“Planning ahead is imperative in business. However, it’s just as important to reflect on your success. Not only does it help you to see how far you’ve come, but it highlights what has worked well, how your clients are benefitting and what steps you can take to improve processes further,” explained Simon Brake, CEO, Trade Interchange.

Trade Interchange advises companies to look at their existing procurement systems when planning for the rest of this year. Brake continued, “Could systems be streamlined, perhaps through the use of technology? Could a better deal be struck of your current contracts? By deciding which contracts or procurement processes you might like to make cost savings you will often find that using systems like eRFX and eAuctions can save you 30% or more on the contract value and well as reducing the time your procurement teams spend on each deal.”

In addition to its core business managing eAuctions, Trade Interchange’s range of purchasing services includes eRFX online tendering and quotation systems, supplier registration and other support services for successful purchasing. These services all help buyers and purchasing teams to reduce costs, make significant time savings and enjoy a more transparent price negotiation process. In addition they are growing in popularity with more companies than ever before predicted to use eProcurement tools in 2011.

“I recommend that while planning for this year, buyers consider where these products and services could have saved them money in 2010 and how they could benefit from them in their 2011 procurement strategies,” concluded Brake.