Strategic Sourcing Implementation and Savings Compliance Support from Source One
Source One’s strategic sourcing experts can act as the dedicated procurement resources necessary for not only achieving the projected savings results of your strategic sourcing initiative, but also monitoring savings compliance and identifying ongoing cost reduction opportunities moving forward.
Implementation is often the most challenging phase of the strategic sourcing process. End-users can be resistant to change, pricing misinformation disseminated across the business, and the big picture of achieving cost reduction can be missed – hindering the success of your strategic sourcing initiative. For many organizations, simply having enough procurement resources to run a strategic sourcing project is a stretch, let alone maintaining those resources for savings compliance tracking.
Savings compliance tracking requires consistent attention beyond the spare time of the members of your procurement team. Fully realizing the anticipated savings of your strategic sourcing initiative requires dedicated resources responsible for overseeing the supplier transition process, gaining end-user buy-in and high-level sponsorship, and maintaining the new supplier relationship moving forward.
Source One’s team of strategic sourcing experts can support the implementation of your cost reduction initiative, acting as the savings cheerleaders required to monitor savings compliance and keep the strategic sourcing implementation on track. Our strategic sourcing experts have led countless end-to-end cost reduction events and understand the importance of implementation in achieving the best results. Our experts can help pick up where your strategic sourcing efforts left off to ensure the smooth transition of suppliers and/or the implement the new agreement throughout your organization.
Staying focused on achieving savings, our strategic sourcing experts will:
- Act as an advocate for your strategic sourcing initiative to gain senior-level sponsorship
- Manage change with end-users, demonstrating the value of the strategic sourcing initiative and anticipated savings results
- Lead the supplier transition process across multiple locations to ensure wide-spread end-user adoption
- Monitor usage to ensure correct pricing
Implementation doesn’t mark the end of the process, as cost reduction opportunities can continuously be identified. With monthly, quarterly, or annual monitoring depending on the spend category, our strategic sourcing experts can review spend details, price points, and invoices to validate that savings match your original projections. Source One’s strategic sourcing experts can perform audits of invoices to not only help you catch billing errors and ensure savings compliance, but also help you stay informed of supplier price increases and determine whether buying trends have changed.
Moving forward, our strategic sourcing experts can help you optimize savings by tracking lost savings and ensure savings compliance. Source One’s savings compliance experts can help your procurement team identify areas for continuous improvement, bringing to light areas of noncompliant spend through an expert-led spend analysis.
Don’t let the hard work of your strategic sourcing efforts go to waste by not getting the saving compliance and implementation support necessary for achieving your desired cost reduction goals. Contact Source One’s cost reduction team today to begin getting the support you need for to implement your strategic souring initiative and ensure savings compliance!