Social Media As A Business Procurement Tool

Thanks to social media and the increasing internet penetration, the world has become a global village. This is why savvy business people are increasingly using social media as a business tool. Businesses are using social media as a procurement channel, for lead generation, to communicate important information with clients, to keep up on the changes in the business landscape and so on.

Social media as a procurement channel

Where do you get information on reliable and affordable businesses that you could partner or work with? One of the most overlooked sources of potential suppliers and partners is social media. There literally millions of B2B suppliers on social media who you can easily find and contact. With the assistance of a procurement specialist, your business could also develop an affordable social media procurement process for items that are needed for day to day operations. However, when identifying suppliers on social media, it is essential to verify their identity to prevent falling into the traps of con people.

One of the greatest benefits of using social media to identify procurement partners is its affordability. Traditionally, businesses had to travel for networking events, spend a lot of money advertising different tendering opportunities and even utilise time and resources to evaluate the hard copy tender documents submitted. In the modern times, a simple post on social media will elicit a lot of interest from suppliers. You can then leave the shortlisting work to different procurement and analytical tools and then pick up the shortlisted candidates for the final interviews.

Another benefit of social media is that it is not limited to certain demographical aspects. Therefore, you can work with both local and international suppliers for different products and services as long as their quality is satisfactory and the costs are affordable. In addition, the competition brought about by this kind of accessibility enhances the affordability of different commodities which in itself enhances the profitability of your business.

What do you need?

In order to use social media as a business tool, you will require dedicated business pages or accounts on various sites. Do you need to use all of them? If you have the human resources to dedicate to all available channels, you can. However, for smaller businesses, using all channels may stretch the available resources too thin. It is therefore advisable to identify the channels with the greatest potential and focus on them. As the business grows, you can incorporate other channels.