Strategic sourcing initiatives are effectively aimed at reducing or eliminating offline/unorganized methods, localized decision making and non-repeatable processes.
Top-performing organizations exploit the latest technologies to conduct more sourcing events and direct a higher proportion of purchases through formal contracts without the need for doubling overhead, jeopardizing quality or increasing exposure to risk.
These organizations combine best-in-class processes with automation to complete the sourcing cycle, inclusive of RFx automation, supplier identification, bidding/negotiation and optimization tools.
They conduct more sourcing activities with a defined and repeatable methodology in mind, and as a result improve supplier co-ordination.
- Standardize the competitive sourcing process.
- Make it easier for employees to use existing agreements.
- Gain a clear picture of what is being bought and from whom.
- Reduce the amount of labor-intensive manual tasks.
- And ultimately…reduce costs.
Other benefits of strategic sourcing include: improved budget management and cash management, quicker auditing, reduced paper storage costs, and enhanced supplier relationships.
Streamline and standardize your sourcing process to achieve greater value.