Strategic Sourcing
Strategic Sourcing
Strategic sourcing is a holistic approach that encompasses activities related to identifying, evaluating and developing channels of supply ultimately through a better supplier selection for goods and/or services, to secure the best possible total cost, rather than just the lowest purchase price for those goods and reduced supply risk.
Strategic sourcing allows organizations to consolidate their purchasing power to achieve the lowest possible total cost of ownership and minimize risk to the supply chain.
This process involves creating a proactive approach that focuses on continuous re-evaluation of an organization’s sourcing activities, analysis of the market and aligning organization’s business goals and requirements with those of the suppliers, aims to build sustained and collaborative relations with suppliers
Our Unique Approach
We, at Money Plant, accomplish effective end-to-end 'Strategic Sourcing Process Management' for all spend types, to help your organization achieve the increased visibility across all categories, identify and realize sustainable opportunities for value and to better manage category strategies.
These analytically driven strategic methodologies drive the long-term, sustainable, and measurable savings and supplier service across spend categories.
Benefits of Strategic Sourcing
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Helps in achieving reduced total cost and increased savings
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Improves efficiency throughout supply chain processes
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Increased understanding of supplier markets can help identify, mitigate, and minimize potential risk factors across the supply chain
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Building long term strong relationships with suppliers
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Increased flexibility and ability to adapt to external factors
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Procurement transformation with availability of data and digitization of business processes
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Increased productivity through automation
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Mitigating geopolitical instability
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Helps supporting business sustainability in managing logistics, external environmental conditions and mitigating geopolitical instability