Today’s post is from our SafeSourcing archives
In a recent study performed by Noosh, Inc., of over 5,000 companies handling almost $12 billion in procurement projects, some not so surprising trends were confirmed by the data. One of these dealt with companies expecting their procurement teams to handle more sourcing projects with a higher degree of complexity in the same amount of time than in previous years. Today we will look at a few areas that can be addressed to help achieve these results.
Helping hand – Several 3rd party strategic sourcing companies exist with the purpose of helping extend procurement teams in order to tackle more projects in a shorter amount of time. Where individuals on your team may source a category like stretch wrap every year or two, 3rd party companies are sourcing the same category several times a year all over the world for companies of varying sizes. Not only can they run a project from beginning to end, but they can also provide advice on the best way to structure a project based on what is currently working in the industry.
New tools – Investigating tools that can streamline certain areas of the sourcing process is another important step. One example of these types of tools is a survey tool. This tool will allow departments to quickly gather the information they need to assemble projects and structure the best approach. When this information is combined with online RFx or Reverse auction tools, it allows the department to have several suppliers compete for the business in a LIVE online format that produces hundreds of quote adjustments from several suppliers all at once. This frees the procurement team up to concentrate on other aspects of the eventual contract that will be signed.
Get better at tracking – Once the decision on getting extra help and getting the right tools in place has been made, developing ways to standardize and track the progress of these projects is the third area that should be examined. Most strategic sourcing companies can assist in this area as well but in standardizing the sourcing approach, documents, project plans, expectations and roles can all be defined in order to streamline how future projects will run but also to provide an accurate timeline of when it will be completed. This reduces the company’s vulnerability that can happen when a department attempts to source something on their own.
For more information on how SafeSourcing can help be a helping hand, provide new online tools or assist with developing stronger tracking and standardization 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.
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