3 Reasons Leading Firms Outsource Technology Procurement

August 2, 2023

As Q4 ends, focus is shifting towards optimization strategies for the new year. With high interest rates and persistent inflation, what is your firm doing to adapt the technology playbook?

Outsourcing technology procurement takes more off your plate, increases profit, and counteracts inflationary effects. The most mature and progressive firms are putting contract management, vendor negotiations, benchmarking strategy, and tech ROI maximization under the control of seasoned experts. This frees tech leaders to focus on equipping professionals to address day-to-day challenges with world-class tools.

Contract Management

Outsourcing technology services provides real time insights into licensing details, renewals, and cancellations. It provides one-stop-shop access to contract terms, spend, and CFO-ready reporting, as well as increased visibility into contract risk and spend analytics. 

Vendor Negotiation

Driven by data, group volume, and proven tactics, outsourced negotiation allows your firm to leverage industry expertise and market insights. Knowledge is power with vendors. Clear intelligence into provisioned users and trends strongly supports negotiation leverage. Outsourced technology procurement services also provide visibility into future product demand from tracking and managing end user requests and feedback.  

Benchmarking and Strategy

Firms who outsource technology procurement also benefit from a broader perspective. Intelligence, strategic advisory helps to drive IT Strategy. Cost-effective user profiles, usage statistics, and data about where spend sits give CIOs insight to support thoughtful decisions about how spend should be reallocated. A single source of truth for spend analytics by employee, title, industry, and office are the baseline requirement. Bench marking internally is the next step. True awareness and world-class strategy become possible when firms can benchmark externally against peers in the unique realms of private equity, investment banking, and hedge funds. 

Outsourcing information technology procurement allows mid-market financial firms to punch above their weight with vendors and get ahead of inflationary pressures and rising interest rates, with the comfort of knowing you have dedicated industry expertise and foresight into emerging vendors and offerings.

Interested in learning more about procurement-as-a-service for your firm?  

Learn how leading firms are partnering with Concertiv to reduce spend, minimize risk, and save time across key spend categories.