Today’s post is from our SafeSourcing Archives
When running an eRFX event there are many benefits that go far beyond savings. Most all benefits will eventually save you money, but it has value-added benefits that won’t show savings right away.
During the sourcing process it is best to establish goals that your company wants to achieve. What part of the current process is costing you money, where is there room for savings? The following goals are achieved when running a sourcing event.
Fewer Suppliers– Managing suppliers can be very costly to your company. All suppliers come with different invoices, contracts, contacts, and terms. The amount of time it takes to manage all the different suppliers will hinder any savings you originally planned on receiving. Lower the amount of suppliers will be great value in minimizing time with managing them.
Location– Are your shipments coming from across the country because the cost was so low? But are you washing away those savings in expediting shipments due to a current process and standard freight takes too long. Finding suppliers within closer proximity will save you shipping time and result in savings.
Standardizing Items– When sourcing item(s) in the customer-facing industry it is best to have a standard appearance and be able to control costs with identical item at a larger volume. Whether it is for new construction or remolding, standardizing the specifications and gathering a quote on the total volume/spend can save your company money.
Here at SafeSourcing we will work with achieving all your goals, however many there may be, and we can also help you create goals for sourcing events.
For more information on how we can help you with your procurement needs or on our Risk Free trial program, please contact a SafeSourcing Customer Service Representative. We have an entire customer services team waiting to assist you today.
We look forward to your comments.