Strategic Sourcing
Drive profit, reduce risks, and optimize outcomes with strategic sourcing.
How do you transform your procurement department from a cost center to a profit center? Strategic sourcing. Vendorful allows you to turn your strategic sourcing culture into actionable processes. Our tools empower procurement departments to maximize supplier value in record time.
What is Strategic Sourcing?
In a single sentence, "Strategic sourcing is the process of analyzing what products and services a company purchases, from which vendors, and at what volume and price."
But if knowing is half the battle, executing on that actionable data is the other half. Strategic sourcing is the secret ingredient that modern businesses leverage in their procurement processes to balance the quality of goods and services they purchase with their costs. But it's not merely transactional. In fact, some procurement departments think of strategic sourcing as a culture or a set of guiding principles. This spans the full supplier life cycle and involves ongoing analysis to optimize external spend against the goals and needs of the organization.
Strong strategic sourcing practices enable procurement teams to:
Key Benefits of Strategic Sourcing
Strategic sourcing solutions are designed for firms that want to elevate their purchasing groups into world-class procurement teams. These teams constantly seek to maximize overall value rather than opting for the lowest upfront cost. In fact, they always take the long view, shifting the perspective of procurement from transactional in nature to a view that supports deeper engagement with the supply base.
Optimize for Productivity
Want to build an effective strategic sourcing culture? You need to ensure that your procurement team can focus on continuous improvement of its suppliers and supply chains. By leveraging strategic sourcing software, teams reduce the noise created by manual procurement processes, allowing them to focus their time and energy on what really matters — driving optimization. Absent the right tools, key procurement team members spend countless hours copying and pasting data in spreadsheets and engaged in endless email threads. By freeing up your procurement personnel from "busywork," firms increase their value and impact.
Feeling stuck? Let's fix that.
Are you spending your valuable work hours managing spreadsheets and long email threads instead of managing your sourcing events? This isn't the first time we've heard that. In fact, you'd be amazed at some of the creative solutions we've seen some of our prospects MacGyver together. But we're here to tell you that there's a much better way.
Vendorful's e-Sourcing Module
At Vendorful, we engineer products so that you don't have to. While we can appreciate the creativity of some of the solutions we've held together by chewing gum and baling wire, we strongly believe that procurement departments should live outside of Excel spreadsheets and lengthy email threads. That's why we've turned the RFX process into a self-contained, point-and-click experience.
With Vendorful's e-Sourcing module your team can enjoy:
Strategic Sourcing for Every Industry
Strategic sourcing is a procurement methodology used to help companies scale globally to meet rising consumer demands and differentiate themselves from their competitors. The best part about strategic sourcing is that it can help your company – regardless of industry.
“The resulting savings from each event have more than fully covered the cost of the university’s Vendorful subscription.”
Cindy Chadderton, Strategic Sourcing Category Manager - IT
see how leveraging strategic Sourcing can transform your business
When it comes to strategic sourcing, the ultimate goal is to drive value for the organization. If you want to learn how "Procurement = Profit," schedule some time to talk to a member of our team or read the articles below.
Book a session with one of our reps
We'd love to show you how Vendorful's Strategic Sourcing Suite can help transform your procurement department from tactical to strategic:
