Today’s post is by Lauren Gentry; Account Manager at SafeSourcing.
A company that does not want to take the time, energy, or resources to evaluate their spend is ultimately wasting money. Every company has opportunity to evaluate where, what, and when they are spending money and therefore where they could potentially be saving money.
Most companies that implement any type of spend management program within their company need to start with a good spend analysis. This analysis should include information such as the quantity of products purchased, number of suppliers used, and the varying price points per unit.
A company should implement a specific sourcing strategy as a result of analyzing their spend data. As your strategic sourcing partner, SafeSourcing can help with your analysis. Some of the steps that a company should take are to develop a sourcing pipeline, identify and prioritize specific sourcing projects, determine a strategy for each, collect project information, finalize supplier identification and management, and distribute and collect bid information. These steps will all contribute to a more successful award of business. By implementing a strategic sourcing plan a company is able to understand their full spend analysis and start taking advantage of savings opportunities.
What are you waiting for? Remember, the longer you wait, the more money you waste!
For more information on SafeSourcing and how to implement your strategic sourcing plan, please contact a Customer Service Representative for more information.
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