buyingTeam, Europe’s largest procurement outsourcing specialist, has announced the renewal of its partnership with Universal Music UK, signing an extended three-year contract worth in excess of US$2 million.

buyingTeam has been working with Universal since 2003 to improve business performance through better procurement practices, including active cost management and the realisation of resulting savings. The company will continue to oversee the management of Universal Music’s indirect expenditure, ranging from media and creative services to facilities and overhead costs.

buyingTeam will also be responsible for a wide range of strategic and operational responsibilities such as the development and delivery of procurement strategies, stakeholder and supplier relationship management, strategic and tactical sourcing, contract management, spend analysis and risk mitigation for all Universal Music operations in the UK.

As both businesses and public sector bodies focus increasingly on procurement to drive organisational efficiency and effectiveness, many are turning to specialists to help to improve performance by implementing enhanced buying processes and behaviours. buyingTeam has a strong track record of working with a wide range of blue chip clients and changing underlying attitudes to buying. Through aligning procurement more closely with overall business objectives, buyingTeam and Universal Music UK have generated long term, sustained savings, which comparatively outperform the returns delivered through cost saving programmes.

The Universal UK account will continue to be managed by Paul Denyer, engagement manager at buyingTeam. Paul has led Universal Music’s engagement in the UK for two and a half years.

buyingTeam CEO Matthew Eatough commented: "Renewal of our relationship with such a highly valued client is a strong endorsement of the progress that we have made together. Through working closely in partnership with our clients, we can deliver extraordinary results. In addition to significant cost savings, we have encouraged the introduction of new buying behaviours and processes, which enable Universal to achieve the best levels of value over the long term.”

Universal Music UK’s CFO, David Bryant, commented: "The primary objective of our partnership with buyingTeam is to develop and implement an effective long-term procurement strategy. Today, we have superior strategic procurement processes in place that continue to deliver sustained improvements to our business.”