THE VALUE OF STRATEGIC SOURCING FOR PROCUREMENT PROFESSIONALS
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1 THE VALUE OF STRATEGIC SOURCING FOR PROCUREMENT PROFESSIONALS
2 UNDERSTANDING STRATEGIC SOURCING Maximizing value while minimizing cost is a business imperative across every discipline within organizations. Procurement management is an area of particular opportunity for cost control, as well as significant risk for overruns. As a procurement professional, you seek the tools to ensure your organization obtains the supplies and services it needs to operate efficiently, whether it s shipping and packaging materials, product for resale or a service contract for commercial equipment. DECISIONS DRIVEN BY FACT Strategic sourcing helps procurement professionals fulfill their dual roles of supply and cost management. Rather than taking a reactionary or fulfillment approach to procuring what a company needs, strategic sourcing takes a proactive, information-guided approach to procurement. STRATEGIC SOURCING IS THE DIFFERENCE BETWEEN: We need 100 widgets, now let s find the best price, versus Last year we needed 100 widgets in Q3. Here s what we spent on it. In Q1, let s negotiate the best price and ensure the same quality and value. Strategic sourcing achieves efficiencies by formalizing the way spend information is gathered, analyzed and factored into the procurement process. It is a continuous process that considers factors far beyond just cost of a product or service. Driven by experience, evidence and fact, strategic sourcing eliminates the potentially high cost of opinion- or emotion-based procurement decisions. This approach allows procurement professionals to consolidate purchasing power in order to secure the best value available in the marketplace.
3 CRITICAL ELEMENTS OF STRATEGIC SOURCING To effectively implement strategic sourcing in your organization, it s important to understand the critical elements that constitute a successful strategic sourcing plan. SPEND ANALYSIS In the initial data-gathering phase, an organization pulls together information on its past, current and anticipated needs; historical spend data; realized value and ROI of previous procurement activities. SUPPLIER QUALIFICATION This stage of the strategic sourcing process combines an assessment of the marketplace for the required product or service, and information gathering on possible suppliers or vendors. Once potential vendors/suppliers have been identified, it s time to assess their quality, service, reputation, capabilities and price. NEGOTIATION After receiving initial bids from qualified suppliers, negotiation begins with a conventional or online process that helps secure the optimal price. SUPPLIER PERFORMANCE MANAGEMENT Strategic sourcing formalizes the process of assessing vendor (or supplier) performance, and helps ensure they are consistently living up to their half of an agreement, including timelines and budgets. Strong management of suppliers incorporates a scoring process to measure specific performance areas such as product quality, delivery time, customer service and more. Additionally, periodic meetings with the suppliers help assess performance and develop improvement plans.
4 BENEFITS OF STRATEGIC SOURCING While strategic sourcing is widely practiced in larger organizations, fewer small and mid-size operators have discovered its value, or explored how to implement this strategy in their own organizations. Large operators are not the only ones who can stage and sustain a strategic sourcing initiative; smaller organizations stand to benefit as well. However, smaller organizations may face significant obstacles to successfully implement strategic sourcing programs, including: In-house expertise to accurately and efficiently analyze spend. A lack of resources to implement the process. Fewer long-standing supplier relationships. Less bargaining power to negotiate contracts. Fewer resources to manage contracts and suppliers. Less capital to invest in technology. Yet the benefits of strategic sourcing make it well worth it for smaller to mid-size operators to seek out ways to overcome these challenges. Strategic sourcing can help operations: Reduce or control procurement costs. Maximize the value of every dollar of spend. Streamline procurement operations. Build strong, trustworthy relationships with existing and new vendors. Retain, gain or regain a competitive advantage in their marketplace
5 THE ROLE OF E-SOURCING IN STRATEGIC SOURCING Strategic sourcing has been a recognized, effective strategy for decades and now technology is advancing it to the next level. E-sourcing is a suite of applications that automate the strategic sourcing process. It is a tool within the strategic sourcing process, but does not replace the process itself. Through e-sourcing, a single online portal allows users to streamline access to Requests For Proposal (RFPs), negotiate pricing using auctions, and process and store legal documents via a contract management module. The robust tool also enables users to create, sign and store contracts, measure supplier performance and survey stakeholders to ensure supplier performance is meeting their expectations. Benefits of e-sourcing include: A streamlined request for information/ proposal process. Reverse auctions that maximize supplier competition that leads to more competitive pricing. A single, easily accessible repository for all sourcing and contract information. E-sourcing further enhances the efficiency and value of strategic sourcing programs by automating business processes and creating standardized sourcing templates. An important element of e-sourcing is the ability to provide spend analytics that support and inform sourcing strategies. Contract and supplier management are integrated into the broader functionality of an e-sourcing program, delivering greater oversight and accountability. E-sourcing also assures a knowledge database of all initiatives is maintained.
