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Strong business partnerships are crucial to understanding uncertain markets. Our firm facilitates introductions and business engagements between the brands and partners to strategic sourcing and production entities around the world that will be responsible for negotiation and supply contract management, quality controls and payment advice for its clients seeking to procure goods in numerous markets.
Facilitating a business engagement with a strategic sourcing partner offers the brands a supply chain management that formalizes the way information is gathered and used so an organization can use its consolidated purchasing power to find the best possible values in the marketplace and align its purchasing strategy to business goals.
Strategic sourcing is growing in popularity. As digital transformation is causing procurement and supply chain processes to evolve. It requires analysis of what an organization purchases.
Strategic sourcing emphasis on total cost of ownership and optimizing the sourcing process through ongoing market analysis and building relationships with suppliers.
Once selection and negotiations have taken place, strategic sourcing also involves measuring performance and improving the process on a continual basis. Strategic sourcing is generally practiced by organizations with multiple suppliers. Outsourcing providers for strategic sourcing exist for organizations that prefer to delegate the function to a specialist
Our firm assists in the process with the engaged strategic sourcing partner in the following variations:
Analyze product categories used by the business, spending patterns, the processes and departments involved.
Develop a sourcing strategy based on business goals.
Analyze the supplier market and create a supplier's portfolio.
Define request for proposal criteria and templates.
Negotiate with suppliers and select the most suitable one.
Integrate suppliers into existing processes, onboarding any new vendors or outsourcing providers.
Track performance metrics and optimize the sourcing plan, as needed.
Investment in a strategic sourcing partner can transform the sourcing within the organization, in most cases brands and trading companies increased productivity and savings are the predominate drivers for pursuing strategic sourcing.
The benefits of rethinking the sourcing process can be a significant achievement. As businesses take advantage of the vast amounts of available data and digitization of business processes, procurement is an area ripe for transformation.
Engaging with a strategic sourcing partner increases the understanding of supplier markets and helps to identify potential risk factors and help businesses develop sourcing plans that mitigates. In addition, the emphasis on continuous improvement and sustainability of the supply chain provides increased flexibility and the ability to adapt to external factors.
Implementing strategic sourcing can facilitate strong relationships with suppliers and outsourcers, identify potential improvements and provide justification for changes to improve efficiency throughout supply chain processes.