How We Do It
Mitigates Margin Erosion
What we do
Strategic sourcing is a supply chain management approach that formalizes how information is gathered and used in an organization. My Chain experts carefully craft a unique sourcing strategy by using the consolidated purchasing power to find the best possible values in the marketplace and align the sourcing strategy to your business goals.
Sourcing strategy best practices include,
1. Data gathering and spend analysis:
Spend analysis compiles supplier data into a single source, allowing businesses to see exactly where their money is going and offering the chance to streamline vendors.
3. Contracting and negotiations:
Automated technologies can streamline the digital signature procedure, speed up workflows, and produce an electronic archive of contracts where businesses can set renewal notifications.
2. Supplier discovery and RFx:
When businesses have access to supplier information via a digital business network, they can issue RFPs and have vendors compete for their business.
4. Implementation and optimization:
Organizations can move more quickly, incorporate feedback loops for ongoing optimization, and continually assess suppliers to ensure they receive the most definitive sourcing agreements available when sourcing is automated and digitalized.
Benefits of Sourcing Strategy