The four steps of strategic sourcing
Data extracted and analysed in spend analysis systems plays a major role in the strategic planning of the procurement function. However, other internal business units are also currently leveraging spend analysis to achieve their business objectives. The finance department can leverage spend analysis in the vein of the procurement’s main goal: gain a better understanding of corporate spend. Finance professionals can leverage spend analysis systems to analyze data from purchasing card, invoice, requisition or invoice sources as a means of generating more accurate accounting reports.
Spend analysis offers procurement organizations a number of key benefits, including ways to:
- Achieve full visibility on procurement spend
- Identify savings opportunities and realize incremental savings
- Align and streamline procurement processes across business units
- Manage risk and maverick spending to ensure compliance
- Evaluate supplier performance for better relationship management
- Benchmark performance internally or with peers
- Do data-driven strategic sourcing
- Work collaboratively with other organizations
When issuing a complex RFx is easy, making the right strategic decision is simple too.
Finding a great vendor, supplier or partner can be difficult and time-consuming. And the pressure’s on strategic sourcing, procurement and operations teams to choose wisely.
Better information leads to better strategic sourcing decisions.
One of the most effective strategies is capturing profile information from vendors, suppliers or partners and then maintaining a short list of preferred providers.
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Our job is to design and execute on an operations-centric approach that considers your strategic imperatives and engages your business owners, key stakeholders, and system users alike. Our methods are based on innovative change management and process improvement theories and expertise. We work closely with you in managing all phases of system implementation, including planning, decision making, communication, configuration, testing, training, go-live, stabilization, and optimization. By collaborating with your executive, operational, and technology leaders as well as the leaders and assigned resources of your vendors, we make sure that you consistently get the most out of your system and investment.