Save money, align strategic stakeholders, and add resiliency to your supply chain through strategic sourcing.
Uncovering latent savings in your spend requires analyzing spend data beyond traditional Business Intelligence (BI) tools and reporting in ERPs. Category-specific knowledge to recognize opportunities for cost savings leveraging benchmark savings data is key to identifying the best opportunities for cost reductions. Having spend data categorized appropriately will help the quality of your project pipeline, but is not required.
Building data into a project pipeline to prioritize sourcing projects based on savings potential and ease of implementation will drive the most impact. This will also allow your team to understand the cost/benefit tradeoffs of conducting your sourcing projects in-house or with a service provider.
Developing category strategies based on supply chain pain points and stakeholder requirements is a must. A solid category strategy will ensure that business objectives are in alignment with market realities and help alleviate potential supply chain issues before they happen.
Administering RFIs to potential new suppliers, and RFPs with selected suppliers and incumbents, will ensure there is a healthy level of competition for your business to achieve the best negotiation leverage. A well-crafted RFP will allow your team to normalize across different supplier offerings and make the best value (quality plus price) choice.
Disseminate insights for internal clients and suppliers with a focus on relationship building. Base RFP selection criteria on stakeholder alignment, emphasizing long term savings goals & supplier relationship management.
Creating a contracting and supplier management plan with internal and external stakeholders that includes a cadence to regularly monitor supplier performance will ensure best outcomes for the lifecycle of your supplier relationship.
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