStem Procurement Platform automates rules and restrictions in the ordering process reducing excess costs and risks that come with human oversight. With a centralized procurement solution, finance teams no longer have to spend time and resources policing departmental spend, and can rest assured their teams are purchasing compliantly.
Business Continuity
MainStem gives your business the independence it needs from supply chain disruptions. Cannabis is risky and operators are constantly forced to deal with a disjointed supply chain, whether it is a natural disaster or new legislation. When a disruption to the supply chain happens, having an integrated procurement platform, with a holistic view of total spend and a network of vendors, companies can easily navigate, pivot and take control supply-chain risks.
Forecast and Purchase Predictability
Mainstem helps analyze past spend to predict future purchasing. Our monthly supply audit gives companies business intelligence to make smarter purchasing decisions in the future. By utilizing data and procurement technology, companies can create a lean spending model and supply order automation.
Book a demo to find out more about how MainStem can help you streamline your supply chain management.
