Low value spend accounts for approximately 23% of overall spend in companies across sectors. This significant percentage demonstrates how critical low value spend can be to a company's bottom line.
At the same time, procurement is complex. There are multiple requirements for which you need to deal with hundreds of geographically dispersed buyers and a fragmented supplier base. This makes managing them very difficult for most companies.
Finding the best deals, maintaining records, making payments, quality control, and compliance are some of the challenges. Managing all these aspects requires additional investments and resources. The whole process of buying goods and services is not easy and unpleasant buying experience for buyers leads to dissatisfaction.
In the course of servicing its clients, OneSource saw the immense potential for efficiency in low value procurement and realized that most businesses aren’t equipped to take on the challenge of creating scale and reducing costs on their own.
That’s where the idea of OneSource took root as a means to help clients solve these challenges. Launched in February 2016 and powered by JLL, OneSource is a smart, technology-enabled solution that allows clients to manage their low value spend on consumables, materials, and other items across 100+ product categories.
It is designed to provide comprehensive solution for a variety of business needs across sectors and enables customers to streamline their management of low value spend and reallocate resources to more strategic initiatives.
It’s the next big thing in procurement!