Any organisation that deals in products – whether it manufactures them or trades in them – has the need for pertinent actionable information that they can use to manage the supply chain. Where the products, spares or parts are to be sourced from is as critical a question as managing the overall operation and revenue cycle. Companies need to know of the most recent list of organisations, businesses, or people who can help them get what they want. They also have to be aware of the most recent rules, regulations, technology developments, macroeconomic data, etc. that will help them manage their enterprise in a profitable manner.
Strategic sourcing intelligence is perhaps one of the most overlooked aspects for enhancing organisational effectiveness. Most companies focus on extraneous matters while they should be focusing on the core business. A business will save considerable amounts in resource costs, time, overall management costs, labour costs, etc. if they focus on doing what they are best at and leave the rest to the experts.
Though it may not be possible to outsource the entire procurement process, companies can realise considerable saving opportunities if they let their team work with procurement intelligence firms. This will also reduce the time to find the products and identify new suppliers who can provide right products, at the right time, and at the right price.
While the most important aspect of strategic sourcing is finding suppliers for new product or service requirements of a business, procurement intelligence firms also assist procrement teams in several different ways. This may include a range of processes including specific pre-qualification checks that are dependent on a country’s laws and regulations or various other factors such as trade agreements, most favoured nation status, etc. Sorting through the responses for information is another part of the process.
A good procurement intelligence provider will help its clients identify the right suppliers and help them run the RFX process smoothly. Helping understand the costs and finding ways to reduce the controllable ones, help in negotiation of agreements are some other factors that distinguish an expert procurement intelligence company.
Strategic sourcing intelligence is perhaps one of the most overlooked aspects for enhancing organisational effectiveness. Most companies focus on extraneous matters while they should be focusing on the core business. A business will save considerable amounts in resource costs, time, overall management costs, labour costs, etc. if they focus on doing what they are best at and leave the rest to the experts.
Though it may not be possible to outsource the entire procurement process, companies can realise considerable saving opportunities if they let their team work with procurement intelligence firms. This will also reduce the time to find the products and identify new suppliers who can provide right products, at the right time, and at the right price.
While the most important aspect of strategic sourcing is finding suppliers for new product or service requirements of a business, procurement intelligence firms also assist procrement teams in several different ways. This may include a range of processes including specific pre-qualification checks that are dependent on a country’s laws and regulations or various other factors such as trade agreements, most favoured nation status, etc. Sorting through the responses for information is another part of the process.
A good procurement intelligence provider will help its clients identify the right suppliers and help them run the RFX process smoothly. Helping understand the costs and finding ways to reduce the controllable ones, help in negotiation of agreements are some other factors that distinguish an expert procurement intelligence company.
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