Sourcing involves activities around identifying and evaluating potential suppliers as well as selecting and engaging with a suitable supplier that offers the best value both in terms of product and cost. The process seems uncomplicated, but supplier sourcing involves a lot of market research to zero in on suppliers who can provide quality goods and services. For a buyer, it requires negotiating contracts to arrive at the best possible price and establishing payment terms with the supplier.
Sourcing involves the following:
- Finding quality sources of goods and services
- Negotiating contracts
- Establishing payment terms
- Market research
- Testing for quality
- Considering outsourcing for goods
- Establishing standards
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These services are provided to serve customers, continuously working with their procurement team to monitor suppliers on critical factors- Quality, Delivery, and delivering improvement plans as per the organization’s need.
Supplier Identification
After completing supplier development services, the managers can provide product containment services until you are confident of a supplier’s quality.
- Help in developing or improving an effective business-driven sourcing strategy.
- Evaluation and selection of suitable suppliers and service delivery models.
- Assess and develop effective governance and relationship management.
- Assessing and negotiating high-performing contracts.
- Measure progress and adapt to change.
- Benchmark current data to current industry standards to maximize value return.
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