Product Market Analysis
Understanding what types of goods and services the company needs to purchase to produce the best quality that suits the market.
Undertaking a Request for Quote (RFQ), Request for Information (RFI) or Request for Proposal (RFP) exercise with shortlisted suppliers to evaluate their suitability for the company’s requirements. And negotiating with chosen suppliers and awarding contracts.
Supply Market Analysis
Researching the supplier market to identify suppliers able to meet different needs. Determining the company’s supplier requirements, selection process, procurement policies and strategic objectives, and setting these out in a procurement strategy
Strategic sourcing is a process that creates efficiencies across all spend categories, minimizes supply risks with improved supplier selection, and gives visibility into pricing and forecasting.