What is a “Procurement Service Provider”?

What is a “Procurement Service Provider”?

What is a “Procurement Service Provider”?

Did you know that when you purchased goods on labproservices.com that you weren’t dealing with a lab supply distributor? If not, who were you buying from? You were actually buying from a hybrid Procurement Service Provider. What the heck is that, you ask?

Procurement Service Providers (PSPs) are companies that specialize in helping businesses with their procurement needs. They provide a wide range of services, including sourcing, negotiating, and managing the purchase of goods and services from suppliers. - Oboloo Glossary

We are a hybrid because our income stream comes only from the profits we make on each sale rather than as a fee-for-service in the true PSP model. Read more here.

Why should I care? I just shop online and look for the best deal!

You may wonder how LPS can offer the best deals. The answer is simple: we don't price our products the way distributors do. We seek a fair profit, while they seek the maximum profit.

On any individual transaction for which the only consideration is price, this method won't have much effect on your bottom line. However, when you consider the flow of all the products you need to run your lab, from identifying a need to paying the invoice, taking a transactional approach to each purchase is simply impractical. Nobody has time for that.

LPS offers a more efficient solution. We work with you to develop a customized plan that meets your specific needs. This includes everything from product selection to inventory management. We take care of everything so you can focus on running your lab.

As a result, you can save time and money. You'll also have peace of mind knowing that you're always getting the best possible deal. Contact LPS today to learn more about our lab supply solutions.