Strategic Sourcing Overview

Results-producing Strategic Sourcing services by Corcentric

What is strategic sourcing?

Strategic sourcing is a process in which we harness the skills of the supply industry to best optimize sustainable and competitive advantages for our customers. Our process develops a secure and responsive supply base that is capable of providing quality, delivery, costs, technologies, flexibility, and services to meet the current and future business needs of our clients. We have strategic sourcing solutions for businesses of all sizes, including the small to mid-market and the Fortune 500.

Our cost reduction initiatives include benchmarking current spends against the marketplace, spend analysis, supplier identification and qualification, strategic sourcing event management, negotiation with suppliers, and process/compliance improvement, including e-sourcing and procure-to-pay solutions as appropriate.

What do Corcentric’s Strategic Sourcing consulting services include?

Strategic sourcing is not a solo effort. We partner with our clients to drive value creation by leveraging our mutual time, knowledge base, sourcing experience, resources, and tools.

Our Strategic Sourcing consulting services include benchmarking against the marketplace, supplier identification and rationalization, RFX management, contracting and negotiations, and process improvement, including e-sourcing and procure-to-pay solutions.

Corcentric provides on-demand resources to support your company’s strategic sourcing initiatives. Whether you require resources, subject matter expertise, technology solutions, or access to critical marketplace data, Corcentric can assist you in any part of your sourcing and procurement projects. We have built a database of price points covering hundreds of categories going back to 1992. Our goal is to help you obtain savings faster while improving all qualitative aspects of your relationships with your suppliers. Our services can be provided on a fee-for-service model, or you can lower your risk by choosing a contingency-based (gain-sharing) plan.

Our Strategic Sourcing services provide clients with:

• Aggregated spends by commodity and category
• Current contract costs, terms, and conditions
• Product specification, including quality, availability, and service requirements
• Understanding of all fixed and variable cost drivers for total cost of ownership
• Current market analysis
• Recommended strategic sourcing strategies for cost reduction
• Development and management of RFX or Reverse Auction events
• Bid analysis and score carding
• Recommendations for supply change
• Final contracting and negotiations
• Implementation support
• Ongoing audit and continuous improvement monitoring
• Strategic sourcing solutions