Advanced Strategic Sourcing and Supplier Engagement
Learn about strategies beyond the traditional seven-step sourcing process:
“A Creative Approach to Advanced Strategic Sourcing and Supplier Engagement”
Procurement Managers and Strategic Sourcing Professionals often follow a consistent methodology when planning and conducting a sourcing initiative. Having a process provides a framework that, when correctly applied, can produce sustainable savings in a consistent manner.
Creativity in the application of the strategic sourcing process will have a dramatic effect on the results achieved, regardless of whether a seven step sourcing process or a customized internal sourcing process is used.
In order to best optimize the results of a strategic sourcing initiative, there are several questions that should be answered at the project’s initiation:
- How can we improve our understanding of the sourcing process?
- What are the X-factors that arise when executing a sourcing project?
- What other considerations should the sourcing professional account for while administering the strategy?
Two frequently overlooked components of any strategic sourcing methodology involve the collection of innovative market information and the supplier approach strategy.
Often during the course of a strategic sourcing initiative, new product developments, alternate technologies, and shifts in spend patterns present themselves.
A creative sourcing process is dynamic, so the sourcing professional may need to implement a revised or new strategy to adapt to changing conditions and events.
The sourcing professional should consider how and when to approach both incumbent and alternate suppliers during the actual sourcing phase. Imaginative strategies and open communication will help motivate suppliers to present the best proposal and optimize the total project results
the full PDF of: A Creative Approach to Advanced Strategic Sourcing and Supplier Engagement.
Strategic Sourcing Services
Solutions to Reduce Expenses
Source One offers an array of strategic sourcing services to supplement our client’s internal procurement departments.
Not all providers are the same. Unlike most other providers, Source One does not leave you with a report detailing potential opportunities, we take it further and assist in the implementation to make sure the savings are obtained.
We can help with market research, spend rationalization, and supplier engagement. Our team has access to whitepapers, databases, tariffs and market intelligence so that you do not need to pay for it on your own.
Procurement Service Providers
So why are we giving away this free strategic sourcing whitepaper? Because we want people to know about our capabilities as one of the most recognized strategic sourcing firms in the market. Even though you may have the skills to source categories properly, you probably don’t have the time or the people. Let a procurement service provider help you.
Procurement Service Providers