Companies the world over are beginning to appreciate the difference that a potent procurement and sourcing strategy can make for their bottom line. Today’s global economy has created highly complex and interdependent supply chains which are vulnerable to risks from geopolitics to natural disasters forcing firms to find immediate sourcing alternatives elsewhere. If your procurement strategy and framework is not robust and adaptable, the ability to remain competitive, increase margins and maintain customer satisfaction will be jeopardized.
Our team regularly works with firms adapting to this new normal and our enhanced procurement and sourcing consulting services reflect these changing dynamics. We work with your team to understand your current state, then help your company streamline processes, minimize risk, reduce raw material prices and costs, and identify better sources of supply to reduce your bottom line and achieve future state goals.
When assessing your current operations, we take a deep dive into your organization’s processes, systems, people and related strategic objectives. We rapidly assess the current maturity of product sourcing and tracing and how it compares to industry benchmarks and aligns with your strategy, objectives and ability to scale. We also gain a solid understanding of the pain points you are experiencing and define solutions that address the root causes of your existing challenges.
Finally, we define specific supply chain improvement-focused initiatives to address your challenges in order to realize the most beneficial opportunities. By working together with your team, we build alignment on the solutions and necessary momentum for change. We ensure your key stakeholders validate the path forward by understanding the business case and need for change that will lead to improved performance, resiliency, and the ability to meet your sourcing objectives for today and tomorrow!
And, when you don’t have the capacity or capability to implement the required solutions, we’ll define the roadmap and timelines with the necessary support to transition your procurement and sourcing operations from where they are to where they need to be.
Want to learn more? Read our article Is it Time to Cut Costs? 8 Effective Ways to Reduce Costs in Procurement.
Our procurement cost savings experts bring years of related experience across many industries. We also apply lean six sigma methodologies to optimize your operations to their fullest potential.
This expertise and capability allows us to deliver solid repeatable value through the following strategic and operational areas:
Derive maximum value from your vendors, by creating a mutually beneficial relationship for long-term sourcing success. A proper vendor management program brings significant benefits from procurement cost savings and improved performance to regulatory compliance and risk mitigation.
Our procurement consultants will help research and choose the best vendors based on pricing, quality of work, geography, relationship, and risk management, taking into consideration the number of vendors needed, the complexity of your business model, location and other business needs. We also renegotiate with your existing supplier base to increase value, and reduce costs. We work with you to set organizational standards for your business and execute payment plans and where relevant – early payment discounts.
Procurement cost savings are of paramount importance in the realm of supply chain and logistics consulting. They serve as a fundamental driver for enhancing a company’s bottom line while optimizing its supply chain operations. By scrutinizing supplier relationships, negotiating favorable contracts, implementing strategic sourcing initiatives, and deploying innovative technologies, our consultants help organizations realize significant procurement cost savings. We not only boost profitability but also provide the financial flexibility needed to invest in other critical areas of the supply chain, ultimately fostering sustainable growth and competitiveness in the market.
Software applications
Based on the complexity of your procurement operation, we can assess your needs and source appropriate software applications or custom-create a vendor management tool to create efficiencies that address your current challenges.
Sourcing and traceability of products are crucial aspects of supply chain management and product stewardship. We work to rapidly assess the current maturity of your product sourcing and tracing capabilities and the challenges that may impact consumer trust and brand loyalty.
Traceability offers a clear picture of the entire supply chain, enabling your business to identify and address inefficiencies, risks, or potential disruptions. We provide a clear view of your supply chain to ensure your suppliers maintain ethical practices and meet quality standards to support overall value of your final product.
For industries with regulations that require certain levels of traceability, we assess your needs in order to provide a robust traceability system to allow your business to meet compliance standards.
Supplier relationships impact multiple functions across your business including in-stock performance, quality of goods and services, technology “fit”, price competitiveness based on cost performance, customer-facing capabilities, and much more.
In short, supplier performance (timeliness, cycle time of implementation, responsiveness, knowledge contribution, cost/price, etc.) has a huge impact, directly and indirectly, on your business and performance with both your customers and employees.
We will explore the best ways to build more effective and efficient alliances/connections with key suppliers and work through ways to capitalize on them in addition to finding procurement cost savings. We then establish and train your team on best practices for supplier relationship management that inherently support your business growth objectives.
