Home : Services : Strategic Sourcing
Creating an effective sourcing strategy to achieve your business goals.
Optimize business processes and costs, and increase the profits of your organization with the right sourcing strategy.
Strategic sourcing processes aim to improve and re-evaluate an organization's purchasing activities. Strategic sourcing means establishing supply channels with the lowest total cost, not merely the lowest purchasing price. It broadens standard organizational purchasing activities to include all phases of the procurement cycle, from specification to reception, payment for goods and services, and sourcing production lines where the labor market might boost organizations' ROI.
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
Buyer benefits:
Improved guidelines for the future
Better organization
Improved relationships within the supply chain
Risk management
Supplier benefits:
Efficient cost management
Greater stability in day-to-day operations