6 HOW E-SOURCING WORKS Throughout the strategic sourcing process, e-sourcing tools optimize and speed operations. The spend analytics module allows users to understand where and with whom their money is being spent. In the supplier qualification phase, e-sourcing provides the rapidity and convenience of digital communication to obtain pricing quotes through RFPs, RFQs and RFIs. Price negotiation can occur via online auctions through a digital portal, where complete transparency and defined negotiation time frames help maximize supplier competition. As a contract management tool, e-sourcing facilitates authoring and redlining of contract documents, tracks and records negotiations and approvals, and helps monitor contract execution. It also fulfills the basic function of an electronic repository for all of an organization s vendor contracts. THE ROLE OF AUCTIONS IN STRATEGIC SOURCING As a negotiation tool used within the strategic sourcing process, the online auction constitutes the final price negotiation component. In a reverse auction, suppliers are invited to compete in real time online. The event provides complete transparency of pricing and product specification while maintaining supplier anonymity. This bidding atmosphere maximizes supplier competition and can yield organizations significant price savings over traditional price negotiation methods. WHY AND WHEN TO USE AUCTIONS By staging an auction, procurement professionals can gain speedier access to savings and achieve optimal competitive pricing by increasing competition between suppliers. Negotiation cycle times are reduced from many months to just a few weeks, so procurement professionals are able to obtain lower pricing faster, and thereby get the product they need at a competitive price in less time than through traditional price negotiation methods.
7 THE BENEFITS OF A STRATEGIC SOURCING PARTNER Although strategic sourcing can be a significant time-saving and cost-reduction tool, if an organization lacks in-house resources and expertise, strategic sourcing will be less effective. A proven method of expanding an organization s capacity beyond its in-house resources is working with a third party which can allow even the smallest operation to tap the benefits of strategic sourcing. Benefits of working with a third party for your strategic sourcing operations include: Having a dedicated partner allows in-house personnel to remain focused on other profitbuilding functions. Securing access to a depth of expertise the organization might not have in-house. Gaining access to specialized procurement software, including e-sourcing, which might be too costly for operators to purchase on their own. Extending the capabilities of an existing sourcing or procurement team. Creating the ability to complete more projects and source more items in budgeted time. Enhancing ROI of strategic sourcing programs. A strategic sourcing partner should function as an extension of an operation s in-house capabilities, enriching your expertise and enhancing the cost-effectiveness of your procurement program. It s critical to carefully evaluate potential strategic sourcing partners to ensure they have the industry expertise and vendor network that will help optimize your strategic sourcing program.
8 When evaluating a strategic sourcing provider for possible partnership, key elements to consider include: Experience How many years of experience does the company, and its sourcing professionals have in your industry? In the category where you require expertise? Are they certified sourcing professionals? Do they have a structured sourcing process that has proven successful? For example, their process should include market analysis, needs assessment and price negotiation. Do they expertly employ e-sourcing tools? Industry-leading software and web-based sourcing tools facilitate a faster sourcing cycle which leads to faster savings throughout the procurement process. What s more, being able to reap the benefits of this type of software tool without incurring the costs is one of the key selling propositions for outsourcing strategic sourcing. Is the sourcing provider able to leverage the volume of spend with similar companies to benefit the client company? Does the provider sustain an extensive supplier data base, giving you broader access to more vendors? A larger network of vendors means increased competition among them, and better access to the best possible pricing for client companies.
9 STRATEGIC SOURCING SUCCESS STORIES Topco Indirect has helped more than 70 companies achieve significant cost savings and streamline sourcing processes. On average, Topco Indirect saves its customers 12 percent across hundreds of indirect spend items and services more than $440 million since Topco helps customers realize significant savings through key tactics such as: EXAMPLE 1: Leveraging deep expertise With exceptional expertise in the area of floor care services, Topco Indirect is able to streamline sourcing processes, helping customers reduce a significant cost by up to 28% (see chart below). In addition, Topco has saved clients money even when they remain with their current service providers. Topco s extensive knowledge and experience in sourcing floor care gives clients access to a robust network of more than 45 floor care service providers, all of whom have been pre-qualified with due diligence, customer references and financial viability. Here is a sample of savings for four retailers that sourced floor care through Topco Indirect: Customer # of Locations Region Savings ($) Savings (%) Retailer Midwest $861K 28% Retailer Southwest $1.33M 18% Retailer Northeast $1.37M 19% Retailer South Central $628K 25% EXAMPLE 2: Consolidation of buying power By leveraging spend with multiple companies and combining purchases of front-end plastic bags for multiple clients, including 24 grocery, retail and wholesale companies, Topco Indirect was able to leverage $50 million in spending power in a two day bidding event. Companies combined their spend in a group award and individual lots, realizing an average savings of 7 percent.
10 EXAMPLE 3: Savings through aggregation Topco s equipment team aggregated the $4.2 million spending power of 15 companies to secure shopping cart bids from 11 suppliers through a reverse auction. Clients had the potential to save an average of 30 percent from both national and global suppliers, with several clients realizing double-digit savings by staying with their current suppliers. EXAMPLE 4: Savings through online reverse auction Topco sourced hinged container packaging for 21 customers, and achieved an average annualized savings of 12 percent by sourcing through an online reverse auction. Total volume was approximately 487,000 cases totaling $16.7 million. Each customer was using an average of four suppliers, with a total of 15 suppliers across the participating group. The auction allowed clients to reduce their supplier bases to about two per customer. One customer was able to reap annualized savings of 36 percent. STRATEGIC SOURCING RESOURCES To learn more about how strategic sourcing and working with a third party can benefit your operation, contact Anthony Hayes, Senior Sales Development Manager, Topco Indirect Spend, at ahayes@topco.com. If you need more information on e-sourcing, contact Chuck Wright, Director of Sourcing Services, Topco Indirect Spend, at cwright@topco.com.
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