Global economic crises and increasing pressure to compete on an international level are forcing both public and private sector organizations to identify new ways to manage their supply chains and procurement processes. Global strategic sourcing is one strategy that is being adopted by organizations worldwide to drive cost savings of 50% or more in all areas of the supply chain.
But what exactly is “global strategic sourcing”? Essentially, it’s a holistic approach to objectively analyzing existing procurement processes to identify inefficiencies, automate tasks that were previously manual- or paper-based and re-engineer processes across the board to achieve hard and soft cost savings. While many companies have begun to implement automated e-procurement and e-sourcing tools to help achieve these goals, technology is just one piece of an overall strategic sourcing solution.
Components of a global strategic sourcing strategy can include:
Spend analysis and spend aggregation
Supplier sourcing
e-RFX management
Contract and tender management
E-procurement and e-sourcing (online auctions)
Process and supply chain reengineering
By implementing these strategies, techniques and tools, businesses worldwide are able to:
Aggregate spend across departments to leverage volume purchasing power and reduce purchasing costs
Streamline sourcing, procurement and vendor management processes
Reduce manufacturing, inventory and operations costs
Access a previously untapped global supplier pool and internationally competitive pricing
Access a wider range of high-quality, low-cost products, materials, manufacturing and production techniques, transportation options and services
Accelerate manufacturing processes and time-to-market to gain a competitive edge
Increase product quality, output, sales margins and profitability
Achieve more with less
Partnering with an experienced global sourcing consulting firm can help you get to market faster, more affordably and with more confidence in your vendors, products and services.
Author Resource:-
HedgeHog offers a unique combination of On-demand Software, Online Reverse Auction , etendering, Global Sourcing Solution , Demand Aggregation , e sourcing, ePurchase, Expert Consulting, Responsive Customer Service, Affordable Monthly Subscription Fees and Worldwide Procurement Expertise.
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