With Source One's Holistic Spend Management Solution, You Can Engage 1 World-Class Provider - Not 5 'Good Enough' Providers.
Eliminate redundancy, boost visibility, and deliver on Procurement’s business outcomes with holistic Spend Management services from Source One.
Your Procurement team has a lot on its plate. Taking a holistic approach to spend management means attempting to serve clients, pursue target business outcomes, and build on core competencies all at once. Here’s just a sampling of the processes included in a spend management program:
- Analyzing spend, identifying cost reduction opportunities, and developing procurement roadmaps for acting on them.
- Identifying suppliers and executing on strategic sourcing events.
- Negotiating contracts and managing them throughout the lives of engagements.
- Enforcing compliance and mitigating risk across the supply chain.
- Managing and optimizing supplier relationships in the long-term.
- Overseeing Accounts Payable’s processes.
- Promoting integration between Procurement, AP, Finance, and other business units.
- Selecting technologies to support Procurement’s efforts.
- Collecting market insights and data to carry out continuous improvement.
Understandably, holistic spend management is a struggle for even well-staffed Procurement teams. Here’s what a typical ‘solution’ for spend management can look like:
In addition to the obvious inefficiencies, stitching together all of these separate relationships limits Procurement’s visibility into its spend management program and makes it all but impossible to promote continuous adaptation and improvement.
That’s where Source One’s holistic spend management solution comes in. Unlike other providers, we’re a one-stop shop for adaptable, effective, and informed spend management. Leveraging a mix of world-class technologies, category insights, and managed Procurement services, we’ll empower your organization to redefine its approach to managing spend. Better yet, we’ll do it more quickly and more collaboratively than a large group of providers possibly could. From the moment clients engage Source for holistic spend management they realize the benefit of optimized Procurement:
- Holistic spend management from Source One empowers Procurement to make an immediate impact to bottom line growth. Recognized as a revenue center, the function will enjoy greater clout within the organization.
- With visibility and insights from Source One’s holistic spend management team, clients are equipped to identify risk factors, navigate around them, and develop rapid plans for response and recovery.
- By eliminating tedious, tactical work, Source One’s holistic spend management solution provides Procurement with an opportunity to focus on what really matters. Instead of processing purchase orders and digging through historical spend, the function can distinguish itself as a valued strategic asset.
Whether your organizations industry, whatever its unique spend profile, Source One’s holistic spend management solution is the key to making cost savings and continuous improvement a reality. Reach out today to learn how we help you reach your full potential.
Contact the Holistic Spend Management Team