To ensure that procurement is a more influential function within businesses today, it is important to bring strategy into the sourcing process. Strategic sourcing is the process of aligning the procurement function with an organization’s overall goals and objectives. This can be done by assessing the business needs and then identifying and qualifying potential suppliers. It is important to note that strategic sourcing is not just about finding the cheapest supplier. Rather, it is about finding the supplier that can best meet the business needs while also being cost-effective. We have a team of experienced professionals who are experts in sourcing products from all over Pan India. Over the year we have had reliable relations with all the suppliers that can fulfill the needs of all the client requirements along with the new developments.
We at InHouse help you make your procurement processes less shortsighted and more focused on your needs and budget. Our sourcing plan allows you to develop an adaptable system that contributes to the overall value of your business for longer terms. Let us help you bring strategy into your sourcing process and experience the benefits that come with successful procurement.
When you take the time to align your procurement strategy with your goals, it reduces the risk of making bad decisions.
The most obvious benefit is cost savings. If you can reduce the overall cost, then you can price your goods competitively and increase profits.
Developing a better relationship with a supplier who meets all expectations can lead to even reduced costs and improved quality.
When you have a good understanding of what you need, you are likely to get better value for money than if you just shopped around blindly.
Good supplier relationships acquire a stable supply chain. Both know they have their back and are less likely to look for another customer.
As your business grows,
you will be able to use your increased buying power to negotiate better deals with your suppliers.
The first step in any strategic sourcing process is understanding your sourcing requirements, your expectations from sourcing, and the product you want to source. The detailed input on the industry-specific sourcing conditions will allow us to prepare a detailed brief to develop sourcing intelligence.
Using a detailed sourcing brief and INhouse solution, we develop a sourcing intelligence based on actionable data inputs directly driven from monthly port custom data (export from a particular port) or our 5 years of database. This helps us provide actionable insights to reduce the risk of fraud & false commitments.
Having efficient data & intelligence will help us identify & align reliable potential suppliers who meet our recurrence sourcing conditions, such as delivery timelines, payment parameters, and quality standards.
Having access to a list of potential suppliers, we conduct internal audits and verify them on various parameters. Our INhouse help conduct a methodical Vendor Audit & verification to get a complete picture of the supplier's operations
Selecting suppliers through the audit & verification process will lead us to negotiation on the commercial front. This includes payment terms, quality standards, delivery timelines, etc. We make sure to compare market prices & payment terms based on market data intelligence with selected suppliers to get the best commercial term to move further.
After the negotiation on the commercial front, we move towards supplier onboarding & agreement. We use our INhouse to develop a comprehensive contract that includes all essential elements to ensure that both parties are aware of their roles & responsibilities. All efforts are made toward developing sustainable supplier relationships
Based on samples & product specifications (Technical or non-technical), the selected supplier is allowed to initiate a new product or design development process. Once the design is ready samples are couriered for final approval, for bulk order placement.
A good relationship with the supplier is essential to ensure that the quality of products is maintained. We work with the supplier to help them understand their areas of improvement and work with them to improve their performance. This includes regular reviews, feedback, and communication.
After the final approval of samples, the process of quality assurance is initiated that helps in maintaining a certain level of quality in products. Our INhouse team puts together a proper QC plan as per AQL standards to avoid any kind of quality issues.
Proper logistics support is provided to the supplier to ensure that there are no issues in the delivery of products. We have a team of experts who have a good understanding of import & export regulations that help us provide the best logistics support.
Based on products delivery, we conduct supplier performance evaluation using data of total supplier dealing experience, on different aspects and make it available on a central dashboard to review and make strategic business decisions to enhance the supplier relationship. This helps us in maintaining a good relationship with the supplier & also encourages the supplier to improve product quality.
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Strategic sourcing is a process that helps businesses save money and improve performance by identifying the best suppliers for their products and services. It employs a data-driven approach to understand spending patterns and identify areas of improvement in the supply chain. Additionally, strategic sourcing helps build strong relationships with suppliers that can benefit both parties in the long run.
Sourcing is the process of finding suppliers for goods and services, while procurement is the process of buying goods and services from suppliers. Strategic sourcing is a more
strategic approach to procurement that aligns with the organization’s goals and objectives
Strategic sourcing uses data from various sources such as spend analysis, supplier performance, market trends, etc. This data helps identify areas of improvement in the supply chain and find better suppliers for goods and services.
Strategic sourcing is a more rigorous and data-driven approach to procurement that aims to improve performance by identifying the best suppliers for a company’s products and services. Regular sourcing is less rigorous and may not employ data-driven approaches, instead of relying on personal relationships or hunches to select suppliers.
The benefits of Strategic Sourcing include reduced costs, improved performance, increased efficiency, and stronger supplier relationships. Additionally, Strategic Sourcing can help a company gain a competitive advantage by allowing them to be more agile and responsive to market changes.
There are several risks associated with Strategic Sourcing, such as supplier misalignment, contracting errors, and supplier defaults. Additionally, because Strategic Sourcing is a data-driven process, there is also the risk of making decisions based on faulty or incomplete data. However, by taking the time to understand these risks and put safeguards in place, businesses can minimize their impact.
Some tips for success with Strategic Sourcing include building strong internal relationships, understanding your organization’s needs and goals, and using data-driven approaches to make informed decisions. Additionally, it is important to have a clear procurement strategy and be able to execute it flawlessly. Finally, regular communication with suppliers is essential to maintain a good relationship and ensure quality products and services.
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