If you have not professionally sourced products or if you have and just aren’t sure where to begin, you are not alone.
Today’s blog is by Margaret Stewart, Director of HR, and Administration at SafeSourcing Inc.
If your company hasn’t ever sourced products or if you have and just aren’t sure where to begin, you are not alone. With all the number of things each organization buys throughout the year, it can be a challenge to determine where to begin and what to source first. Determining what services or items you source first can depend a lot on different circumstances, such as time of year or even current market conditions.
The time of year you look for goods and services will affect the results of your procurement efforts. When you are considering sourcing snow removal services, you will likely have the results if you source during the warmer months of the year instead of the winter or fall. This is because the need for those services are at their peak during the winter months and vendors may charge higher prices for the same services because they may be low on time. Sourcing ahead of time lets you and the service provider better prepare for the upcoming season so that headcounts, equipment, and schedules can accommodate the need.
Another significant factor in the timing of your procurement efforts is current market conditions. While market conditions are not something we can predict or control, there can be some speculation. For instance, if resin prices increase in the market, the prices for plastics will likely rise. It can be beneficial to source your plastic goods during that point and simply lock in prices to help offset the price increases. If market prices decrease from there, you can implement language into your supplier agreements to reevaluate prices monthly or quarterly to adjust to those market conditions.
If you are simply unsure what products you should begin sourcing, a procurement partner, like SafeSourcing, can assist your team. Whether you already have a procurement team in place or no procurement team, SafeSourcing can assist your business or organization from start to finish so your sourcing projects are successful. In fact, SafeSourcing even offers a risk free offer where we guarantee the success of our procurement efforts for your organization.
For more information on how SafeSourcing can help your procurement efforts, or on our Risk
Free trial program, please contact a SafeSourcing Customer Service Representative. We have an entire team ready to assist you today.