Strategic sourcing is primarily concerned with identifying, understanding and reducing costs and risks within your supply chain.
The main objective of strategic sourcing is to use a structured process, focused on delivering your objectives, for getting the best from your suppliers – that means not only through their selection but also, the deals you negotiate and the relationships you have with them.
Our strategic sourcing approach takes four logical steps to ensure you reduce procurement costs and the risks associated with supply chain management. The first step focuses on being clear on your business objectives. In short, understanding what you do, what you want to achieve, gain an appreciation of the specific product or service and develop a plan or category strategy to meet your objectives. This helps us to map out your requirements including types of suppliers, deals and the relationships needed to be successful. Once this is clearly articulated, we undertake extensive market research of both the market characteristics and the suppliers that meet this profile. This may include a mix of local suppliers and ones from known low cost territories such as Asia. We then help assess the suppliers to ensure they understand both short and long term requirements so strategic aims are supported.
The final stage involves us negotiating with a selected shortlist of suppliers, employing best practice tools and techniques in order to negotiate the most favourable terms available. Our specialists support the full strategic sourcing process, utilising our class leading ERFx suite to ensure that we reduce your costs and risks and align your supply chain to your strategic objectives.
"For a global manufacturing business like Britax, having an agile and competitive supply chain is critical to our long-term growth in profitability. By working with Vendigital, we’ve had the highest-quality resource focused on achieving this across our procurement spend."