LONDON–(BUSINESS WIRE)–SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the key steps to improve your strategic sourcing process.
Strategic sourcing is a process that involves internal collaboration with stakeholders and suppliers and has an impact on all facets of a business. A robust strategic sourcing process enables companies to identify supply risks and devise strategies to mitigate them. It allows businesses to align purchasing power with the overall value proposition and determine ways to reduce supply chain costs. With the aid of a strategic sourcing process, companies can build a diverse supply base and effectively manage supply risks.
At SpendEdge, we understand that establishing a good strategic sourcing methodology is vital for companies to reap the benefits of the strategic sourcing process. Therefore, we have highlighted the key steps involved in improving the strategic sourcing process.
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Steps to Improve the Strategic Sourcing Process
Identify spend areas
Identifying spend areas is the most important in the strategic sourcing process. Companies must collect data about their company, analyze it, and build a framework that can segregate the entire supply chain into various categories. This categorization of spend will help them in selecting spend areas that can produce cost reduction opportunities.
Perform Supply Market Analysis
Analyzing a supply market is crucial for companies to find relevant suppliers. The process involves conducting supplier market analysis, demand analysis, supplier interviews, and category risk analysis. Companies need to consolidate supplier data and analyze spend in different categories to determine the efficiency of new suppliers.
Wondering how you can conduct a supply market analysis to identify potential suppliers for your organization? Get in touch with our experts now!
Analyze your current sourcing process
Companies need to have a thorough understanding of their current sourcing process. They should engage with stakeholders and determine ways to minimize costs without compromising the quality of products. Companies must also evaluate potential suppliers against existing ones and identify hidden costs associated with them.
Interested in gaining deep insights into the supplier landscape and improving your current sourcing process? Request a free demo to gain valuable insights.
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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