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
What makes Corcentric’s Strategic Sourcing solution unique?
An established leader in cost reduction and strategic sourcing services
Corcentric is the leading sourcing service provider delivering custom project-based and full BPO sourcing solutions for clients of all sizes. Corcentric provides on-demand resources (people, subject matter expertise, and technologies) to assist clients in getting savings faster and increasing the quality of service.
Industry thought leaders
Our expertise is specific to sourcing and supply chain initiatives. We’re not just a general consulting firm that places general consultants into your organization. Our team consists of procurement and sourcing industry thought leaders, who frequently are published in mainstream blogs, news outlets, and other industry publications. Our thought leaders were even asked to write the first strategic sourcing handbook, “Managing Indirect Spend”.
Sample strategic sourcing spend categories
We can help with your strategic sourcing, cost reduction, or benchmarking needs in just about any spend category you can imagine. From raw materials to circuit board manufacturing equipment and professional services contracts to custom IT software development initiatives; we’ve sourced it all. Below is just a small sampling of some of the more basic categories we source over and over again:
- Benefits and Insurance
- Freight and Logistics
- Health Care and Life Sciences
- Low Cost Country
- MRO
- Office Supplies
- Professional Services
- Telecommunications
- Travel
- Utilities
- See Sample Savings Percentages
Resources
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