Global Strategic Sourcing Effective Solutions For Competing in a Global Marketplace

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 sourcing strategies are started by many companies to cut down on running costs because they can reduce the need for in-house resources or increase efficiency across their supply chain.

What is Global Strategic Sourcing?

But what exactly is global strategic sourcing? In essence, this is 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. Companies are beginning to use automation tools to help achieve their goals like more efficient sourcing, saving time and effort. These tools can help bring a company's sourcing strategy together and provide powerful results.

Strategic Sourcing Process

Global strategic sourcing is a complex process, but it's interesting to take some steps forward one at a time. Here are some components:

• Spending analysis and spending 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 and techniques, businesses can:

• 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 a global sourcing consulting firm can help you get to market faster, more affordably, and with more confidence in your vendors, products, and services.

Once you've figured out which type of eSourcing software works for your purposes, it'll be easier to find the right fit. You'll also gain all the benefits that come along with it.

If you are looking for information about leading Procurement and eSourcing solutions or want to schedule a demo, please contact EC sourcing Group to set up an appointment for your business. They have been reimagining how procurement is approached in businesses and want to give businesses the power of eSourcing technology!